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| BondsOnline.com: instant access to and extensive coverage of over 3.5 million stocks, bonds, indexes and other securities covering major and emerging markets and exchanges across the globe. |
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| Bonds Online |
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| 5/10/2013Market Performance |
| Municipal Bonds |
|---|
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S&P National Bond Index
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3.00% |
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S&P California Bond Index
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2.96% |
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S&P New York Bond Index
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3.13% |
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S&P National 0-5 Year Municipal Bond Index
|
0.70% |
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| S&P/BGCantor US Treasury Bond |
400.09 |
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| More |
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| Income Equities: |
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| Preferred Stocks |
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S&P U.S. Preferred Stock Index
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848.03 |
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S&P U.S. Preferred Stock Index (CAD)
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636.26 |
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S&P U.S. Preferred Stock Index (TR)
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1,701.05 |
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S&P U.S. Preferred Stock Index (TR) (CAD)
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1,276.26 |
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| REITs |
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S&P REIT Index
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174.07 |
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S&P REIT Index (TR)
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425.30 |
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| MLPs |
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S&P MLP Index
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2,469.58 |
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S&P MLP Index (TR)
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5,428.50 |
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See Data
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IRS Withholds, Then Releases, A New York City Build America Bond Subsidy |
DOW JONES NEWSWIRES - June 16, 2010 - By Romy Varghese
Federal officials withheld about $200,000 in subsidies on a municipal bond issued by New York City for more than a month before ultimately releasing the payment with interest, according to the Office of New York City Comptroller John C. Liu.
The delay, caused by the federal government's belief that the city was tardy in filing payroll documents, is the latest example of wrinkles in the Build America Bonds program. BABs, as the bonds are known, are credited with supporting the $2.8 trillion municipal bond market and boosting the ability of local governments to borrow cheaply during the financial crisis.
"Upon review by the IRS, the penalty was lifted and the city received a check for the withheld amount plus interest," said Scott Sieber, spokesman for the office, which received the check Monday.
The amount withheld May 10 was part of the federal government's reimbursement of the interest costs on a general obligation Build America Bond issued by New York City in December.
Build America Bonds are taxable municipal bonds that give issuers a 35% subsidy on interest costs under the U.S. government's stimulus program. They were designed to encourage construction projects and create jobs. So far, $110 billion have been sold since the program started in April 2009; New York City has issued $2.8 billion, according to Thomson Reuters.
But recent actions by the IRS have cast a cloud over BABs. The IRS has used the "offset rule"--which allows the federal government to subtract from the subsidy money a municipality may owe it for other matters--to withhold $617,00 from Austin, Texas, and about $7,000 from the state of Maryland.
In both cases, these payments were withheld over payroll tax discrepancies. Austin is challenging the penalty. Maryland's director of debt management Patti Konrad said the state still plans to issue more Build America Bonds in July.
Read more
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| Stuff to look at |
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| BondsOnline Advisor |
Income Security Recommendation January 2013 Issue.
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