NABL Hosts IRS OPR Teleconference
On Thursday, June 19, 2008, from 1:00 pm to 2:30 pm Eastern Time, NABL will host a teleconference discussing the operations of Internal Revenue Service (IRS) Office of Professional Responsibility (OPR) and the interaction between OPR and IRS Office of Tax Exempt Bonds (TEB). For more information, click here. NABL Hosts Associate Network Teleconference On Thursday, May 15, 2008, from 1:00 pm to 2:00 pm Eastern Time, the NABL Associate Network (“NAN”) will host a teleconference discussing business and practice development for junior bond lawyers. This teleconference will provide pointers on how to add value to your practice group in the area of client development, guidance on how to form strong relationships with new and existing clients, and general advice on client and practice development. For more information, click here. NABL Submits Additional Comments on Allocation and Accounting Proposed Regulations On February 15, 2008, NABL submitted additional comments in response to the Internal Revenue Bulletin on October 30, 2006 (REG-140379-02; REG-142599-02), relating to allocation of and accounting for tax-exempt bond proceeds for purposes of the private activity bond restrictions. The comment letter and cover letter can be found here. NABL Submits Draft Guidance on Auction Rate Bond Conversion On February 4, 2008, NABL submitted a draft guidance document to the Department of the Treasury that addresses interest rate conversions of auction rate bonds. The draft guidance can be found on the NABL web site here. Bond Case Briefs Case of the Week
With loans from state housing finance agency and a local agency, limited partnership proposes an $18.6 million rehabilitation of apartment complex for those of low income, the project to benefit from federal sec. 42 and state tax credits. Do the state credits cause the project to be "paid for in whole or in part out of public funds" so as to require payment of prevailing wages applicable to public projects? They don't. "Tax credits are, at best, intangible inducements offered from government, but they are not actual or de facto expenditures by government" said a California appeals court. State Building and Construction Trades Council of California v. Duncan (4/23/08) (CA1) http://www.courtinfo.ca.gov/opinions/documents/A115491.PDF Posted by C. Carlson 5/15/08 |
