Income taxes

The tax cap, and a voter ID measure, are unconstitutional because the state legislature is illegally racially gerrymandered, a Wake County judge ruled.

The household sector owned 42.2% of the nation’s $3.83 trillion in municipal securities in the second and third quarters of 2018, according to Federal Reserve data.

Officials say California revenues may rebound after coming in $2.3 billion shy of Gov. Gavin Newsom's budget plan in December and January.

A new report from the state comptroller lays out budget strains that weigh on the backlog despite strong revenue numbers.

A sharp drop in New York State income tax collections will force revisions to Gov. Andrew Cuomo’s $175.2 billion budget proposal unveiled.

The legislation would leverages $8 billion in federal investment into $226 billion worth of bond authority over the next 10 years.

SALT deduction limitations have heightened sensitivity to the property tax, an issue both complicated and visceral. Paul Burton and John Hallacy host.

Emily Brock, director of GFOA’s federal liaison center, said restoration of advance refundings and increasing the limit on bank qualified debt to $30 million also are among the legislative priorities for 2019.

Rep. Richard Neal, D-Mass., has pledged to ask mayors, governors and other municipal market advocates to testify at hearings early in 2019.

S&P Global Ratings now rates New York personal income tax and sales tax bonds AA-plus.

If the workarounds states are using by creating charitable foundations as a way to pay property taxes or state and local income taxes are legal, Suffolk County Executive Steven Bellone said it’s up to Congress to decide whether to end them.

Most state and local governments are concerned the ceiling will make it harder to raise taxes to pay for public services and infrastructure.

County Executive Steven Bellone of Suffolk County, N.Y. is among those who have asked to speak at a Nov. 5 public hearing.

Thursday is the deadline for sending comments to the IRS on its proposal to prevent taxpayers from avoiding the $10,000 federal cap on state and local tax deductions that Congress enacted last December.

Salt Lake City will bring $875 million of revenue bonds this month for its airport.

The Protecting Family and Small Business Tax Cuts Act of 2018 which passed 220 to 191 isn’t expected to become law because the Senate won’t consider it this year.

The threat of lower tax revenues after the IRS denied the SALT tax workaround isn’t the only worry.

House Republicans want to make permanent the $10,000 cap on state and local tax deductions and the lower tax rates for individuals, both of which are due to expire at the end of 2025.

The report found that 61% of the 341 finance officers who participated in the survey anticipate negative future impacts on their city's financial health from the termination of advance refundings, while 35% said they already have seen negative impacts.

New York Gov. Andrew Cuomo sent letters to the Internal Revenue Service and to Treasury's Inspector General for Tax Administration threatening litigation and and asking for a probe of alleged undue political interference.