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Economic and Community Development

Economic and Community Development
The IRS ruled that taxpayers who prepaid their 2018 property taxes may still be able to deduct the entire amount from their 2017 federal taxes without regard to the $10,000 limit imposed by the Tax Cut and Jobs Act.
As you know, both corporate and individual tax rates were reduced in last year’s Tax Cuts and Jobs Act. Lower tax rates make tax-exempt vehicles like municipal bonds less attractive to both corporate and individual investors; with lower tax rates, they have less incentive to look for tax-exempt investments. Reduced demand for municipal bonds and other tax-exempt investment vehicles like private activity bonds (PABs) means that cities will have to increase the interest rates on new bond issues in order to attract investors.
With the omnibus having been passed by Congress, substantive legislative work will wind down until after the elections in November. There are, however, a few outstanding tax/financial issues to note.
Despite a strong last minute effort, Rep. Kristi Noem (R-SD) did not succeed in getting her Remote Transactions Parity Act (RTP) into the omnibus package passed today by the House and expected to be passed by the Senate by Friday.
Congress has officially passed H.R. 1, the Tax Cut and Jobs Act. After making a few last minute changes to accommodate Senate rules and procedures, Senate Republicans passed the bill Tuesday night along party lines, 51-48. Today, the House passed the bill with those changes by a vote of 224-201.
TFG to Host Webinar on FY 2017 Brownfields Grant Program
Join us for an informative webinar on the Environmental Protection Agency's FY 2017 Brownfields Grant Program. The EPA recently announced the FY 2017 Brownfields Area-Wide Planning Grant with proposals due on August 10, 2016. The agency is expected to release solicitations for the Brownfields Assessment, Revolving Loan Fund, and Cleanup Grants this fall. The webinar will be held on Thursday, June 30 from 2:00 - 3:00pm EST.

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