NEW YORK (Reuters) – The plunge in oil prices is starting to hurt Oklahoma’s energy-related revenues and if the price remains low, could hit income and sales tax revenues if energy workers have less money to spend, the state’s treasurer said on Friday.
The monthly numbers for November show the first year-on-year decline in energy tax revenues for the state in 19 months. Overall state revenues remained healthy, but the state treasurer expressed caution.
NEW YORK, Dec 4 (Reuters) – U.S. state treasurers are
anticipating a boost in sales revenues from plunging oil prices,
which give people more discretionary spending power, but that is
tempered by fears of the harm it could to do energy-focused
Oil prices have fallen by more than a third since June and
price forecasts have collapsed in the wake of the Organization
of the Petroleum Exporting Countries’ decision not to cut output
despite a global glut.
NEW YORK (Reuters) – Toll roads are becoming a more attractive investment as lower energy prices provide a greater incentive for drivers to use their cars and boost the use of toll roads, Gregory Serbe, portfolio manager at municipal bond specialist firm Lebenthal Asset Management, said on Thursday.
The average price of gasoline has fallen to its lowest level since December 2010, to $2.94 per gallon, driven by the slide in crude oil prices.
NEW YORK (Reuters) – Sweeping changes in the Senate have rekindled old worries for U.S. municipal bond investors about a clean-up of the tax code that could impact bonds, however, fundamental changes to the tax treatment of munis is seen unlikely.
Both Democrats and Republicans have talked about tax reform in the past, but having one party in control of Congress may increase the chance that something gets done, analysts say.
NEW YORK (Reuters) – Tax-cutting measures in a handful of states looked to gain traction following Tuesday’s elections, potentially weakening fiscal positions if revenues fail to keep pace with spending.
Republican governors triumphed in key races, riding a partisan tide that will give them control of the Senate. Policies proposed by some of those governors were aggressive about cutting taxes.
NEW YORK, Oct 30 (Reuters) – U.S. voters’ readiness to face
tough issues such as pension reform rather than simply kick the
can further down the road will be put to the test next week as
two-thirds of state governor posts go up for election.
A handful of the Nov. 4 races such as the dead heat in
Illinois, possibly the most fiscally dysfunctional state, shape
up as de facto referendums on reform and their results could
make municipal bond investors alter their bets.
NEW YORK (Reuters) – New Jersey Governor Chris Christie, a possible Republican presidential contender for 2016, has seen his favorability drop to its lowest level recorded as voters worry about taxes, the economy, jobs and corruption, according to a poll released on Tuesday.
Top aides of Christie were tarnished by the “Bridgegate” scandal in 2013, which saw lane closures to the George Washington Bridge. Critics said the closures were orchestrated for political retribution.
NEW YORK (Reuters) – Puerto Rico has selected AlixPartners’ Lisa Donahue to lead a restructuring of the U.S. territory’s troubled power authority PREPA, two sources briefed on the matter said on Thursday.
PREPA, whose debt troubles are a symbol of the wider stress threatening the U.S. territory, must select a restructuring chief by Monday under a forbearance agreement with lenders and other creditors as it undertakes to restructure more than $9 billion in debt.
NEW YORK (Reuters) – Turnaround experts from AlixPartners and FTI Consulting are among those being considered to lead the restructuring of Puerto Rico’s troubled power authority PREPA, according to four people close to the matter, and an announcement could come this week.
PREPA, whose debt troubles are a symbol of the wider troubles threatening the U.S. territory, must select a restructuring chief by Monday under a forbearance agreement with lenders and other creditors as it undertakes to restructure more than $9 billion in debt.
NEW YORK/LOS ANGELES, Aug 21 (Reuters) – A clutch of states
including California, New York and Illinois will share in a
mini-bonanza from the $16.65 billion settlement agreed by Bank
of America Corp on Thursday.
The settlement announced by the U.S. Department of Justice
calls for the second-largest U.S. bank to pay a $9.65 billion
cash penalty on charges that it misled investors into buying
troubled mortgage-backed securities, and provide $7 billion of
relief to struggling homeowners and communities.