Today, the BDA submitted a letter to President-Elect Joe Biden outlining the importance of the tax-exemption and discussed municipal market priorities that his administration should consider as they begin work on an infrastructure and public works plan.
The letter can be viewed here.
Beyond calling on the administration to embrace and embolden tax-exempt municipal financing, the BDA reiterated the need for the administration to support common-sense legislation that will:
- Restore 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);
- Expand the use of tax-exempt Private Activity Bonds (PABs);
- Raise the Bank Qualified Debt limit from $10 million to $30 million and tie to inflation;
- Create a direct pay bond similar to the former Build America Bond (BAB) program exempt from sequestration;
- Expand the utilization of green bonds for state and local governments to invest in resilient infrastructure.
The BDA continues to advocate for these municipal market priorities on the Hill and will provide updates as they come available.