Paul Burton

While it's unlikely to singlehandedly trigger a rating upgrade, the New York Legislature's approval of Gov. Andrew Cuomo's overhaul of the state income tax code is a step in the right direction, muni market observers say.

The state Senate and Assembly early Thursday passed an overhaul of income tax rates that Gov. Andrew Cuomo recommended.

The Port Authority of New York and New Jersey has posted its $7 billion preliminary budget for fiscal 2012.

The future of the Suffolk Regional Off-Track Betting Corp. in eastern Long Island is in question after a federal judge dismissed its Chapter 9 bankruptcy petition.

Philadelphia plans a $235 million sale of revenue refunding bonds for Philadelphia International Airport on Thursday.

New York Gov. Andrew Cuomo and legislative leaders announced a tentative deal Tuesday on overhauling the state tax code, calling for a tax cut for residents making less than $300,000 annually, and an increase for those earning more than $2 million.

The New York City Transitional Finance Authority this week plans a $650 million sale of new-money building aid revenue bonds.

The Commonwealth Court of Pennsylvania on Friday confirmed attorney David Unkovic as receiver for Harrisburg.

People for the Ethical Treatment of Animals has proposed a deal to place an advertisement on the incinerator that has been the focal point of Harrisburg's financial crisis.

The New York State Liberty Development Corp. on Dec. 1 sold $672 million of Liberty bonds that will help the Port Authority of New York and New Jersey finance the continuing construction of One World Trade Center.

A judge has granted another extension to the Nassau Off-Track Betting Corp. in its prolonged legal fight with New York harness tracks, OTB officials said.

Moody's Investors Service has downgraded the rating of Turnersville-based Kennedy Memorial Hospital University Medical Center to A3 from A2. The outlook remains stable at the lower level, analysts said.

Massachusetts Treasurer Steven Grossman has detailed his process for appointing a member to the new five-member Gaming Commission.

After its Board of Aldermen rejected a proposal for streetcar service, New Haven has resubmitted a plan that would replace its match with regional or state transportation funds.

David Unkovic, whose appointment by Pennsylvania Gov. Tom Corbett as the receiver for Harrisburg has come under fire because of his ties to major creditors in the city's financial crisis, appeared before a Commonwealth Court judge on Thursday as part of his confirmation process.

After voters in Princeton Borough, N.J., and Princeton Township approved a referendum two weeks ago to consolidate into one community, municipal finance and other observers agreed that it could reflect a trend.

HARRISBURG, Pa. - A federal judge on Wednesday dismissed the Harrisburg City Council's petition seeking protection from creditors under Chapter 9 of the federal bankruptcy code.

Former Vermont Gov. Jim Douglas, who also served as treasurer, called for reviving a bond program to help residents pay for the massive infrastructure damage sustained when Tropical Storm Irene belted the state in late August.

Rhode Island’s pension overhaul legislation, signed recently by Gov. Lincoln Chafee, is a credit positive, according to Moody’s Investors Service.

Moody’s Investors Service has downgraded Lancaster County, Pa.’s underlying general obligation rating to A1 from Aa2, affecting $268 million of parity debt.