Tax

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

The state recorded $31.94 billion of sales tax revenue, according to state Comptroller Glenn Hegar.

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.

NASBO Executive Director John Hicks said that deposits made to rainy days funds from budget surpluses will likely bring the total to more than $58 billion for fiscal 2018.

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.

Lawmakers will consider internet sales taxes, electric and hybrid vehicle user fees, a state lottery and bonds to fund transportation projects.

The measure, which may be on the ballot in 2020, would lift the Proposition 13 limit on commercial property tax assessments.

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.