Today, House and Senate conferees finalized the conference report of the Tax Cuts and Jobs Act, fully preserving the tax exemption for both governmental municipal bonds and private-activity bonds, while repealing municipal advance refundings.
The report is expected to be scored by the Joint Committee on Taxation over the weekend, setting up a vote of final passage of the tax reform package in both Chambers of Congress early next week.
The BDA “boots on the ground” lobbying and member grassroots effort along with coordination of the MBFA coalition proved to be vital in the protection of private-activity bonds.
Next Steps
The BDA expects a vote on final passage in the House as early as Tuesday followed by a Wednesday vote in the Senate. All indications are that President Trump will sign the legislation by the end of next week.
The BDA and MBFA will continue to work with our partners on Capitol Hill and the Administration towards an extended effective date, adequate transition rules and fiscally responsible policies that allow issuers to prudently manage their outstanding debt to save taxpayer dollars without affecting federal tax revenues.
