Search Results for keywords:"state and local governments"

The Treasury Department and the Internal Revenue Service (IRS) have issued new regulations clarifying when tax-exempt bonds are considered retired for federal tax purposes. These rules aim to unify previous guidelines and are important for state and local governments that issue such bonds. The regulations detail specific situations where bonds can be seen as retired, including significant modifications to bond terms or certain transactions like purchases by the issuer. These changes will take effect on December 30, 2025, but issuers have the option to apply the new rules starting December 30, 2024.

The Department of Labor is asking the public for comments on its plan to collect data related to workforce programs under the Workforce Innovation and Opportunity Act (WIOA). The information is required for these programs to report their performance. People have until February 5, 2025, to submit their comments. The proposed collection affects state, local, and tribal governments and is expected to include over 19 million responses, taking an estimated total of almost 4.85 million hours annually to complete.

The Department of the Treasury has reissued guidance for the Coronavirus Relief Fund, which distributes $150 billion to states, tribal governments, and eligible local governments to help them manage costs associated with the COVID-19 public health emergency. This guidance outlines how the funds should be used, ensuring expenditures are necessary and incurred due to the pandemic, fall outside the existing budget as of March 27, 2020, and occur within the defined period from March 1, 2020, to December 31, 2021. It also provides nonexclusive examples of both eligible and ineligible expenses, discussing conditions under which funds can be used to support various sectors like healthcare, public safety, and economic relief efforts. Recipients need to ensure compliance and maintain records to avoid repayment of improperly utilized funds.