SCOTUS

The high court unanimously ruled the Oversight Board members do not need to be confirmed by the U.S. Senate under the Constitution’s Appointments Clause.

The announcement Monday involved last March’s ruling by the First Circuit Court of Appeals on the Puerto Rico Highways and Transportation Authority’s special revenue bonds.

A special master will hear oral arguments Thursday in the federal lawsuit Florida filed in 2013, as both states incur significant legal costs.

If a majority of the justices find the Oversight Board created by Congress has a primarily federal role, it could do what the hedge funds want and invalidate the board.

The wild card part of this case is whether the justices decide to take an expansive look back on early 20th century decisions known as the Insular Cases and rule on the constitutional rights of U.S. citizens living in territories outside the 50 states.

Assured Guaranty and two other bond insurers recently petitioned the Supreme Court to review an appellate court ruling involving the Puerto Rico Highways and Transportation Authority’s special revenue bonds.

U.S. Court of Claims Judge Richard Hertling said Tuesday he would issue the stay because he expects key rulings by the Supreme Court and an appellate court.

New York will require out-of-state retailers with annual sales of more than $300,000 or 100 transactions in the state to collect and remit sales tax.

Another wave of states is expected to begin implementation Jan. 1, according to the National Conference of State Legislatures.

As the nation’s most populous state with the largest economy, California could set the upper level benchmark for other large states such as Florida and New York that have not yet announced a sales tax remittance threshold.