Tax

The Senate’s vote to approve its tax bill means advance refundings are all but dead. The future of private-activity bonds hangs in the balance as the differences with the House’s version are resolved.

Senate Republicans narrowly approved the most sweeping rewrite of the U.S. tax code in three decades, slashing the corporate tax rate and providing temporary tax-rate cuts for most Americans.

As lawmakers worked over the details of tax tax legislation, municipal market participants prepared to embark on what may be a record-setting week for issuance.

Both the House and Senate bills would end Puerto Rico’s status as an offshore tax haven.

The state increased the size of the deals by 70%, with its bond finance director citing plans by "the clowns in D.C." to outlaw advance refundings.

The California Infrastructure and Economic Development Bank approved $321 million in nonprofit conduit sales this week.

After a busy week, the muni market is preparing for one of the biggest weeks in history, with an estimated $17.4 billion deals.

The author is deeply concerned the House bill would eliminate the tax exemption for private activity bonds and that both bills would eliminate the advance refunding of municipal bonds.

After a busy week, and some clarity on tax reform, market participants are gearing up for the biggest volume week in some time, as issuers are getting advance refundings in while they still can.

Muni issuers rushing to get advance refundings done in December before Congress passes a tax bill that terminates them may face a halt in sales of state and local government securities because of the debt limit.