Don’t miss Trey Mancini and Joey Rickard guest bartend at the first Brews & O’s event June 10th. Get your tickets today!

Ben Nighthorse Campbell

U.S. report urges closing tax loophole

The congressional committee responsible for oversight of the federal tax laws has released a report proposing to eliminate the loophole that developer David S. Cordish used when he financed two Indian casino complexes in Florida with tax-exempt municipal bonds.

The staff of the Joint Committee on Taxation said Congress never intended for Indian tribes to bypass federal laws that restrict the use of such bonds to "essential governmental functions" on Indian reservations.

The Sun reported in March that Cordish had avoided the restrictions by arranging for a municipal agency on the Florida Panhandle, which is subject to more lenient tax laws, to issue $410 million in...