From the VHA's current
The Villages Voice:
_______________________________________________
IRS Update
Janet Y. Tutt
District Manager
Village Community Development Districts
During October, representatives of Village Center Community Development District (VCCDD) were advised the Internal Revenue Service’s (IRS) Tax Exempt Bond Enforcement Division that the IRS is inclined to take the position that a special district is not a political subdivision for purposes of Section 103(a) of the Internal Revenue Service 1986.
In response to the communication, representatives of VCCDD met and discussed the issue with representatives of the IRS’s Tax Exempt Bond Enforcement Division including the General Counsel’s office. As a result of the meeting, the VCCDD was requested to prepare further analysis of Florida Statute Chapter 190, applicable case law, and information pertaining to the hundreds of Special Districts that have issued tax exempt bonds in the State of Florida in addition to Special Districts throughout the country. The response has been prepared and submitted to the IRS. It can be found on the District web site at
Village Community Development Districts .
Also on the web site is a letter from the National Association of Bond Lawyers (NABL) which provides additional clarity to the issue regarding the IRS review of the District’s tax exempt status.
________________________________________________
Here's the link to the article:
The Villages Voice
Bill
