WASHINGTON — Municipal market participants should not expect the Treasury Department to simply rubber-stamp the existing tax-exempt bond rules for issue price when it comes to Build America Bonds, a Treasury official told bond lawyers at a recent meeting.

John Cross 3d, the Treasury’s associate tax legislative counsel, said at the American Bar Association’s tax-exempt financing committee meeting in Toronto two weeks ago that the Treasury is “actively working” on guidance pertaining to issue price and BABs, and that it likely will depart to some degree from the existing rules in an effort to improve them.

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