bond-basics

Direct Pay Bond

A Taxable Bond that offers a federal Interest subsidy to the Issuer in lieu of the Interest being excludable from federal income tax.

Dive Deeper on Tax Issues

Learn more about how various aspects of tax law intersect with municipal securities.


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  • Comments

Requests for 2024-2025 IRS Priority Guidance Plan

Requested items for inclusion on the Internal Revenue Service’s (IRS) 2024-2025 Priority Guidance Plan.

Members of the Board of Directors with Congresswoman Terri Sewell
Members of the Board of Directors with Congresswoman Terri Sewell
  • News

LIFT Act Reintroduced in 118th Congress

The three-prong bill would restore tax-exempt advance refunding bonds, modernize the small borrower’s exemption, and implement a new direct pay bond program.

President Joe Biden (D) waves at the attendees during his State of the Union Address on March 7, 2024.
President Joe Biden (D) waves at the attendees during his State of the Union Address on March 7, 2024.
  • News

Biden Releases FY2025 Budget

The FY2025 appropriations season has begun. Here’s a quick summary of what’s inside and what we’re tracking.

Three houses growing in size from left to right.
An emerging tax deal in Congress could contain provisions of interest to the municipal market, including the “LIHTC Fix.”
  • News

Emerging Tax Package in 2024

A potential deal to extend the CTC and fix the tax treatment of R&D expenses may also contain the “LIHTC Fix.”

U.S. Capitol during the holiday season.
U.S. Capitol during the holiday season.
  • News

A Busy December: What We’re Tracking

Congress may have punted its funding problems into next year, but members still face a long to-do list before this holiday season.

Aerial View of Chicago Lake Shore Dr at sunrise in Autumn – October 2019
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The Workshop 2023: Session Bundle

All recorded sessions from our 2023 annual conference held in Chicago, IL from October 18 – 22. [[Purchase or Registration Required]]

Hudson Yards Rail Yards

Start with the Bond Basics

Bond Counsel

An attorney or firm of attorneys, frequently retained by the Issuer but sometimes by another party to the transaction, to render an opinion in a bond financing as to the validity and enforceability of the bonds and the treatment of the interest on the bonds under the code and applicable state law.