MuniLand Snaps: April 12

April 12, 2012

Reuters’ David Cay Johnston has a stunning story about the 16 states that allow 2,700 companies to withhold state income taxes from their employees and pocket the money instead of turning it over to the state treasuries. His story helps explain the low level of corporate tax collections by states. A must-read for muniland.

Good Links

Pension Corporation: The real value of a defined-benefit pension

FT: Many states face legal challenges over pension plans

Pittsburgh Tribune: Monroeville, PA is rushing to create a finance authority Boston mayor’s budget would add a small number of employees

WSJ: Big banks would be bypassed with BlackRock bond platform

Bond Buyer: Ebb and flow of muni mutual funds has an outsize impact on the market

Learn Bonds: Useful list of retail offering periods

Bloomberg: Jefferson County, creditors open fight on size of bond payments

@Twitter Talk

CA State ControllerCA State Controller  @CAController April personal income tax receipts top $1 billion – Get the latest info from CA Controller‘s tax tracker
The Civic FederationThe Civic Federation @CivicFederation In the news at @CBSNews on “New Website Could Help Pressure Lawmakers, Employees To Fix Pensions”
PLANSPONSORPLANSPONSOR  @PLANSPONSOR Virginia Governor Signs Pension Reform Legislation:
MSRBMSRB  @MSRB_News MSRB Reminds Dealers of Limits on Redactions of Liquidity Facility Documents for Variable Rate Securities
Daniel BergerDaniel Berger  @munimarketmaven Detroit W&S downgraded by Moody’s (from the A2 range to Baa2) last night. Blocks of 5.25s of 41 traded 20bps cheaper today from last Wed.
Birmingham_NewsBirmingham News @Birmingham_News Former receiver John S. Young says sewer system can afford $110 million a year for debt repayment: Young says sy…
Barnett WrightBarnett Wright  @BarnettWright Jefferson County’s cash-strapped Cooper Green Mercy Hospital has placed 89 employees on administrative leave without pay to save $3M
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