Medium PriorityTaxes Budgetopen
IRS Arbitrage Rebate Payment
Summary
The city must pay over $2 million in investment earnings back to the IRS because bond funds earned more interest than federal tax laws allowed during the initial spend-down period.
At a glance
- Total mentions
- 0
- Last 30 days
- 0
Impact analysis
💰Financial impact
Requires a direct payment of $2,054,398 to the federal government.
✅Who benefits
Federal government revenue.
⚠️Who could be affected
Palm Bay taxpayers lose investment income earned on bond funds.
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