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Event Details
W&M Reports Suite of IRS Reform Bills
13 April 2018
Author:
Aindriu Colgan
Number of views: 823
0 Comments
On Wednesday, the House Ways and Means Committee marked up and unanimously reported 12 bills to reform the IRS. The bipartisan packaged was sponsored by Oversight Subcommittee Chairman Lynn Jenkins (R-KS) and Ranking Member John Lewis (D-GA) and is designed to modernize the IRS and improve customer service. The package requires the IRS to send Congress by September 30, 2020 a comprehensive written plan for reorganizing the agency, including priorities laid out by lawmakers.
Read more
IRS Rules Prepaid Property Taxes May Still Be Deductible on 2017 Returns
11 April 2018
Author:
Aindriu Colgan
Number of views: 639
0 Comments
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
.
Read more
Increased Costs of Municipal Financing
Unintended Consequences of the Tax Cuts and Jobs Act
4 April 2018
Author:
Aindriu Colgan
Number of views: 681
0 Comments
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.
Read more
Update on Municipal Bonds
HQLA; Tax Exempt Munis May Still Be At Risk
23 March 2018
Author:
Aindriu Colgan
Number of views: 775
0 Comments
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.
Read more
Online Sales Tax Update
Congress Remains Stalled
22 March 2018
Author:
Aindriu Colgan
Number of views: 638
0 Comments
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.
Read more
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Overview
Water Resources Development Act (WRDA)
The Water Resources Development Act (WRDA) serves as the primary vehicle through which Congress authorizes U.S. Army Corps of Engineers civil works projects and establishes policy frameworks for water resource development nationwide. Enacted on a biennial schedule, WRDAs provide congressional authorization for USACE to conduct feasibility studies, construct flood risk reduction projects, improve navigation infrastructure, restore aquatic ecosystems, and assist with environmental infrastructure development
.
Since the enactment of
WRDA 1986
, Congress has used these omnibus authorization bills to both create new USACE authorities and refine existing programs based on evolving national priorities and lessons learned from program implementation. Recent WRDAs have addressed critical issues including drought resilience, water supply development, infrastructure modernization, and support for economically disadvantaged communities.
The most recent legislation, the
Water Resources Development Act of 2024
(WRDA 2024, P.L. 118-272), continued Congress's bipartisan commitment to strengthening America's water infrastructure by authorizing new construction projects, modifying existing authorities, and establishing updated policy guidance for USACE operations. WRDA 2024 also authorized five new regional environmental infrastructure programs, each incorporating flexible delivery mechanisms that allow federal assistance to be provided through grants or reimbursements to nonfederal sponsors.
Authorization through WRDA is typically a prerequisite for USACE activities to receive federal appropriations through the annual Energy and Water Development appropriations process. This two-step framework—authorization followed by appropriation—ensures congressional oversight of both program scope and funding levels.
Section 219 Environmental Infrastructure
Section 219 of WRDA 1992, as amended, represents one of USACE's most geographically expansive environmental infrastructure assistance authorities. Originally enacted to authorize design assistance for 18 specific projects, Section 219 has been amended by subsequent Congresses to authorize both design and construction assistance for water-related environmental infrastructure in hundreds of municipalities, counties, and states across the nation
.
The Congressional Research Service has
identified over 600 environmental infrastructure assistance authorities
with cumulative authorizations of appropriations totaling approximately $18.1 billion. Section 219 authorities constitute the majority of these geographically specific project authorizations, covering at least 46 states, the District of Columbia, and four U.S. territories.
Section 219 projects address critical community needs including wastewater treatment facilities, water supply and distribution systems, stormwater management infrastructure, surface water protection, and environmental restoration. These projects support public health, environmental quality, and economic development in communities that have secured congressional authorization for USACE assistance.
Congress has continued to expand Section 219 in recent legislation. WRDA 2022 added 132 new Section 219 authorities and amended 24 existing authorities. WRDA 2024 authorized an additional 193 new Section 219 authorities and amended 53 existing authorities, providing a combined $5.4 billion increase in authorization of appropriations. WRDA 2024 also established a seven-year pilot program to increase the federal cost share from 75 percent to 90 percent for Section 219 projects benefiting economically disadvantaged communities.
Unlike traditional USACE water resource projects, Section 219 assistance does not require completion of the agency's standard feasibility study process. However, projects receiving Section 219 assistance must comply with applicable federal environmental laws, including the National Environmental Policy Act.
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