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Seminole Tribe confident on tax-free bonds
Tuesday, January 18, 2005
Leaders of the Seminole Tribe of Florida say they aren't worried about a recent crackdown by the Internal Revenue Service.
The IRS issued a preliminary adverse determination last month against a $410 million bond deal that allowed the tribe to build two casinos. The IRS claims the tribe, and its investors, have to pay taxes on the bonds, a figure that could total more than $200 million over the next 10 years, The South Florida Sun-Sentinel reported.
The IRS is also going after California tribes who have issued tax-free bonds for casino projects. The tribes say they should be treated like any other government and be able to issue the bonds.
Get the Story:
Seminoles: bonds issued to build casinos not subject to taxes
(The South Florida Sun-Sentinel 1/18)
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