Weekly Quick Hits: FY 2013 Budget Edition
Fiscal Year 2013 Budget – This week, President Obama released his Budget for Fiscal Year 2013. (Whitehouse.gov)
Budget Alarms Market – President Obama’s $3.8 trillion fiscal 2013 budget alarmed the muni market by proposing to reduce the value of tax-exempt interest and other tax preferences to 28%. But the budget does include a proposal to resurrect and expand the popular Build America Bond program. (The Bond Buyer)
Obama’s Budget: Govt Still Growing Despite Cuts – The $3.8 trillion election-year budget plan calls for stimulus-style spending on roads and schools and tax hikes on the wealthy to help pay the costs, but does little to reduce government or rein in Medicare and Medicaid. (Boston Globe)
Tax Credit Revived in Budget Proposal – An important note for the public finance community is that the budget extends and modifies the new markets tax credit (NMTC) program. Specifically, the proposal would extend the NMTC through 2013, with an allocation amount of $5 billion. It also revives the Section 1603 Tax Credit for solar projects. (Greentechmedia.com)
