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Liaison flags potential IRS tax‑exemption risk as MTA expenditures lag on 2014 transportation bond
Summary
A liaison reported that the MTA’s spending from the most recent issuance of the 2014 transportation bond fell below the IRS 85% three‑year expenditure test at the time of the report and said MTA is pursuing ways to accelerate spending; several individual projects reported coordination or contractor issues.
The committee’s liaison on the 2014 Transportation and Road Improvement GO bond reported on an April meeting with SFMTA staff and raised a possible tax‑exemption risk tied to the Internal Revenue Service’s spend‑down rules.
The liaison summarized that SFMTA’s report covered eight project categories and, overall, projects fit within the intended categories. However, the liaison said that at the time the MTA issued its report the…
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