Bloomberg news this week quoted the BDA following introduction of the Investing in our Communities Act by Congressman David Kustoff (R-TN) and 3 of his Ways and Means colleagues: House Municipal Finance Caucus Co-Chair Rep. Rudy Yakym (R-IN), Rep. Gwen Moore (D-WI), and Rep. Jimmy Panetta (D-CA).
The legislation has the full support of the BDA, and its introduction comes at a key time in the ongoing tax debates on Capitol Hill.
An excerpt of the story can be found below:
The introduction comes as the public finance market braces for potential further changes to the tax-exempt status on municipal bonds as part of Republicans’ effort to extend tax cuts when they expire this year. Past efforts to bring back the federal subsidy for advance-refunding bonds haven’t gone very far.
“We are viewing introduction of this legislation at such a critical time as a big win for protection of the tax-exemption as it highlights the importance to committee leadership and will show the depth of support for munis on the Republican side of the aisle in Ways and Means,” said Brett Bolton, vice president of federal legislative and regulatory policy for the Bond Dealers of America, a Washington-based lobbying group representing securities dealers and banks.
