Finance, investment and tax-related legislation

The measure would allow issuers to tap unused pandemic aid for transportation, infrastructure and disaster aid relief.

With the ink drying on the new Infrastructure Investment and Jobs Act, eyes now turn to the implementation of one of the largest infrastructure programs in American history.

States, on the front lines of implementing the new $1.1 trillion infrastructure program, want clear, flexible federal rules and the ability to tap private investment.

The House is expected to introduce another temporary government funding bill this week before turning to the debt ceiling issue.

If enacted, Build Back Better would promote economic growth and likely have a limited impact on inflation, ratings agencies say.

The inability to advance refund has cost issuers up to $10 billion since 2020, according to Municipal Market Analytics, a figure lobbyists hope will help make their case.

The municipal bond market is closely watching proposals from the House and the Senate to overhaul the SALT federal deduction cap.

Key institutional players like banks and insurance companies may have less incentive to buy tax-exempt munis if the provision becomes law.

The lack of inclusion of the muni market's priorities in the reconciliation framework sends a strong signal they're unlikely to be included in the final legislation.

Transportation and transit projects would be eligible uses of ARPA funds under the bill, which also extends the deadline to spend the funds.

The fast pace of the Democratic negotiations may act in muni market's favor.

Congress has until Halloween to reach not only a deal on a bipartisan infrastructure bill, but also a reconciliation deal. Without both, key muni priorities could vanish, says GFOA lobbyist.

The hires come as Congress is expected to pass a massive infrastructure bill that includes P3 provisions.

States so far have taken the lead in mileage-based user fee programs, which would now be taken up on the federal level for the first time.

A fresh debate on the debt ceiling could come as soon as December, as Congress also faces deadlines on surface transportation and stopgap government funding.

A deal to lift the debt ceiling through November would buy Congress time to hammer out Democratic agreement on the Build Back Better plan.

Smaller issuers like rural hospitals and charities are often blocked from issuing bank-qualified debt under current rules, which would change under a reconciliation bill provision.

Tax-exempt advance refundings emerge as the top priority for muni market participants as Congress debates reconciliation budget measure.

Congress approved a one-month extension of surface transportation programs, buying more time to continue negotiations over infrastructure and budget bills.

Mayors are urging Congress to preserve major housing support in the reconciliation bill.