On February 17, 2009, President Obama signed into law the American Recovery and Reinvestment Act of 2009. The Act will provide much needed relief to the municipal bond community. As anticipated, the Act provides significant assistance to state and local governments for initiatives relating to economic development, education, infrastructure, transportation, and renewable energy. Provisions also have been included to incentivize banks to acquire tax-exempt municipal bonds. The pertinent provisions of the Act related to municipal bonds are summarized below. [Read more →]

The American Recovery and Reinvestment Act of 2009 was signed into law by President Obama on February 17, 2009. The Act includes a temporary federal subsidy to cover 65% of the cost of COBRA coverage for eligible individuals. This subsidy also applies to health care continuation coverage required under state health continuation laws for small employers not subject to COBRA. The subsidy is scheduled to become effective for coverage beginning March 1, 2009. [Read more →]