SALT deduction

Most states have already enacted their budgets for the fiscal year as the effects of Medicaid restrictions and tax policy changes in the One Big Beautiful Bill are being analyzed and raising concern.

Market participants launched the largest lobbying effort in recent memory to protect municipal bonds and got what they wanted as the tax-exemption survived.

As the Senate-approved version of the reconciliation bill bounces back to the House, the SALT caucus that was key to its passage takes a look at SALT provision changes.

The Senate advanced the One Big Beautiful Bill Act through a procedural vote, opening the legislation for debate followed by Monday's vote-a-rama.

Working out the differences between the Senate and House budget bills might result in lawmakers reaching for ways to pay for extending tax cuts and finance new programs which could put tax-exempt munis back on the negotiating table.

Attorneys and muni advocates are concerned as the Senate reviews the budget reconciliation process against the "Byrd Rule."

Housing advocates are cheering the Senate's embrace of expanding Low Income Housing Tax Credits which ensures a volume increase and reduces a key bond threshold test.

As the Senate Finance Committee works on the the reconciliation puzzle, attorneys, accountants, and doctors are lobbying for keeping the pass-through exemptions that provide a workaround to the cap on state and local taxes in place.

The hard-fought increase to the cap on state and local tax deductions that was instrumental to passing the House GOP tax bill is under fire in the Senate.

The Senate returns to Washington with a ticking deadline clock to turn the House's One Big Beautiful Bill Act into law with questions remaining about the future of the SALT cap deduction and green energy tax credits.