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Abstract: 

During the past six months, Congress has enacted two tax bills that include municipal bond provisions. Although some of the provisions place restrictions and additional reporting requirements on bond issuances, Congress has also provided favorable provisions for hurricane disaster areas and manufacturing facilities. The Internal Revenue Service (IRS), through its chief counsel and enforcement branches, has also updated its guidance over the past six months, and several of those provisions are discussed. This article also updates the allocation of new markets tax credits, which are another important economic development tool available through the Internal Revenue Code.

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Affiliations:  1: Ballard Spahr Andrews & Ingersoll, LLP.