Income taxes

Missouri voters on Tuesday soundly rejected Amendment 5, which would have eliminated the state income tax and given lawmakers latitude to raise other taxes.

Volume-cap allocations can reveal which projects will gain access to tax-exempt financing and which may be crowded out, making private-activity bond rules a practical signal for issuers, advisors and investors, according to Market Intelligence analyst Jeff Lipton.

The rules governing the cap on state and local tax deductions have been changed in each Trump administration and greatly debated in the muni community as new research shows the cap may have boosted inflows into bonds.

States continue tinkering with finding the right mix of property tax, sales tax, and income taxes leveled on the affluent.

Amendment 5 would eliminate the state income tax, but critics are worried about the lost revenue.

The nearly $18.3 billion fiscal 2027 budget signed by the governor this month provides $1.4 billion in tax cuts over four years.

The rating agency cited an improving governance profile, which incorporates a trend of budgetary reserve fund maintenance and increasing pension contributions.

Less than two weeks after Washington Gov. Bob Ferguson signed a new tax on annual income over $1 million, a lawsuit has been filed seeking to overturn it.

The exemption from state income taxes for Native Americans who live and work on federally designated tribal reservation land was at issue in the case.

The new state income tax is expected to make Washington munis, which are exempt, more attractive for high-earning residents.

A Massachusetts bill would authorize special obligation bonds to finance upgrades to the state's public university, school, and college campuses.

Washington Gov. Bob Ferguson, who has lobbied for a wealth tax, told lawmakers their draft proposal needs work.

An Indiana bill would address some concerns that were raised around 2025's Senate Enrolled Act 1, which created questions about local government credit quality.

Governors plan to cut taxes and expand school vouchers across many of the Midwest's Republican-led states in fiscal year 2027.

The state's Democratic governor and Republican-controlled legislature are at odds over how much to conform with federal tax changes enacted last year.

Kutak Rock is promoting several members of their public finance and tax teams as part of a move that sees 28 attorneys move into partnership roles in eleven offices.

As more states weigh legislative action to decouple from the provisions of One Big Beautiful Bill Act, Treasury Secretary Scott Bessent launches an outreach mission to counter what he calls, a "blatant act of political obstructionism," that will lead to higher state taxes.

A budget forecast prepared by the Virginia House Appropriations Committee shows tightening financial constraints in 2026 —including a higher cap on state and local tax deductions — could result in the state's issuing bonds.

Maryland's financial challenges are resurfacing via a report from the Department of Legislative Services projecting a $1.4 billion budget deficit in fiscal year 2027.

The city plans to sell about $690 million of AMT bonds on Nov. 18 to finance facilities and refund outstanding debt for the airline.