The United States government recently averted a shutdown through a bipartisan effort by both the House of Representatives and the Senate. On Wednesday, lawmakers from both sides came together to pass a continuing resolution (CR) necessary to keep federal funds flowing to state and local governments. The agreement came just ahead of the critical budget
Politics
In recent years, the trend among U.S. states has been overwhelmingly in favor of tax cuts, reflecting a political landscape eager to reward taxpayers. According to data from the Urban-Brookings Tax Policy Center, an astonishing 48 out of 50 states implemented tax reductions between 2021 and 2023. However, the economic euphoria prompted by one-time federal
Moody’s Investors Service has made headlines recently by revising New Mexico’s credit outlook from stable to positive, raising discussions about the state’s financial health and future potential. This revision affects approximately $521 million of outstanding general obligation bonds, signaling a possible improvement in the state’s creditworthiness. The agency bases its optimism on New Mexico’s robust
In a landmark decision, the Securities and Exchange Commission (SEC) has sanctioned crucial amendments to the Municipal Securities Rulemaking Board (MSRB) Rule G-14, signaling a transformative shift in how customer transactions are reported in the municipal securities market. This decision decreases the reporting window from 15 minutes to a swift one minute for trade reporting.
The Gateway Development Commission (GDC) is poised to conclude its funding race for the Hudson Tunnel Project by the end of this month, marking a significant milestone in a critical infrastructure initiative. Pat McCoy, the commission’s Chief Financial Officer, has confirmed that the project is set to receive a substantial $3.8 billion grant from the
In an era where public financing oftentimes falls short, governments are increasingly exploring alternative avenues for funding infrastructure projects. A significant step in this direction is the Innovative Finance and Asset Concession Grant program, launched under the 2021 Infrastructure Investment and Jobs Act. Providing nearly $50 million to 45 local, regional, and state public entities,
The municipal bond market is experiencing an unprecedented surge, raising the anticipation that this upward trajectory will persist beyond the upcoming November elections. At a recent infrastructure conference hosted by The Bond Buyer in Philadelphia, industry experts reiterated the dynamic climate surrounding municipal bond issuance in 2023, highlighting an exceptional year characterized by a historical
The recent announcement by former President Donald Trump regarding his support for lifting the cap on the State and Local Tax (SALT) deduction has sparked a renewed debate on tax equity, economic policy, and the implications for homeowners in high-tax states. The cap was established as part of the Tax Cuts and Jobs Act (TCJA)
On November 5, Utah voters will face a pivotal decision: whether to amend the state constitution to alter the framework of educational funding. This proposed change, known as Amendment A, promises to reshape the current allocation of tax revenue, particularly personal income tax revenues that have traditionally been earmarked exclusively for K-12 public education. If
In an alarming turn of events, Fitch Ratings has downgraded the outlook for Houston’s AA credit rating from stable to negative. This decision follows a similar move by S&P Global Ratings just two months earlier. The crux of the issue lies in the city’s dwindling general fund reserves, which have fallen below 15% of its