Yesterday, Congressman David Kustoff (R-TN) introduced legislation that would reinstate tax-exempt advance refundings. The Investing in our Communities Act was co-sponsored by 3 of his Ways and Means colleagues including House Municipal Finance Caucus Co-Chair Rep. Rudy Yakym (R-IN), Rep. Gwen Moore (D-WI), and Rep. Jimmy Panetta (D-CA).
Text of the bill can be viewed here
The legislation was introduced with the BDAs full support, and is being introduced at a critical time, as it shows the depth of Republican support to Committee Leadership as the House debates the budget reconciliation outline.
It also cannot be understated that this legislation shines a light on a policy mistake from 2017, where tax writers eliminated this vital tool, in turn inhibiting economic development and capital improvement projects nationwide just to make the numbers work on paper. A mistake that Congress cannot afford to remake this year.
