American Municipal Tax-Exempt Compliance

What American Municipal Tax-Exempt Compliance does

American Municipal Tax-Exempt Compliance Corp. (AMTEC), founded in 1990 by Raymond H. Bentley and headquartered in Avon, Connecticut, is a privately held specialty professional services firm providing arbitrage rebate calculations and refunding verification services to U.S. tax-exempt municipal bond issuers. The company positions itself as the oldest dedicated arbitrage rebate specialty firm in the United States, with all resources pledged exclusively to these two service lines. Its client base spans state governments and agencies, counties, cities, school districts, and conduit issuers in higher education, healthcare, housing, student loans, and industrial development. AMTEC is a certified Minority and Small Business Enterprise (MBE/SBE), and the leadership team, led by President Bentley and Senior Vice President Mike Scarfo, has remained in place for over fifteen years.

AMTEC's core products are its Arbitrage Rebate Services and Refunding Verification Services, supported by a third-party industry-standard software platform (DBC Finance) for structuring reports covering escrow cash flow and sufficiency for unlimited prior bonds. Deliverables include rebate opinions, yield restriction calculations, post-issuance compliance documentation, and CPA-certified verification reports, with turnaround commitments of verbal verification within two hours and draft reports within 24 hours of final pricing. The firm offers guaranteed fixed-fee proposals under multi-year contracts with unlimited consultation and comprehensive IRS audit support, and retains client records for six years after final redemption.

The business model is B2G professional services sold via direct enterprise engagement with issuers and through referrals from financial advisors, bond attorneys, and underwriters. Marketing channels include the company website, free compliance reviews, educational training sessions, and association participation (including National Association of Bond Lawyers). Cumulative scale figures cited by the firm include 30,000+ rebate opinions issued, 2,175+ verification reports completed, and $425B+ in total par value serviced. Pricing is quote-based and not publicly disclosed, and no funding rounds, acquisitions, or material corporate actions are recorded in the available data.

Name

American Municipal Tax-Exempt Compliance

Legal name

American Municipal Tax-Exempt Compliance Corp.

Website

https://amteccorp.com

Company type

Private

Founded year

1990

Operating status

Operating

Headcount range

1–10 employees

Short description

AMTEC is a privately held specialty professional services firm, founded 1990 and based in Avon, Connecticut, that provides arbitrage rebate calculations and refunding verification services exclusively to U.S. tax-exempt municipal bond issuers, including state and local governments, school districts, and conduit issuers.

Ownership category

akta.pro rank

Product category

Municipal Tax-Exempt Bond Compliance Services

akta.pro primary industry

AML/Financial Crime for Securities (KYC, Sanctions, PEP) (FSACAJAE)

Keywords

• Arbitrage rebate services
• Refunding verification agent
• Tax-exempt bond compliance
• Municipal bond arbitrage
• Section 148 compliance

Headquarters

HQ city

Avon

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Arbitrage Rebate Consulting Services: Professional services revenue from providing arbitrage rebate calculations and yield restriction calculations for tax-exempt bond issuers. Services include compliance reviews, post-issuance documentation, and ongoing rebate calculation services. AMTEC offers guaranteed fee proposals that do not change as investment and accounting records evolve.
2. Refund Verification Agent Services: Verification services for bond refunding transactions, including pre-verification of pricing calculations, coordination with working group (issuer, underwriter, financial advisor), and issuance of refunding verification reports with CPA certification when required. The company began offering this service in 2002 at the request of financial advisors and bond attorneys.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

AMTEC provides specialized arbitrage rebate calculation and refunding verification services to tax-exempt municipal bond issuers under Section 148 of the Internal Revenue Code. The arbitrage rebate service includes computations of rebate and yield restriction amounts, spending exception determinations, post-issuance compliance documentation, and unlimited IRS audit support. The refunding verification service acts as an independent verification agent for bond refunding transactions, providing pre-verification of pricing calculations, escrow cash flow and sufficiency analysis, and CPA certification when required.

Product overview

American Municipal Tax-Exempt Compliance Corp. (AMTEC) is a specialized financial compliance services firm offering two core service offerings: Arbitrage Rebate Services and Refunding Verification Services. The Arbitrage Rebate Services product encompasses rebate calculations, yield restriction analysis, and post-issuance compliance documentation. The Refunding Verification Services product provides independent verification agent functions for bond refinancing transactions. These services are delivered by a dedicated professional staff using industry-standard municipal finance software, with guaranteed fee structures and comprehensive IRS audit support.

Differentiator

Problem solved

Functional benefit

Products and services

• Arbitrage Rebate Services Specialized arbitrage rebate calculation and compliance services for tax-exempt bond issuers, including yield restriction calculations, spending exception determinations, post-issuance compliance documentation, and unlimited IRS audit support.
• Refunding Verification Services Verification agent services for tax-exempt bond refunding transactions, including pre-verification of pricing calculations, escrow sufficiency analysis, coordination with underwriters/financial advisors, and CPA certification when required.

Quantifiable outcome

• Over $1 million in recovery of overpayments under arbitrage rebate provisions for issuers
• +5 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Scale indicators4 records

Recent moves3 records

Expansion highlights3 records

Broad incumbents

• PFM Group: PFM (Public Financial Management) is a large financial advisory firm to state and local governments whose municipal advisory practice touches arbitrage rebate and post-issuance compliance as one of many services — broader than AMTEC but overlapping on issuer relationships.
• Ice Miller LLP: Ice Miller's Public Finance and Tax-Exempt Bonds practice advises issuers on arbitrage rebate compliance and refundings, making it a broader-scope incumbent competing for the same municipal issuer relationships.
• HilltopSecurities: HilltopSecurities (formerly First Southwest) is a broker-dealer and municipal advisor whose public finance group works closely with issuers on refundings and compliance — a broader incumbent overlapping AMTEC's refunding verification engagements.
• Kutak Rock LLP: Kutak Rock is a major bond counsel firm representing issuers in municipal financings; while primarily a legal practice, it advises on Section 148 arbitrage compliance and overlaps with AMTEC's customer base.
• Orrick Herrington & Sutcliffe: Orrick's Public Finance practice includes tax-exempt bond counsel and Section 148 advisory work for issuers, comparable to AMTEC's clients but delivered through a much broader legal services platform.
• Hawkins Delafield & Wood LLP: Hawkins is a national bond counsel firm whose public finance practice advises tax-exempt issuers on regulatory compliance, including arbitrage rebate matters — a broad incumbent in the same compliance ecosystem.
• Greystone & Co. Greystone provides municipal advisory and consulting services touching tax-exempt bond compliance for public agencies and nonprofit issuers, competing in adjacent service lines to AMTEC.

Direct peers

• BLX Group: BLX Group is a long-standing verification agent and arbitrage rebate calculation firm serving tax-exempt municipal bond issuers — directly competing with AMTEC in both refunding verification and rebate services.
• Causey Public Service: Causey Public Service provides arbitrage rebate calculations, yield restriction analyses, and bond compliance services to state and local government issuers, mirroring AMTEC's core product offering.

Others

• National Association of Bond Lawyers (NABL): NABL is the professional association for bond attorneys whose members often select and refer verification/rebate providers to issuers; AMTEC's president is an associate member, making NABL an ecosystem channel rather than a competitor.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about American Municipal Tax-Exempt Compliance