Municipal Bond Market Support Act of 2019

H.R. 1516/S.647 (116th Cong.) - Wall Street Tax Act of 2019; United States individual and business taxation; Proposals to modify tax incentives for retirement savings and investment; Taxation of contract modifications associated with transition from LIBOR to alternative reference rates, including SOFR; Tax Incentives to preserve interest deduction related to municipal bonds; Tax Incentives to reinstate advance refunding bonds; Tax Incentives to provide for direct pay municipal bonds; Issues related to taxation of ownership of securities and securities transactions; H.R. 3967 (116th Cong.) - Municipal Bond Market Support Act of 2019; Proposals to expand Private Activity Bonds; S. 3995 (116th Cong.) - the Remote and Mobile Worker Relief Act of 2020; H.R. 2 (116th Cong.) - Moving Forward Act (municipal finance provisions); S. 4203 (116th Cong.) - American Infrastructure Bond Act; Public Law 116-136 - CARES Act (retirement and savings provisions); S. 2866 (116th Cong.) - Rural Broadband Financing Flexibility Act; H.R. 7857 (116th Cong.) - Connect America Now (CAN) Act; S. 479, the LOCAL Infrastructure Act; H.R. 2288, a bill to amend the Internal Revenue Code of 1986 to reinstate advance refunding bonds; H.R. ______ - Investing in Our Communities Act; S. ______ - Retirement Security and Savings Act; H.R. ___/S.___ - Retirement Parity for Student Loans Act; H.R. ______ - Securing a Strong Retirement Act.

Client expense: $1,750,000 · Firm income: Not reported

Government targets: Commerce, Dept of (DOC), Commodity Futures Trading Commission (CFTC), Executive Office of the President (EOP), Federal Deposit Insurance Corporation (FDIC), Federal Housing Finance Agency (FHFA), Federal Reserve System, Ginnie Mae, HOUSE OF REPRESENTATIVES, Homeland Security, Dept of (DHS), Housing & Urban Development, Dept of (HUD), Internal Revenue Service (IRS), Labor, Dept of (DOL), Natl Credit Union Administration (NCUA), Natl Economic Council (NEC), Natl Security Council (NSC), Office of the Comptroller of the Currency (OCC), SENATE, Securities & Exchange Commission (SEC), State, Dept of (DOS), Treasury, Dept of, U.S. Trade Representative (USTR)

Equity market structure issues; LIBOR transition issues; SEC Final Regulation Best Interest; Implementation of Electronic Signature in Global and National Commerce Act; Consolidated Audit Trail (CAT) - US House and US Senate; Legislation related to changes in certain private activity bond treatment; H.R. 3967 (116th Cong.) - Municipal Bond Market Support Act of 2019; Federal Reserve Board and Prudential Agency Covid-19 Actions; S. 3550 (116th Cong.) - Municipal Bonds Emergency Relief Act; Self-Regulatory Organization (SRO) Reform; S. 1236 (116th Cong.) - Municipal Securities Rulemaking Board Reform Act of 2019; S. 4203 (116th Cong.) - American Infrastructure Bonds Act of 2020; Federal government market support programs (e.g. TALF); S. 2866 (116th Cong.) - Rural Broadband Financing Flexibility Act; H.R. 7857 (116th Cong.) - Connect America Now (CAN) Act; LIBOR; Stress Testing Reform; H.R. 2923 (116th Cong.) - Inclusive Prosperity Act of 2019; Department of Labor - Proposed Rule - Independent Contractor Status Under the Fair Labor Standards Act; Privacy Bills - various; S. 479, LOCAL Infrastructure Act; H.R. 2288, to amend the Internal Revenue Code of 1986 to reinstate advance refunding bonds; Financial Services and General Government Appropriations Fiscal Year 2022 bill; Secure 2.0 Legislation; H.R. 842/S. 420 - Protecting the Right to Organize Act of 2021; H.R. ______ - Investing in Our Communities Act; Increase in the bank qualified bond limit - Rep. Sewell Bill; H.R. ___/S.___ - Retirement Parity for Student Loans Act.

Client expense: $1,750,000 · Firm income: Not reported

HR5523; HR3967; Comparable Incentives for Public Power; HR2772

Client expense: Not reported · Firm income: $5,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Monitoring the Tax Cuts and Jobs Act, legislation to overhaul the nations tax code that contains several notable provisions affecting hospitals; Individual Mandate, Access to Tax-exempt Bond Financing, Interest Deduction for Debt, Medical Expense Deductions, Executive Compensation; Support HR 3300, Economic Mobility Act of 2019, a bill to amend the Internal Revenue Code of 1986 to provide tax relief for workers and families; Letter requesting that Congress use the employer side payroll tax if they use the tax code to provide this assistance so that all hospitals benefit from that relief. The letter also highlights several bond financing options that should be considered; Support HR 2772, Investing in Our Communities Act, a bill to amend the Internal Revenue Code of 1986 to reinstate advance refunding bonds; Support HR 3967, Municipal Bond Market Support Act of 2019, a bill to amend the Internal Revenue Code of 1986 to permanently modify the limitations on the deduction of interest by financial institutions which hold tax-exempt bonds; Support HR 6886Paycheck Protection Program Flexibility Act of 2020, a bill to amend the Small Business Act and the CARES Act to modify certain provisions related to the forgiveness of loans under the paycheck protection program, to allow recipients of loan forgiveness under the paycheck protection program to defer payroll taxes, and for other purposes; A letter requesting that the Treasury and IRS extend the deadlines for tax-exempt hospitals and health systems to prepare community health needs assessments that occur during the COVID public health emergency; Support HR 7819, Eliminating the Provider Relief Fund Tax Penalties Act of 2020, A bill that would remove an unintentional tax penalty on health care providers who received CARES Act funding under the Public Health and Social Services Emergency Fund. If left unchanged, health providers and for-profit hospitals could face a tax as high as 20% on money intended to support them during this pandemic.

S. 4129, the LOCAL Infrastructure Act; H.R. 2772, the Investing in Our Communities Act; H.R. 3967, the Municipal Bond Market Support Act; S. 4203, the American Infrastructure Bonds Act

Client expense: Not reported · Firm income: $30,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Equity market structure issues; LIBOR transition issues; SEC Final Regulation Best Interest; Implementation of Electronic Signature in Global and National Commerce Act; Consolidated Audit Trail (CAT) - US House and US Senate; Legislation related to changes in certain private activity bond treatment; H.R. 2474/S. 1306 - Protecting the Right to Organize Act of 2019; H.R. 3967, Municipal Bond Market Support Act of 2019; Federal Reserve Board and Prudential Agency Covid-19 Actions; S. 2563 - ILLICIT Cash Act; S. 3550 - Municipal Bonds Emergency Relief Act; Self-Regulatory Organization (SRO) Reform; H.R. 2772 - Investing in Our Communities Act; S. 1236 - Municipal Securities Rulemaking Board Reform Act of 2019; S. 4129 - Lifting Our Communities through Advance Liquidity for Infrastructure (LOCAL Infrastructure) Act; S. 4203 - American Infrastructure Bonds Act of 2020; Federal government market support programs (e.g. TALF); H.R.2, Moving Forward Act (municipal finance provisions); Public Law 116-136, CARES Act (retirement and savings provisions), (Municipal Liquidity provisions); S. 1428/H.R. 6276, Retirement Parity for Student Loans Act; S. 1431, Retirement Security and Savings Act of 2019 (various retirement and savings provisions); SBA Paycheck Protection Program; Net Stable Funding Ratio Regulatory Proposal; S. 2866 - Rural Broadband Financing Flexibility Act; H.R. 7857 - Connect America Now (CAN) Act; S. 4159 - E-SIGN Modernization Act of 2020; SEC Temporary Exemptive Order related to municipal advisors; LIBOR; Stress Testing Reform; H.R. 2923 - Inclusive Prosperity Act of 2019; Increase in the bank qualified bond limit - Rep. Sewell Bill; H.R.6395 - National Defense Authorization Act for Fiscal Year 2021; H.R. 8696, Securing a Strong Retirement Act of 2020; Department of Labor - Proposed Rule - Independent Contractor Status Under the Fair Labor Standards Act .

H.R. 1516 (Wall Street Tax Act of 2019); H.R. 2772 (Investing in Our Communities Act); S. 647 (Wall Street Tax Act of 2019); United States individual and business taxation; Proposals to modify tax incentives for retirement savings and investment; Taxation of contract modifications associated with transition from LIBOR to alternative reference rates, including SOFR; Tax Incentives to preserve interest deduction related to municipal bonds; Tax Incentives to reinstate advance refunding bonds; Tax Incentives to provide for direct pay municipal bonds; Issues related to taxation of ownership of securities and securities transactions; H.R. 3967 - Municipal Bond Market Support Act of 2019; Proposals to expand Private Activity Bonds; S. 3995, the Remote and Mobile Worker Relief Act of 2020; H.R. 2, Moving Forward Act (municipal finance provisions); S. 4203, American Infrastructure Bond Act; Public Law 116-136, CARES Act (retirement and savings provisions); S. 1431, Retirement Security and Savings Act of 2019 (various retirement and savings provisions); S. 1428/H.R. 6276, Retirement Parity for Student Loans Act; S. 2866 - Rural Broadband Financing Flexibility Act; H.R. 7857 - Connect America Now (CAN) Act; S. 4129 - LOCAL Infrastructure Act; H.R. 8696 - Securing a Strong Retirement Act of 2020.

Client expense: $2,250,000 · Firm income: Not reported

HR5523; HR3967; Comparable Incentives for Public Power; HR2772

Client expense: Not reported · Firm income: $10,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Discussed support for H.R. 3967, Municipal Bond Market Support Act (all provisions) and H.R. 2772, Investing in Our Communities Act (all provisions), and their inclusion in coronavirus relief legislation or infrastructure legislation - H.R. 2, the Moving Forward Act. Discussed provisions in S. 4203, the American Infrastructure Bond Act, to restore advance refunding bonds. Discussed allowing governmental entities, including public power utilities, to receive employer payroll tax credit for emergency paid sick leave and paid family leave in PL 116-227, the Families First Coronavirus Relief Act. Discussed H.R. 5523, the Energy Sector Innovation Tax Credit - provisions related to transfer of credit by certain public entities. Discussed provisions relating to the transferability and direct payment of energy tax credits to public power utilities in H.R. 7516, the Clean Energy Innovation and Deployment Act of 2020. Discussed H.R. 7734/S. 4290, the Building Businesses Back Act of 2020 - provisions related making business-related tax credits refundable. Discussed of the definition of taxpayer in H.R. 7330, the Growing Renewable Energy and Efficiency Now (GREEN) Act. Discussed draft proposal to allow monetization of all business tax credits (applicability to public power). Discussed draft legislation to create COVID Recovery Bonds - provisions expanding qualified private activity bond use to any energy facility. Discussed draft legislation to provide that certain retail utility contracts do not constitute private business use of tax-exempt bond proceeds. Discussed need for comparable incentives for various energy-related tax credits for public power utilities.

Client expense: $220,000 · Firm income: Not reported

Monitoring the Tax Cuts and Jobs Act, legislation to overhaul the nations tax code that contains several notable provisions affecting hospitals; Individual Mandate, Access to Tax-exempt Bond Financing, Interest Deduction for Debt, Medical Expense Deductions, Executive Compensation; Support HR 3300, Economic Mobility Act of 2019, a bill to amend the Internal Revenue Code of 1986 to provide tax relief for workers and families; Letter requesting that Congress use the employer side payroll tax if they use the tax code to provide this assistance so that all hospitals benefit from that relief. The letter also highlights several bond financing options that should be considered; Support HR 2772, Investing in Our Communities Act, a bill to amend the Internal Revenue Code of 1986 to reinstate advance refunding bonds; Support HR 3967, Municipal Bond Market Support Act of 2019, a bill to amend the Internal Revenue Code of 1986 to permanently modify the limitations on the deduction of interest by financial institutions which hold tax-exempt bonds; Support HR 6886Paycheck Protection Program Flexibility Act of 2020, a bill to amend the Small Business Act and the CARES Act to modify certain provisions related to the forgiveness of loans under the paycheck protection program, to allow recipients of loan forgiveness under the paycheck protection program to defer payroll taxes, and for other purposes; A letter requesting that the Treasury and IRS extend the deadlines for tax-exempt hospitals and health systems to prepare community health needs assessments that occur during the COVID public health emergency; Support HR 7819, Eliminating the Provider Relief Fund Tax Penalties Act of 2020, A bill that would remove an unintentional tax penalty on health care providers who received CARES Act funding under the Public Health and Social Services Emergency Fund. If left unchanged, health providers and for-profit hospitals could face a tax as high as 20% on money intended to support them during this pandemic.

H.R. 1516 (Wall Street Tax Act of 2019); H.R. 2772 (Investing in Our Communities Act); S. 647 (Wall Street Tax Act of 2019); United States individual and business taxation; Chapters 3 and 4 of Subtitle A of the Internal Revenue Code (responsibilities of financial institutions); Proposals to modify tax incentives for retirement savings and investment; Regulations implementing P.L. 115-97, Dec. 22, 2017, including regulations and guidance relating to IRC Sections 59A, 162(f), 163(j), 451, 199A, 512, 904, 951A, 958, and 1446; Taxation of contract modifications associated with transition from LIBOR to alternative reference rates, including SOFR; Regulations under IRC Sec. 871(m) and IRC Sec. 385; International tax reform; Technical and policy modifications to P.L. 115-97; Tax Incentives to preserve interest deduction related to municipal bonds; Tax Incentives to reinstate advance refunding bonds; Tax Incentives to provide for direct pay municipal bonds; Issues related to taxation of ownership of securities and securities transactions; Technical correction related to the repeal of Section 958(b)(4) in P.L. 115-97 (Tax Cuts and Jobs Act); H.R. 3967 - Municipal Bond Market Support Act of 2019; Proposals to expand Private Activity Bonds; S. 3995, the Remote and Mobile Worker Relief Act of 2020; H.R. 6800, The Heroes Act (retirement and savings provisions); H.R. 2, Moving Forward Act (municipal finance provisions); S. 4203, American Infrastructure Bond Act; Public Law 116-136, CARES Act (retirement and savings provisions); S. 1431, Retirement Security and Savings Act of 2019 (various retirement and savings provisions); S. 1428/H.R. 6276, Retirement Parity for Student Loans Act; S. 2866 - Rural Broadband Financing Flexibility Act; H.R. 7857 - Connect America Now (CAN) Act; S. 4129 - LOCAL Infrastructure Act.

Equity market structure issues; Dodd-Frank Wall Street Reform and Consumer Protection Act Implementation; Standardized Approach for Counterparty Credit Risk (SA-CCR) reform proposal; Housing Finance Reform; LIBOR transition issues; SEC Final Regulation Best Interest; Implementation of Electronic Signature in Global and National Commerce Act; Consolidated Audit Trail (CAT) - US House and US Senate; Comprehensive Capital Analysis and Review - US Senate; Legislation related to changes in certain private activity bond treatment; H.R. 2513 - Corporate Transparency Act of 2019; H.R. 2474/S. 1306 - Protecting the Right to Organize Act of 2019; H.R. 1595 and S. 1200 - Secure and Fair Enforcement Banking Act of 2019; SEC Proposed Exemptive Order on Municipal Advisors Acting As Placement Agents; S. 1236, the Municipal Securities Rulemaking Board Reform Act of 2019; H.R. 4762, Fair Investment Opportunities for Professional Experts Act; H.R. 3967, Municipal Bond Market Support Act of 2019; S. 482 - Defending American Security from Kremlin Aggression Act of 2019 and other Issues related to foreign policy and the blocking of and/or trade restrictions; Federal Reserve Board and Prudential Agency Covid-19 Actions; S. 2563 - ILLICIT Cash Act; S. 3550 - Municipal Bonds Emergency Relief Act; Self-Regulatory Organization (SRO) Reform; H.R. 2772 - Investing in Our Communities Act; S. 2992 - Investor Choice Act of 2019; S. 1236 - Municipal Securities Rulemaking Board Reform Act of 2019; S. 4129 - Lifting Our Communities through Advance Liquidity for Infrastructure (LOCAL Infrastructure) Act; S. 4203 - American Infrastructure Bonds Act of 2020; S. 3798 - Hong Kong Autonomy Act; Federal government market support programs (e.g. TALF); H.R.2, Moving Forward Act (municipal finance provisions); Public Law 116-136, CARES Act (retirement and savings provisions), (Municipal Liquidity provisions); H.R. 6800, The Heroes Act (retirement and savings provisions); S. 1428/H.R. 6276, Retirement Parity for Student Loans Act; S. 1431, Retirement Security and Savings Act of 2019 (various retirement and savings provisions); SBA Paycheck Protection Program; Net Stable Funding Ratio Regulatory Proposal; Off-Cycle CCAR; Financial Stability Board TooBigToFail Paper; Foreign Banking Organization RRP and Tailoring Proposal; Large Institution Supervision Coordinating Committee (LISCC) Review; S. 2866 - Rural Broadband Financing Flexibility Act; H.R. 7857 - Connect America Now (CAN) Act; S. 4159 - E-SIGN Modernization Act of 2020; SEC Temporary Exemptive Order related to municipal advisors; LIBOR; Federal Reserve G-SIB capital surcharge; Stress Testing Reform; Foreign Banking Organizations Tailoring Proposal Comment Letter; H.R. 2923 - Inclusive Prosperity Act of 2019; Increase in the bank qualified bond limit - Rep. Sewell Bill.

HR5523; HR3967; Comparable Incentives for Public Power; HR2772

Client expense: Not reported · Firm income: $10,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Discussed support for H.R. 3967, Municipal Bond Market Support Act (all provisions) and H.R. 2772, Investing in Our Communities Act (all provisions), and their inclusion in coronavirus relief legislation or infrastructure legislation - H.R. 2, the Moving Forward Act. Discussed the impact of public power utilities not receiving employer payroll tax credit for emergency paid sick leave and paid family leave in PL 116-227, the Families First Coronavirus Relief Act. Discussed draft refundable tax credit for arrearages incurred by utilities that suspended service disconnects during the COVID-19 national emergency. Discussed draft of Rewarding American Workers Act - provisions related to payroll tax credits for employers. Discussed H.R. 5523, Energy Sector Innovation Tax Credit - technical correction to ensure applicability to public power utilities. Discussed H.R. 7058, Rewarding American Workers Act - provisions related to payroll tax credits for employers. Discussed provisions relating to the transferability and direct payment of energy tax credits to public power utilities in the Clean Energy Innovation and Deployment Act of 2020 (draft legislation). Discussed draft of COVID private activity bond legislation - provisions relating to use of private activity bond for energy projects and acquisition of existing facilities. Discussed draft of Growing Renewable Energy and Efficiency Now (GREEN) Act - provision related to direct payment of energy tax credits to governmental owners. Also discussed once introduced as H.R. 7330. Discussed draft proposal to allow monetization of all business tax credits (applicability to public power). Discussed H.R. 2, Moving Forward Act - provisions relating to sequestration of infrastructure bonds. Discussed impact of PL 112-25, Budget Control Act of 2011 - provisions relating to sequestration of direct payment of Build America Bond credits.

H.R. 1516 (Wall Street Tax Act of 2019); H.R. 2772 (Investing in Our Communities Act); S. 647 (Wall Street Tax Act of 2019); United States individual and business taxation; Chapters 3 and 4 of Subtitle A of the Internal Revenue Code (responsibilities of financial institutions); Proposals to modify tax incentives for retirement savings and investment; Regulations implementing P.L. 115-97, Dec. 22, 2017, including regulations and guidance relating to IRC Sections 59A, 162(f), 163(j), 451, 199A, 512, 904, 951A, 958, and 1446; Taxation of contract modifications associated with transition from LIBOR to alternative reference rates, including SOFR; Regulations under IRC Sec. 871(m) and IRC Sec. 385; International tax reform; Technical and policy modifications to P.L. 115-97; Tax Incentives to preserve interest deduction related to municipal bonds; Tax Incentives to reinstate advance refunding bonds; Tax Incentives to provide for direct pay municipal bonds; Issues related to taxation of ownership of securities and securities transactions; Technical correction related to the repeal of Section 958(b)(4) in P.L. 115-97 (Tax Cuts and Jobs Act); H.R. 748 - CARES Act; H.R. 3967 - Municipal Bond Market Support Act of 2019; Proposals to expand Private Activity Bonds; S. 3995, the Remote and Mobile Worker Relief Act of 2020; H.R. 6800, The Heroes Act (retirement and savings provisions); H.R. 2, Moving Forward Act (municipal finance provisions); LOCAL Infrastructure Act (Wicker Advance Refunding); S. 4203, American Infrastructure Bond Act; Public Law 116-136, CARES Act (retirement and savings provisions); S. 1431, Retirement Security and Savings Act of 2019 (various retirement and savings provisions); S. 1428/H.R. 6276, Retirement Parity for Student Loans Act.

Equity market structure issues; Single Security/Common Securitization Platform (Federal Housing Finance Agency); Federal Reserve Total Loss Absorbing Capacity (TLAC) proposal; Federal Reserve G-SIB capital surcharge; Dodd-Frank Wall Street Reform and Consumer Protection Act Implementation; Stress testing reform; Foreign Banking Organizations Tailoring Proposal comment letter; Living Will comment letters from the Federal Reserve Board and the Federal Deposit Insurance Corporation; Control Proposal by the Federal Reserve Board; Standardized Approach for Counterparty Credit Risk (SA-CCR) reform proposal; Housing Finance Reform; LIBOR transition issues; SEC Final Regulation Best Interest; Implementation of Electronic Signature in Global and National Commerce Act; Consolidated Audit Trail (CAT) - US House and US Senate; Comprehensive Capital Analysis and Review - US Senate; Legislation related to changes in certain private activity bond treatment; H.R. 2513 - Corporate Transparency Act of 2019; H.R. 2474/S. 1306 - Protecting the Right to Organize Act of 2019; H.R. 1595 and S. 1200 - Secure and Fair Enforcement Banking Act of 2019; SEC Proposed Exemptive Order on Municipal Advisors Acting As Placement Agents; S. 1236, the Municipal Securities Rulemaking Board Reform Act of 2019; H.R. 4762, Fair Investment Opportunities for Professional Experts Act; S. 2724, Small Business Audit Correction Act of 2019; H.R. 3967, Municipal Bond Market Support Act of 2019; SEC Regulation Best Interest; S. 482 - Defending American Security from Kremlin Aggression Act of 2019 and other Issues related to foreign policy and the blocking of and/or trade restrictions; H.R. 2923, Inclusive Prosperity Act of 2019; H.R. 748 - The CARES Act; Federal Reserve Board and Prudential Agency Covid-19 Actions; Brokered Deposit Comment Proposal from the FDIC; S. 2563 - ILLICIT Cash Act; S. 3550 - Municipal Bonds Emergency Relief Act; Self-Regulatory Organization (SRO) Reform; H.R. 2772 - Investing in Our Communities Act; S. 2992 - Investor Choice Act of 2019; Increase in the bank qualified bond limit, Rep. Sewell Bill; S. 1236 - Municipal Securities Rulemaking Board Reform Act of 2019; S. 4129 - Lifting Our Communities through Advance Liquidity for Infrastructure (LOCAL Infrastructure) Act; American Infrastructure Bond Act (Wicker direct pay bonds) ; S. 3798 - Hong Kong Autonomy Act; Federal government market support programs (e.g. TALF); GSE Credit Risk Transfer Securities; H.R.2, Moving Forward Act (municipal finance provisions); Public Law 116-136, CARES Act (retirement and savings provisions), (Municipal Liquidity provisions); H.R. 6800, The Heroes Act (retirement and savings provisions); S. 1428/H.R. 6276, Retirement Parity for Student Loans Act; S. 1431, Retirement Security and Savings Act of 2019 (various retirement and savings provisions); SBA Paycheck Protection Program.

Monitoring the Tax Cuts and Jobs Act, legislation to overhaul the nations tax code that contains several notable provisions affecting hospitals; Individual Mandate, Access to Tax-exempt Bond Financing, Interest Deduction for Debt, Medical Expense Deductions, Executive Compensation; Support HR 3300, Economic Mobility Act of 2019, a bill to amend the Internal Revenue Code of 1986 to provide tax relief for workers and families; Letter requesting that Congress use the employer side payroll tax if they use the tax code to provide this assistance so that all hospitals benefit from that relief. The letter also highlights several bond financing options that should be considered; Support HR 2772, Investing in Our Communities Act, a bill to amend the Internal Revenue Code of 1986 to reinstate advance refunding bonds; Support HR 3967, Municipal Bond Market Support Act of 2019, a bill to amend the Internal Revenue Code of 1986 to permanently modify the limitations on the deduction of interest by financial institutions which hold tax-exempt bonds; Support HR 6886Paycheck Protection Program Flexibility Act of 2020, a bill to amend the Small Business Act and the CARES Act to modify certain provisions related to the forgiveness of loans under the paycheck protection program, to allow recipients of loan forgiveness under the paycheck protection program to defer payroll taxes, and for other purposes.

Client expense: $4,260,000 · Firm income: Not reported

HR5523; HR3967; Comparable Incentives for Public Power; HR2772

Client expense: Not reported · Firm income: $12,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Discussed support for the restoration of advance refunding bonds and H.R. 2772, the Investing in Our Communities Act. Discussed the need for comparable incentives for public power investments in clean energy and energy storage, including support for S. 1288, the Clean Energy for America Act. Discussed H.R. 2704, the Renewable Energy Transferability Act. Discussed credit transferability in H.R. 5523, the Energy Sector Innovation Act. Discussed support for H.R. 3967, the Municipal Bond Market Support Act. Discussed the sequestration of direct payment bonds and impact on public power utilities. Discussed H.R. 5409, the Incentivizing New and Valuable Energy Storage Technology (INVEST Act), and the need to ensure public power utilities have a comparable energy storage incentive. Discussed H.R. 2096, the Energy Storage Tax Incentive and Deployment Act, and the need to ensure public power utilities have a comparable energy storage incentive. Discussed tax credit refundability in the Growing Renewable Energy and Efficiency Now (GREEN) Act (draft legislation); also discussed provision in GREEN Act related to the direct payment of enhanced deduction for energy efficiency improvements by governmental owners. Discussed Internal Revenue Service private use rules relating to commercial contracts. Discussed provisions in H.R. 6201, the Families First Coronavirus Response Act, that deny payroll tax credits for government employers and impact on public power utilities. Discussed the possible inclusion of energy-related tax credits in H.R. 748, the Coronavirus Aid, Relief, and Economic Security Act.

Client expense: $220,000 · Firm income: Not reported

Monitoring the Tax Cuts and Jobs Act, legislation to overhaul the nations tax code that contains several notable provisions affecting hospitals; Individual Mandate, Access to Tax-exempt Bond Financing, Interest Deduction for Debt, Medical Expense Deductions, Executive Compensation; Support HR 3300, Economic Mobility Act of 2019, a bill to amend the Internal Revenue Code of 1986 to provide tax relief for workers and families; Letter requesting that Congress use the employer side payroll tax if they use the tax code to provide this assistance so that all hospitals benefit from that relief. The letter also highlights several bond financing options that should be considered; Support HR 2772, Investing in Our Communities Act, a bill to amend the Internal Revenue Code of 1986 to reinstate advance refunding bonds; Support HR 3967, Municipal Bond Market Support Act of 2019, a bill to amend the Internal Revenue Code of 1986 to permanently modify the limitations on the deduction of interest by financial institutions which hold tax-exempt bonds.

Client expense: $5,940,000 · Firm income: Not reported

H.R. 1516 (Wall Street Tax Act of 2019); H.R. 2772 (Investing in Our Communities Act); S. 647 (Wall Street Tax Act of 2019); United States individual and business taxation; Chapters 3 and 4 of Subtitle A of the Internal Revenue Code (responsibilities of financial institutions); Proposals to modify tax incentives for retirement savings and investment; Regulations implementing P.L. 115-97, Dec. 22, 2017, including regulations and guidance relating to IRC Sections 59A, 162(f), 163(j), 451, 199A, 512, 904, 951A, 958, and 1446; Taxation of contract modifications associated with transition from LIBOR to alternative reference rates, including SOFR; Regulations under IRC Sec. 871(m) and IRC Sec. 385; International tax reform; Technical and policy modifications to P.L. 115-97; Tax Incentives to preserve interest deduction related to municipal bonds; Tax Incentives to reinstate advance refunding bonds; Tax Incentives to provide for direct pay municipal bonds; Issues related to taxation of ownership of securities and securities transactions; Technical correction related to the repeal of Section 958(b)(4) in P.L. 115-97 (Tax Cuts and Jobs Act); H.R. 748 - CARES Act; H.R. 3967 - Municipal Bond Market Support Act of 2019; Proposals to expand Private Activity Bonds, U.S House, U.S. Senate.

Client expense: $1,540,000 · Firm income: Not reported

Equity market structure issues; Single Security/Common Securitization Platform (Federal Housing Finance Agency); Federal Reserve Total Loss Absorbing Capacity (TLAC) proposal; Federal Reserve G-SIB capital surcharge; Dodd-Frank Wall Street Reform and Consumer Protection Act Implementation; Stress testing reform; Foreign Banking Organizations Tailoring Proposal comment letter; Living Will comment letters from the Federal Reserve Board and the Federal Deposit Insurance Corporation; Control Proposal by the Federal Reserve Board; Standardized Approach for Counterparty Credit Risk (SA-CCR) reform proposal; Housing Finance Reform; LIBOR transition issues; SEC Final Regulation Best Interest; Implementation of Electronic Signature in Global and National Commerce Act; Consolidated Audit Trail (CAT) - US House and US Senate; Comprehensive Capital Analysis and Review - US Senate; Legislation related to changes in certain private activity bond treatment; H.R. 2513 - Corporate Transparency Act of 2019; H.R. 2474/S. 1306 - Protecting the Right to Organize Act of 2019; H.R. 1595 and S. 1200 - Secure and Fair Enforcement Banking Act of 2019; SEC Proposed Exemptive Order on Municipal Advisors Acting As Placement Agents; S. 1236, the Municipal Securities Rulemaking Board Reform Act of 2019; H.R. 4762, Fair Investment Opportunities for Professional Experts Act; S. 2724, Small Business Audit Correction Act of 2019; H.R. 3967, Municipal Bond Market Support Act of 2019; SEC Regulation Best Interest; S. 482 - Defending American Security from Kremlin Aggression Act of 2019 and other Issues related to foreign policy and the blocking of and/or trade restrictions; H.R. 2923, Inclusive Prosperity Act of 2019; H.R. 748 - The CARES Act; Federal Reserve Board and Prudential Agency Covid-19 Actions; Brokered Deposit Comment Proposal from the FDIC; H.R. 5336 - Investor Choice Act of 2019; Diverse Investment Advisers Act (not introduced); H.R. 5084 - Improving Corporate Governance Through Diversity Act of 2019; S. 2563 - ILLICIT Cash Act; S. 3550 - Municipal Bonds Emergency Relief Act; Self-Regulatory Organization (SRO) Reform; H.R. 2772 - Investing in Our Communities Act; S. 2992 - Investor Choice Act of 2019; Increase in the bank qualified bond limit, Rep. Sewell Bill; MSRB Bill, Rep. Kennedy Bill.

H.R. 2772, Investing in Our Communities Act, all provisions. H.R. 3967, Municipal Bond Market Support Act, all provisions.

Client expense: Not reported · Firm income: $10,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Equity market structure issues; Single Security/Common Securitization Platform (Federal Housing Finance Agency); Federal Reserve Total Loss Absorbing Capacity (TLAC) proposal; Federal Reserve G-SIB capital surcharge; Dodd-Frank Wall Street Reform and Consumer Protection Act Implementation; Stress testing reform; Foreign Banking Organizations Tailoring Proposal comment letter; Living Will comment letters from the Federal Reserve Board and the Federal Deposit Insurance Corporation; Control Proposal by the Federal Reserve Board; Standardized Approach for Counterparty Credit Risk (SA-CCR) reform proposal; Too Big to Fail comment requests from U.S. and global bodies; Investor Protection Act (not introduced)/Investor Choice Act - Rep. Bill Foster (not introduced); H.R. 1815 SEC Disclosure Effectiveness Testing Act; Housing Finance Reform; LIBOR transition issues; SEC Final Regulation Best Interest; Implementation of Electronic Signature in Global and National Commerce Act; Data Aggregation; Consolidated Audit Trail (CAT) - US House and US Senate; Comprehensive Capital Analysis and Review - US Senate; Legislation related to changes in certain private activity bond treatment; Increase in the bank qualified bond limit, Rep. Sewell Bill; MSRB Bill, Rep. Kennedy Bill; H.R. 2513 - Corporate Transparency Act of 2019; H.R. 2474/S. 1306 - Protecting the Right to Organize Act of 2019; H.R. 1595 and S. 1200 - Secure and Fair Enforcement Banking Act of 2019; SEC Proposed Exemptive Order on Municipal Advisors Acting As Placement Agents; S. 1236, the Municipal Securities Rulemaking Board Reform Act of 2019; H.R. 4762, Fair Investment Opportunities for Professional Experts Act; S. 2724, Small Business Audit Correction Act of 2019; H.R. 2919, Improving Investment Research for Small and Emerging Issuers Act; H.R. 3967, Municipal Bond Market Support Act of 2019; SEC Regulation Best Interest; S. 482 - Defending American Security from Kremlin Aggression Act of 2019 and other Issues related to foreign policy and the blocking of and/or trade restrictions; H.R. 2923, Inclusive Prosperity Act of 2019.

Discussed support for the restoration of advance refunding bonds, H.R. 2772, Investing in Our Communities Act. Discussed support for ending the sequestration of Build America Bonds. Discussed the need for comparable incentives for public power investments in clean energy and energy storage, including support for S. 1288, the Clean Energy for America Act. Discussed the need to increase the small-issuer exemption to $30M and support for H.R. 3967, the Municipal Bond Market Support Act of 2019. Discussed the need to simplify private-use rules for municipal bonds. Discussed the importance of tax-exempt financing for public power infrastructure investments. Provided feedback on H.R. 2704, Renewable Energy Transferability Act. Discussed issues with the output facility private use rules.

Client expense: $190,000 · Firm income: Not reported

Government targets: Energy, Dept of, Environmental Protection Agency (EPA), Federal Energy Regulatory Commission (FERC), HOUSE OF REPRESENTATIVES, Homeland Security, Dept of (DHS), SENATE