(L-R)Frannie Reilly and Timothy J. Horstmann of McNees Wallace & Nurick. Courtesy photos 4 Years On, Alternatives to Tax-Exempt Advance Refundings Continue to Proliferate
In this article, we explore some of the alternatives that issuers have applied to achieve the same or similar benefits that would be achieved with a traditional tax-exempt advance refunding.
March 31, 2022 at 11:28 AM
9 minute read
In December 2017, former President Donald Trump signed into law the Tax Cuts and Jobs Act. Among the many provisions of the act was a provision that eliminated the tax exemption for municipal bonds that advance refunded another series of bonds. Prior to its passage, issuers had the ability to issue such bonds on a tax-exempt basis, and did so for a variety of reasons, including to achieve debt service savings. With the loss of tax-exempt status for advance refunding bonds issued after the passage of the act, issuers and their advisers have searched for alternatives to the traditional tax-exempt advance refunding model.
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