This week, the MBFA coalition submitted comments promoting and advancing municipal bonds to the House Ways and Means Community Development Tax Working Group Chaired by Rep. Mike Kelly (R-PA). The Tax Working Groups were created by Committee Chair Jason Smith (R-MO) to study key provisions from the 2017 Tax Cuts and Jobs Act in preparation for broad expiration of the bill in December of 2025.
The MBFA continues to work with our friends in the Public Finance Network leading industry efforts on the Hill, growing bipartisan relations in both Chambers of Congress, working to ensure staff and Legislators continue to understand the positive impact that these tools have in their local communities and nationwide.
The MBFA comments can be viewed here.
The Committee press release can be viewed here.
MBFA Promotes the Tax Exemption
Following a summer fly-in, the MBFA focused its comments on protecting and advancing the tax exemption, as well providing the Committee with further detail making the case for expansion and restoration of key municipal bond priorities during next years tax debates.
The comments focus on:
- Prioritizing and expanding the tax-exemption for municipal bonds;
- Restoring the ability of state and local governments to save taxpayer dollars and generate additional funds for infrastructure and other key initiatives by restoring tax- exempt advanced refundings (ARs);
- Expanding the use of tax-exempt private-activity bonds (PABs);
- Raising the Bank Qualified Debt limit from $10 million to $30 million and tie to inflation; and
- Creating of a direct pay bond similar to the former Build America Bond (BAB) program exempt from sequestration.
If you are interested in participating in future fly-in’s or advocacy efforts, please contact Brett Bolton at bbolton@bdamerica.org.
