Finance, investment and tax-related legislation

U.S. companies that will be affected by the new global minimum tax hold about 80% of the tax-exempt interest reported by all companies, business groups said.

Half of the infrastructure funding is going to the states, and cities should talk to their governors to ensure they see some of that funding, White House Infrastructure Advisor Mitch Landrieu told the National League of Cities Tuesday.

Washington state's future highway bonds would be bolstered by an additional revenue stream if the governor signs a bill approved by lawmakers.

Supported by the American Rescue Plan Act, signed into law almost exactly a year ago, cities "have come roaring back," the President said.

The American Rescue Plan Act helped cities avoid insolvency after the pandemic struck, some mayors said.

The U.S. Department of Transportation's budget swells to $140 billion from $80 billion with the omnibus and Infrastructure Investment and Jobs Act dollars.

The omnibus bill drops a controversial measure to claw back unspent state COVID funds and includes long sought-after language to ease the transition away from LIBOR.

Thirty states would have been affected by the plan to claw back $8 billion in unspent ARPA funds to offset the FY22 appropriation.

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.

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