SALT cap remains under attack; options for replacing the fuel tax
The Bond Buyer
The only independent resource serving the complete municipal finance community.
House Democrats have a new tack in their attempt to eliminate the SALT deduction cap; with fuel tax revenues coming up short, National Federation of Municipal Analysts panelists explore options to replace it; Republican state officials are seeing red over S&P Global Ratings’ introduction of ESG analysis; and what else we're covering in the municipal bond and public finance sectors.
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The latest Congressional effort challenging the state and local tax deduction cap would stop the IRS from restricting state legislation that offsets the policy. Rep. Mikie Sherrill wrote the letter.
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Toll roads, registration fees and mileage-based fees are seen as the most sustainable options for replacing declining fuel tax revenue, but feasibility issues and political pressures complicate the way forward.
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Elected officials in Republican-dominated states say S&P Global Ratings, by introducing ESG analysis, is politicizing the ratings process or even possibly acting illegally.
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Michigan's new revenue and economic forecast add billions onto existing surplus projections but officials also warn of looming economic headwinds.
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Fixed-income markets have had a tough 2022 but municipal bonds have been among the ones that have struggled the most.
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