We have already blogged about many of the direct impacts that the Tax Cuts & Jobs Act has had on the municipal bond market, such as the elimination of advance refundings for governmental bonds and the elimination of qualified...more
One of the key components of the recently passed Tax Cuts and Jobs Act is the reduction in the corporate tax rate from 35 percent to 21 percent for tax years beginning after December 31, 2017. Banks, financial institutions,...more
Many states, local governments and conduit borrowers (e.g., 501(c)(3) not-for-profit corporations) have directly placed tax-exempt loans (secured by the issuance of notes or bonds) with lenders, such as banks and their...more
The new tax reform law – the Tax Cuts and Jobs Act – has been extensively reported in a variety of media outlets. Most discussions focus on the reduction in individual and corporate tax rates, the availability of deductions...more
On December 22, 2017, the President signed the Tax Cuts and Jobs Act (the “Final Bill”) into law, bringing an end to the nearly two-month rollercoaster ride that had the public finance industry white-knuckled and a little...more
H.R. 1, signed into law on December 22, 2017, reduces the maximum federal corporate income tax rate from 35% to 21% for tax years beginning after December 31, 2017. This change in the corporate income tax rate may result in a...more
On December 22, 2017, President Donald Trump signed into law the most far-reaching tax reform legislation in a generation after Congress approved a short-term spending bill on Thursday, which will keep the government funded...more
On December 20, 2017, Congress passed the “Tax Cuts and Jobs Act” (the “Tax Act”) under its power to reconcile the 2018 federal budget. The President signed the Tax Act into law on December 22, 2017....more
The Tax Cuts and Jobs Act, which has been renamed the Amendment of 1986 Code, was signed into law by President Trump on December 22, 2017. Many are calling it the most sweeping overhaul to the United States tax system in...more
President Trump signed the tax reform bill into law today....more
The U.S. House and Senate have now each passed the Tax Cuts and Jobs Act (H.R.1) and have sent the bill to President Trump’s desk for final passage. The final bill is expected to cost nearly $1.5 trillion over the next ten...more
The “Tax Cuts and Jobs Act” (the Act) has passed both chambers of Congress and is expected to be signed by President Trump on or before January 3, 2018. The final agreement among House and Senate Republicans includes rate...more
Earlier yesterday, both the House and the Senate passed the Tax Cuts and Jobs Act of 2017 (the final bill). With the signature of President Donald J. Trump, it will become law. The tax legislation represents the biggest...more
Participants in the municipal bond market are breathing easier after Congress passed sweeping changes to the American tax code without provisions under an earlier House bill that would have eliminated approximately 25% of the...more
Congress has passed the Tax Cuts and Jobs Act, and President Trump is expected to sign it almost immediately. ...more
On Friday, December 15, the U.S. House of Representative and Senate conferees reached agreement on the Tax Cuts and Jobs Act (H.R. 1) (the “Final Bill”), and released legislative text, an explanation, and the Joint Committee...more
The Tax Cuts and Jobs Act (TCJA) was released on December 15, 2017. The Committee of Conference chose not to follow the House’s repeal of authorization for private activity bonds — a financing vehicle used to finance...more
On December 15th, the congressional conference committee charged with reaching a consensus on the competing versions of the Senate and House tax reform bills released its conference report containing the language of the final...more
In the early hours of Saturday morning, the U.S. Senate passed the Tax Cuts and Jobs Act (H.R. 1) (the “Senate bill”), just over two weeks after the U.S. House of Representatives passed its own version of the same legislation...more
The Senate voted yesterday to begin formal negotiations with the House of Representatives to reconcile their two versions of the Tax Cuts and Jobs Act, a bill that seeks to make sweeping changes to federal tax law....more
As we are sure you know, both the U.S. House of Representatives and Senate have passed their own versions of tax legislation, known as the Tax Cuts and Jobs Act. The two different bills will be reconciled in a conference...more
Last updated December 5 - The Senate Finance Committee released a detailed description of the Senate's tax reform bill, titled the Tax Cuts and Jobs Act, on November 9. The Committee has not released the text of the bill,...more
With the termination of tax-exempt advance refunding bonds squarely in the crosshairs of the tax reform measures making their way through both houses of Congress, the municipal market needs to consider the impact of the loss...more
As introduced, the House and Senate tax bills are projected to increase deficits and could trigger the Statutory Pay-As-You-Go Act of 2010 (the “PAYGO law”). Without any other legislation to offset the increase, required...more