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The Board said "filtering" bids and offers can hurt retail investors, liquidity, and market efficiency.

What do municipal market participants see for tax legislation in 2018?

Congress is expected to renew expired tax breaks for Puerto Rico and qualified zone academy bonds as well as enact corrections for the new tax reform law.

IRS muni regulatory priorities for 2018 include rules on bond reissuance and final rules on notice and approval of private activity bond-financed projects under TEFRA.

Municipal bond market experts want clarification from the IRS on a few regulations and expect the agency to move ahead with its new data driven audit process.

The new temporary spending bill includes Medicaid funding for Puerto Rico.

President Trump's long-awaited infrastructure plan is due out in January, but some muni market participants worry any legislation seeking federal funding might cut PABs for revenue.

If Trump signs the tax bill this year without a waiver from the PAYGO Act, it would trigger a $136 billion cut in mandatory federal programs, wiping out federal subsidies for Build America Bonds and other direct-pay bonds.

The changing federal landscape will trigger tax and revenue revisions and New York's growth may be insufficient to weather downturns, two reports said.

A three judge panel of the appeals court said a supplemental environmental impact statement does not need to be written to analyze the impact of Metrorail's problems on the $5.6B Purple LIne P3 project.

Market experts see less municipal bond volume next year, far fewer bank loans, new buyers of bonds, and more volatility if the tax bill is enacted as expected.

After Puerto Rico failed to persuade Congress to ease the modified territorial tax system in the tax law, an opportunity zone measure helping the island may be included in a January emergency spending bill.

The future accessibility of private activity bonds and stadium bonds is the massive tax bill's gift to the municipal market this holiday season. However, the bill also brings coal in the form of a year-end halt to advance refundings and a drop in the corporate tax rate.

The municipal bond market will be hurt less than expected by the tax bill with the retention of private activity bonds, but will still be hurt by the loss of advance refundings and the huge reduction in the corporate tax rate to 21%.

Republicans, however, are still negotiating the PAB provisions and have been considering eliminating the ability of issuers to carry forward for up to three years any of their unused allocations of PABs, as well as scrapping some smaller categories.

The U.S. is moving toward a territorial tax system for businesses that would hurt Puerto Rico by treating it as a foreign country.

Muni issuers are being forced to take action on tax-exempt private activity draw-down bonds and commercial paper because of the House tax bill.

Transportation officials want tax reform to include funding for the Highway Trust Fund and infrastructure as part of the larger package.

Sen. James Lankford, R-Okla., a leading proponent of ending the tax break for stadiums, told The Bond Buyer he'd "be OK with" grandfathering.

A deal on a new debt ceiling is seen as tied budget negotiations.