The tax-exempt bond office at the Internal Revenue Service set up a team to determine whether municipal bonds have been offered at prices that might violate tax laws. The team will use data from the Municipal Securities Rulemaking Board. Market participants have encouraged the IRS to offer guidance on muni prices. "It would be nice to get some additional guidance from the IRS on that," said Michael Decker, a managing director and co-head of the municipal securities division at SIFMA.

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