As an issuer of tax-exempt bonds, or an obligated party in a tax-exempt issue, Bingham’s expertise can help you navigate the complexities of arbitrage rebate compliance.
Arbitrage is any interest or value earned over the declared yield of a tax-exempt bond issue as defined by Internal Revenue Code Section 103 and Section 148. Bingham’s experienced professionals can determine the amount, if any, that must be rebated (paid) to the Federal Government. Even if your issue does not earn arbitrage, the calculation is required at least every five years over the life of the issue.
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You have questions. Bingham has answers. We are here to help with all of your Pre-Issuance and Post-Issuance Compliance needs.
- Verification
- Yield Restriction
- Arbitrage Rebate
- Post-Issuance Compliance

Bingham’s office – located in the historic Uptown of Richmond, Virginia.
News & Info
Fall 2026 Arbitrage Rebate & Post Issuance Compliance Update
For tax-exempt bond issuers and borrowers, 2026 has brought several developments worth watching in…
Arbitrage Rebate Is STILL Around!
Everyone remembers the dramatic increase in investment and capital finance rates beginning in 2022…
Investment Rates Are Creating Arbitrage Rebate Liabilities!
Arbitrage Rebate is not a bad thing! It is also NOT a four-letter word! Many tax-exempt issuers…
Best Practices for Arbitrage Rebate Compliance
Tax-exempt debt issuers must have a written post issuance compliance program as part of their debt…
Upcoming Events
Virginia GFOA Debt Management Class
Loudoun, VA
October 29-30, 2026
Virginia Government Finance Officers’ Association (VGFOA) Fall Conference
Charlottesville, VA
November 4-6, 2026
North Carolina Government Finance Officers’ Association (NCGFOA) Fall Conference
Asheville, NC
November 15-17, 2026
North Carolina Capital Management Trust Winter Educational Seminar
Greensboro, NC
December 8, 2026