Washington DC

The president touted the benefits of last year's Bipartisan Infrastructure Law and American Rescue Plan Act during his first State of the Union address.

States have appropriated 72% of the ARPA funds they have received so far and many state legislatures are developing plans to spend the rest.

Recent federal laws have provided municipalities with record levels of funding, but may only have a marginal increase in the number of issuances.

Sponsors of the Supporting American with Lower Taxes Act see it as a potential compromise on the contentious state and local tax deduction cap issue.

“I want to break ground next year,” Kentucky Gov. Andy Beshear said.

SIFMA had argued that the SEC's temporary exemption order for municipal advisors was arbitrary and capricious.

Pandemic-related aid helped raise the proportion of state revenues coming from the federal government to record highs in fiscal year 2020, Pew Research found.

Some public finance, racial justice, and congressional advocates say baby bonds are needed like never before to combat wealth inequality.

The Securities Industry and Financial Markets Association has bolstered its team with the additions of Jennifer Jacoby, Matthew Grinney and Nick Key.

A judge has ordered the state to reconsider its rejection of a bid for a $9 billion P3 for new toll lanes, a move that could delay Gov. Larry Hogan’s priority project.

A bill to prevent tax-exempt financing of professional sports stadiums may become part of a larger tax bill, as further discussions to revive some muni provisions may begin this year.

The proposal would offset all gas tax losses to the Highway Trust Fund but would still hasten its insolvency.

The new-issue calendar for the holiday-shortened week is $4.98 billion, with $3.633 billion of negotiated deals and $1.347 billion of competitive loans.

Much of the new infrastructure funding can't flow to states until a full FY22 bill is enacted.

High material costs and labor shortages are expected to persist through 2022 just as states and localities are planning how to spend the Infrastructure Investment and Jobs Act money.

Market participants are wary that regulators may muddle ESG risk disclosure guidance with guidance regarding labeled bonds.

Issuer groups have sent a letter to the Internal Revenue Service requesting remote hearings be made permanent in connection with the issuance of private activity bonds as many issuers still grapple with remote working and ongoing COVID-19 concerns.

Tax-exempt advance refundings are unlikely to be included in a FY22 budget, but two bills that would restore the popular tool remain alive.

“It’s important for the economy and the entirety of the American Rescue Plan that we see each county doing what it can for workers," Biden Senior Advisor Gene Sperling told the National Association of Counties.

Texas Sen. John Cornyn urged counties to continue to lobby for a bill that would allow ARPA funds to be used for transportation infrastructure and disaster relief.