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march 2010 report to wisconsin health and educational facilities authority on washington developments affecting 501c3

March 2010 WHEFA Conference. 2. 2010 vs. 2009. Market Improved but still rockyImportant TEB provisions enacted but need to be extended (some Administration support)Turmoil in CongressPartisanship W

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march 2010 report to wisconsin health and educational facilities authority on washington developments affecting 501c3

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    1. Charles A. Samuels Mintz Levin Cohn Ferris Glovsky and Popeo PC 701 Pennsylvania Avenue, NW Washington, DC 20004 Phone: 202-434-7311 Email: casamuels@mintz.com

    2. March 2010 WHEFA Conference 2 2010 vs. 2009 Market Improved but still rocky Important TEB provisions enacted but need to be extended (some Administration support) Turmoil in Congress Partisanship W&M leadership turnover SEC interest in TEBs Animus toward Wall Street

    3. March 2010 WHEFA Conference 3 Ways and Means Committee Chairman Rangel (NY) -- out Rep. Levin (MI) -- in Different approach and interests Impact on TEBs and 501(c)(3)s

    4. March 2010 WHEFA Conference 4 Jobs/Stimulus Bills and TEB Provisions Legislation containing TEB provisions coming in tranches? First piece -- BABs extended to tax credit bonds As year progresses, extenders for bank qualification and FHLB LOCs; and BABs expansion?

    5. March 2010 WHEFA Conference 5 Tax Priorities -- Bank Qualification Incentive for banks to purchase munis, particularly for small charities with low or no credit rating and for small amounts Increased exemption ($10 million to $30 million) and measuring exemption at borrower level -- facilitate state issuers like WHEFA. Door County Memorial Hospital - $11 million Cardinal Stritch University - $15 million New Glarus Home - $4 million

    6. March 2010 WHEFA Conference 6 Tax Priorities -- Build America Bonds Proven to be very popular so far -- efficient distribution of subsidy? Administration -- make permanent program and expand to 501(c)(3)s but lower subsidy SIFMA priority - convert tax credit bonds to BABs Sen. Grassley (IA.) concerns about underwriting fees

    7. March 2010 WHEFA Conference 7 Tax Priorities -- FHLB LOC 2008 Housing Act amended IRC to permit FHL banks to credit enhance non-housing tax exempt bonds Programs should be made permanent Helped charities suffering from collapse of bond insurers Mostly used for restructuring Collateralization requirement Berlin Hospital

    8. March 2010 WHEFA Conference 8 Wisconsin Congressional Delegation Ron Kind - Ways and Means Paul Ryan - Ways and Means Gwen Moore - Financial Services

    9. March 2010 WHEFA Conference 9 Community Health Centers Proposal for national issuer, federally guaranteed bonds Unclear need, feasibility and value Conflicts with principle of local control and oversight?

    10. March 2010 WHEFA Conference 10 Greater Oversight of 501(c)(3)s and TEBs SEC - IRS Task Force Form 990 and IRS non-profit Inquires Reorganized, enhanced SEC oversight and enforcement.

    11. March 2010 WHEFA Conference 11 Financial Reform Legislation Waiting for Senate bill Ratings SEC proposal for direct regulation of issuers/borrowers? Enhanced MSRB authority?

    12. March 2010 WHEFA Conference 12 Thank you! Charles A. Samuels: casamuels@mintz.com

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