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Throughout 2006 the focus on the November elections affected the congressional agenda, leaving many issues on the table for the new 110th Congress to address. Congress did however approve significant pension reform legislation and two tax bills that impact state and local governments. This article reviews the 2006 federal legislative and regulatory activities, and provides an outlook for 2007 on issues that are of interest to GFOA members and that are part of the GFONs legislative agenda.
TAX ISSUES
Congress passed two significant tax bills in 2006. First, the Tax Increase and Prevention Act (TIPRA) passed in May included provisions that impose new ...