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Cities under scrutiny as IRS probes tribal tax bonds
Tuesday, March 15, 2005
Two Florida cities who sold $345 million in tax-free municipal bonds for the Seminole Tribe are now part of the IRS investigation into tribal bond deals.
The IRS contends that tribes cannot issue tax-free bonds for casinos and hotels because they are not "governmental" projects. The agency issued a preliminary adverse determination against the main backer of the Seminole deal.
The Cabazon Band of Mission Indians is also being investigated. Cities in California have helped the Cabazon Band the Morongo Band issue tax-exempt bonds.
Tribes are now lobbying Congress to ensure that tribes, like any other government, can issue the bonds.
Get the Story:
Cities' bond deals get attention of IRS
(AP 3/15)
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