CLIENT SPOTLIGHT: Grillo's Pickles

If you haven't been to the Grillo's Pickles website, you should. There, you'll find the fantastic story of how this company began. We've copied part of it here to save you a click.

Grillo's Pickles began with a pickle cart, just a small wooden stand in downtown Boston, where Travis Grillo and his friends would sell two spears for one dollar. Travis would make the pickles by night using his family's 100-year old recipe - one he'd memorized from making pickles every summer as a kid. In the morning, Travis would bike to the Boston Common and set up the cart with his buddies. They'd hang out all day, urging people to try the simple Grillo family pickle. It was a small business but Travis worked hard for it. He made more pickles, biked more miles, and slept less hours than he ever had before.
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CLIENT SPOTLIGHT: Factory Five Racing

Factory Five Racing was founded in 1995. Over the years they have grown from a start-up business in a small garage to become the world's largest manufacturer of "build-it-yourself" component car kits. They employ a full-time crew of about 40 people, and are located in Wareham, Massachusetts (about an hour south of Boston). They make their products right here in the USA, in the heart of New England where American manufacturing was born.
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CLIENT SPOTLIGHT: Luca + Danni

Fred and Danny Magnanimi grew up watching their father create beautiful, handcrafted jewelry in the family's Cranston, RI jewelry manufacturing business. When the boys grew up, Fred moved to New York and began working on Wall Street as an investment banker, while younger brother Danny, still enamored by the family business, stayed home. Increased competition from overseas businesses created significant challenges for the business, but Danny was confident he could find a way for the family business to evolve and thrive. This was his mission, this was his passion.
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        Congressional Bill Would Expand The Ability To Issue Bank Qualified Tax-Exempt Bonds

        House Bill 3967, titled the “Municipal Bond Market Support Act of 2019”, was introduced by Alabama Representative Terri Sewell and New York Representative Tom Reed with the purpose of increasing the amount of tax-exempt bonds that may be issued as bank qualified obligations. According to their announcement, the bill is intended to “help local governments and nonprofits afford critical construction projects and stimulate their economies.”

        Under current law, carrying costs allocable to tax-exempt bonds are generally not allowed to be deducted by financial institutions that purchase and carry these bonds. However, an exception exists for qualified tax-exempt obligations, commonly referred to as bank qualified or “BQ” debt. To qualify for the exemption to allow deductions for a portion (limited by the Code to 80%) of the carrying costs, the tax-exempt bonds must be issued by a “qualified small issuer”. Under current law, a qualified small issuer is one that reasonably anticipates issuing no more than $10,000,000 of tax-exempt obligations during the applicable calendar year.

        If the Municipal Bond Market Support Act of 2019 is passed in its current form, the bill would expand the opportunity to issue bank qualified bonds by modifying the definition of a qualified small issuer to increase the maximum anticipated amount of bonds issued in a calendar year from $10,000,000 to $30,000,000. Additionally, this figure would be subject to an annual adjustment for inflation (rounded to the nearest $100,000). These changes will increase the number of entities that will be able to issue bank qualified tax-exempt bonds.

        The bill has another provision that would expand the ability for conduit issuers to issue bank qualified obligations on behalf of 501(c)(3) organizations. That provision would treat each individual 501(c)(3) borrower—instead of the actual conduit issuer—as the issuer of the bonds. This provision would therefore apply the $30,000,000 cap to each 501(c)(3) borrower, instead of aggregating all issues of a conduit issuer, and has the potential to significantly increase the number of conduit issues that can be designated as bank qualified.

        The proposed changes to the Code contained in the Municipal Bond Market Support Act of 2019 are substantially modeled after temporary changes that were implemented through the American Recovery and Reinvestment Act, which were effective for 2009 and 2010 only. The changes in the current bill, however, would apply permanently with no sunset.

        The bill was referred to the House Committee on Ways and Means prior to the August recess and is sure to be monitored by financial institutions and market participants once Congress is back in session.

        Please contact Eugene G. Bernardo II or David M. DiSegna at Partridge Snow & Hahn LLP if you have questions about House Bill 3967.