Tax

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.

States would be barred from starting to require the collection and remittance sales taxes from online vendors located out of state until next year under a bill introduced by two Republicans in the Senate.

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.

The document details a $1.2 billion structural imbalance in the state budget labeled as “balanced” by Democrats and Republicans alike,

Gregory Gizzi, senior vice president and portfolio manager at Macquarie Investment Management, looks at the effects of tax reform on municipal bond market this year. He also discusses what investors should look for in the second half of the year. Chip Barnett hosts.

As the nation’s most populous state with the largest economy, California could set the upper level benchmark for other large states such as Florida and New York that have not yet announced a sales tax remittance threshold.