SALT deduction

Two major pieces of President Joe Biden's domestic agenda, which carry implications for the municipal bond market, advanced in the House Friday.

The SALT deduction cap could be increased, suspended or repealed.

SALT relief was not part of the initial language in the reconciliation bill, but several moderate Democrats say they won't support the legislation without it.

The Biden administration wants to increase IRS funding for enforcement to close the gap between taxes owed and taxes that are paid.

Three House Democrats say they won’t support tax hikes unless the Biden tax plan includes a repeal of the $10,000 cap on state and local tax deductions.

The incoming Biden administration last week proposed direct federal aid of $350 billion to state and local governments as part of a proposed $1.9 trillion coronavirus relief bill.

Municipals stronger ahead of this week's summer supply slate as Congress debates a potential fiscal stimulus package.

GFOA will be launching a new online learning-management system by the end of the year to connect its members.

The Institute on Taxation and Economic Policy in Washington as well as Americans United for Separation of Church and State are objecting to that aspect of the proposed IRS regulation.

Another round of tax legislation is not expected to emerge until the very end of the year after the presidential election or in 2021 after a new Congress is sworn in.