Hinckley Allen Public Finance Group Chair Antonio D. Martini examines recent developments in the municipal bond tax landscape, including proposed IRS regulations, new guidance, and pending federal legislation in the latest volume of The National Association of Bond Lawyers’ The Bond Lawyer, where he has contributed a quarterly column since 2022.
Tony highlights the March 2026 proposed regulations under Sections 148 and 150, which address a range of technical updates to the arbitrage rules, including rebate overpayment recovery deadlines, investment valuation in refunding transactions, and clarifications to existing regulatory provisions.
He raises concerns about a proposed allocation rule under Section 1.148–6 that would require all funding sources—not just bond proceeds—to be on hand at the time of expenditure, noting it may not align with how multi-source projects are typically financed.
Finally, Tony discusses the proposed MINT Act, which would restore an exception allowing federal home loan banks to guarantee certain tax-exempt bonds, potentially expanding access to lower-cost financing for infrastructure projects. He notes the legislation has bipartisan support but questions whether it will gain traction before the midterm elections.
NABL members can access the full column on the membership portal.
