Tax reform

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.

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.

Incoming NABL president Dee Wisor wants the group to be more active in Washington.

House Republicans will vote Thursday or Friday on tax reform legislation that would make permanent the $10,000 federal cap on the deduction for state and local taxes and individual income tax rate reductions.

The coalition is sponsoring a campaign fundraiser for Rep. Richard Neal of Massachusetts, the ranking Democrat on the House Ways and Means Committee.

Thirty states told the Council of Development Finance Agencies they issued mortgage revenue bonds in 2017 compared to only 18 that issued mortgage credit certificates.

States reported a 20.2% jump in the issuance of private activity bonds from the $20.4 billion issued in 2016.

Bitvore, a provider of market intelligence geared to public sector debt and commercial lending professionals, added to its Daily Brief reports to meet demand for information on changes to tax laws and regulations.

Companies repatriated $169.5 billion in the second quarter, according to data released Wednesday by the Commerce Department

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.

Passage of tax legislation in the Senate would require a 60-vote supermajority because the legislation would add to the already burgeoning federal deficit.

The Tax Reform 2.0 legislation includes a permanent cap on the deduction for state and local taxes as well as a higher threshold for the alternative minimum tax.

In a post-tax reform world, the PFM Group created a new title, promoting Daniel Hartman to head of the financial advisory business.

Congress could pass legislation authorizing advance refundings and liberalizing private activity bond restrictions to aid in disaster recovery, NABL said.

The bill would make permanent the lower tax rates for individuals and small businesses and the $10,000 federal cap on state and local tax deductions.

Monthly new-issue volume surpassed the $30 billion mark for the fourth time this year in August, helping keep third-quarter issuance close to last year's pace and potentially setting the stage for a more robust season of issuance in the Fall.

The proposed Treasury rules would limit states' use of charitable deductions as workarounds for the $10,000 cap on the federal deduction for state and local taxes.

Municipal bond volume is running 18.1% lower than last year’s historic level, in line with analyst expectations given the enormous impact the new tax legislation has had on the market.