Different versions of the Tax Cuts and Jobs Act (the “Act") have been approved by the House and Senate, and the two chambers are conferencing to resolve the differences and send the final Act to the President by year end.
During his State of the Union address, President Trump also embraced the recent call by the U.S. Chamber of Commerce -- without mentioning them –- to reduce the permitting approval process to two years or less for infrastructure projects.
Tax-exempt private activity bonds, which came close to being terminated in tax reform legislation, are now a centerpiece of the Trump administration's leaked infrastructure plan -- and market participants hope to use this as a springboard for a return of tax-exempt advance refundings.
Sens. John Cornyn, R-Texas, and Mark Warner, D-Va., introduced their bill to expand PABs the same day that the U.S. Chamber of Commerce recommended such an expansion in its four-part infrastructure plan.