Ban on Tax-Exempt Advance Refundings: Now What

The Tax Cuts and Jobs Act (TCJA) passed by Congress and signed into law on December 22, 2017 prohibits the issuance of tax-exempt advance refunding bonds after December 31, 2017. Previously, federal tax law provided issuers of governmental and 501(c)(3) bonds a single opportunity to advance refund outstanding bonds on a tax-exempt basis. An advance…