Municipal Bonds and Accountability to the General Electorate
Ellen P. Aprill
Loyola Law School Los Angeles
November 26, 2013
141 Tax Notes 547, November 2013
Loyola-LA Legal Studies Paper No. 2013-41
A recent IRS technical advice memorandum denied tax-exempt status to bonds of a development district on the grounds that the district was not “inherently accountable, directly or indirectly, to a general electorate.” This short piece reviews applicable law and private letter rulings to argue that this position represents an unprecedented change in applicable standards. Such a change should be introduced as a proposed regulation with notice-and-comment.
Number of Pages in PDF File: 8
Date posted: November 27, 2013
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