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Personal Income Tax Collections Plummet In Most States in 2Q
Personal income tax collections declined significantly in many states during the second quarter of this year, according to preliminary data in a report released by the Nelson A. Rockefeller Institute of Government on Wednesday.
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The Securities and Exchange Commission will probably use emergency court action to stop state and local governments from selling municipal bonds if it thinks their offerings are fraudulent, an enforcement division official told bond lawyers meeting here. more »
Moments after Janney Capital Markets cited "cracks" in the foundation of state credit quality nationwide, Pennsylvania said it would have to loan money to itself to keep running. more »
The chairman of the House Appropriations Committee has introduced legislation that would continue funding government programs and services until Dec. 11, preventing a federal government shutdown before the midterm elections. more »
The National Association of State Treasurers' priorities include maintaining the tax- exempt status of municipal bonds, preventing local government investment pools from being hurt by money market mutual fund reforms, and helping to develop criteria under which munis could be considered high-quality liquid assets, said its incoming president, David Lillard, Tennessee' treasurer. more »
States had $915 billion of unfunded pension benefits, $757 billion in outstanding public debt, and $577 billion of unfunded retire health care and other non-pension benefits in fiscal 2012, according to a report on States' Fiscal Health released by The Pew Charitable Trusts on Tuesday. more »
Personal income taxes and possibly all state taxes appear to be down in the second quarter of this year based on preliminary data, the Rockefeller Institute of Government of the State University of New York said in a report released Thursday. more »
The National Association of Bond Lawyers released a paper Tuesday to help educate bond lawyers and other market participants about general obligation bonds in the wake of the Detroit and Jefferson County, Ala. bankruptcy filings. more »
The Treasury Department's new Office of State and Local Finance is adding a senior policy advisor focused on public sector pensions, the office's director, Kent Hiteshew said Monday. more »
The Federal Reserve of New York recommended Puerto Rico's government make six major changes in a report it issued Thursday. more »
Pedro Pierluisi, Puerto Rico's sole non-voting member of Congress, has introduced legislation that would allow the commonwealth's government to authorize certain government-owned corporations to enter Chapter 9 municipal bankruptcy. more »
Moody's Investors Service on Wednesday released proposed changes in its rating methodology for 1,100 municipal utilities that it said would only result in rating changes, split between upgrades and downgrades, for less than 10% of them. more »
The money that retirees spend from the payments they receive from defined benefit pension plans supports jobs and economic activity, according to a report released Wednesday by the National Institute on Retirement Security. more »
While Moody's Investors Service gives the states sector a stable outlook, some states are in better shape than others, rating agency analysts said in a conference call Tuesday. more »

Issuance of municipal MSA tobacco bonds by states was the subject of a highly critical article published by ProPublica. The article attempts to make a case that states erred in deciding to issue tobacco bonds. The article was widely circulated across social media. As we frequently observe, the national media focus on the muni market is appreciated, but the facts got muddied in the pursuit of a good story.

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