By James Klotz, includes “… Under a bipartisan Senate bill introduced earlier this year, the federal government would pay 28% of the bonds’ interest to state or local issuers. Alas, the program was left out of the final bill. … Overall, we applaud the new law, the most substantial infrastructure initiative in more than a generation. We expect an uptick, if not a flurry, of new issuances, and federal support will bolster the market. The law is also a reminder why tax-free municipal bonds are an important component in financing public initiatives and are prized by issuers and investors alike.”