The municipal bond market stands on the precipice of significant change as the House Ways and Means Committee engages in discussions that could lead to the elimination of tax-exempt bonds. This potential shift comes in response to a broader examination of policies aimed at financing an expansive tax extension plan, prompting concern among stakeholders in
Politics
New York City Mayor Eric Adams recently announced a proposed budget of $114.5 billion for the upcoming fiscal year, commencing on July 1. This budget is notable not only for its size—surpassing the previous year’s budget by more than $2.5 billion—but also for the allocation of substantial funds towards enhancing social services. This marks a
The 119th Congress has ignited a pivotal conversation centered around the future of the Tax Cuts and Jobs Act (TCJA). This debate encapsulates a dichotomy: on one side lies the pressing issue of national debt, while on the other, the promising potential for economic growth. This conversation carries significant weight for stakeholders in municipal finance,
In a significant development for the residents of Gilbert, Arizona, a lawsuit has surfaced, questioning the legality of recent tax increases by the town council aimed at funding essential infrastructure. Filed by the Goldwater Institute, the case has brought to light the complexities surrounding municipal taxing powers and the implications for taxpayers in a growing
The ongoing debate over the state and local tax (SALT) deductions in the United States has ignited significant political discussions, particularly following the introduction of new legislation by New York Republican Rep. Mike Lawler. This bill proposes to dramatically increase the current SALT deduction cap, raising it from $10,000 to as much as $100,000 for
The landscape of American transportation is undergoing significant transformation, spurred by multifaceted federal initiatives aimed at modernizing infrastructure, enhancing safety, and promoting sustainability. As the Biden-Harris Administration draws to a close, the U.S. Department of Transportation (DOT) is championing a substantial allocation of nearly $5 billion in federal grants. This financial push comes at a
In a landmark initiative, the U.S. Department of Transportation (DOT) is allocating upwards of $332 million in federal grants to modernize airports across 32 states, primarily through funding from the Bipartisan Infrastructure Law (BIL). This financial injection is pivotal for revamping the nation’s airports, addressing extensive backlogs and the increasing demand for air travel. As
California is no stranger to the devastating impact of wildfires, and this year has been particularly harsh, with Los Angeles at the epicenter of destruction. As the state grapples with the immediate aftermath of these catastrophes, the focus turns toward the fiscal health of California and the impending budget deliberations led by Governor Gavin Newsom.
The state of Maryland, renowned for its AAA credit rating, finds itself grappling with a significant budget deficit amounting to approximately $3 billion. This fiscal predicament has arisen from a confluence of factors, including sluggish economic growth, surging Medicaid expenses, and the withdrawal of emergency pandemic funding. Governor Wes Moore, a Democrat, has voiced his
In a notable shift in the dealings between Texas governmental authorities and financial institutions, Texas Attorney General Ken Paxton recently commended significant actions taken by major banks such as Bank of America, Morgan Stanley, and JP Morgan. These banks have hastily opted out of the Net-Zero Banking Alliance (NZBA), an initiative aiming to transition toward