Daily Tax Update - December 4, 2015: IRS Issues Guidance on Tribal Economic Development Bonds

IRS Issues Guidance on Tribal Economic Development Bonds:  Notice 2015-83 provides guidance on the process for allocation of the available amount of national bond volume limitation authority for tax-exempt tribal economic development bonds under section 7871(f).  The Notice provides special rules for bonds issued under a “draw-down” loan structure in which the lender advances funds for the loan on different dates. 

Senate Passes Highway Transportation Bill:  Late yesterday the Senate passed the Fixing America’s Surface Transportation Act (H.R. 22) including two tax debt-related provisions.  The bill would require the IRS to enter into qualified tax collection contracts for the collection of inactive tax receivables and permit the State Department to revoke or deny a passport (or renewal of a passport) to a seriously delinquent taxpayer.

Bill to Repeal ACA Passes Senate:  Late yesterday the Senate passed H.R. 3762 that repeals major portions of the Affordable Care Act.  President Obama has promised to veto the bill.