Tax reform

The cap, repeal of which is a priority for state and local groups, will affect nearly 11 million taxpayers, an audit found.

Note issuance declined in 2018 as a result of tax reform, rate fears, and ongoing fiscal austerity sparked by state and local revenue growth.

Gov. Phil Murphy’s administration says the revenue shortfall is driven largely by federal tax law changes the GOP passed in 2017.

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.

Municipal issuance fell by 24% to $338 billion for 2018 as changes in U.S. tax law crushed the market.

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

The tax fix is being lost in the rush by Congress to enact a temporary spending measure to keep the government operating through Feb. 8.

The survey of securities firms showed pressures caused by unfunded pension obligations is expected to be the biggest issue for the muni market next year.

Federal Reserve data show the effects of a new tax code that makes muni ownership less appealing for banks.

Municipal bond volume fell by almost half in November, underscoring the impact of the tax law.

The split in our government may enhance chances of infrastructure legislation, dash hopes for Tax Cut 2.0, and leave the muni tax exemption at risk.

California and New York City are showing us the path forward, as they often do, in the face of the new limits on the federal deduction for state and local taxes.

With Democratic majority, Rep. Richard Neal of Massachusetts, a supporter of tax-exempt bond financing, would chair the Ways and Means committee.

Recently announced streamlining and rumored budget cuts and layoffs at SIFMA are causing market participants to worry about its commitment to municipal securities.

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

Groups active in the muni market are spending millions of dollars to influence policy and elect candidates, records show.

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.

GFOA's Emily Brock discusses whether tax reform was a game changer for municipal bonds.

Changes in tax rates made mutual funds, not banks, the main driver of demand on the long end. The change has had the effect of pushing yields on long-term munis higher.