Washington DC

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.

Bank loan documents often have corporate tax gross-up provisions.

Democrats complain that Republicans are only providing cosmetic support for Puerto Rico in tax reform legislation and disaster aid.

The nation’s debt limit will likely reach its new ceiling at midnight on Friday.

Many states use PABs to offer low-rate mortgages and down payment assistance for first-time buyers.

Banks often demand key terms of private placement documents be redacted when issuers want to disclose them and questions of materiality arise.

Muni issuers want six months to a year on transition relief for advance refundings, which the tax bills would terminate after Dec. 31.

Both the House and Senate bills would end Puerto Rico’s status as an offshore tax haven.

Muni issuers rushing to get advance refundings done in December before Congress passes a tax bill that terminates them may face a halt in sales of state and local government securities because of the debt limit.