Our Tax Policy team at Squire Patton Boggs is second-to-none. (They certainly wouldn’t have thrown the ball into the middle of the field with the game’s best short-yardage back on their team and the Super Bowl on the line.)

Fans of tax policy had their own Super Bowl a day after the football game – the release of President Obama’s budget. Our Tax Policy team has you covered like Malcolm Butler. It’s a long slog until football returns, but let this analysis be the first step in the healing process. Among the provisions contained in the Budget are several new, significant tax-related proposals. This analysis details these proposals, dealing first with “adjustments to the baseline,” followed by revenue raising proposals, and finally with new tax reductions. Importantly, this analysis also provides much needed context through a discussion of the current tax landscape.

In addition, the budget contains what looks like a new type of tax-exempt bond – Qualified Public Infrastructure Bonds. In truth, it’s just some of your old favorites, looking better than ever. More on these to come, but the short description is – take many of your favorite categories of exempt facility bonds, pair them with governmental ownership of the bond-financed project and general public use, throw in a qualifying lease or operation and maintenance agreement in a public private partnership arrangement, and you win an exemption from volume cap, and no more AMT.