Today (April 8, 2019), after consultation with Municipal Bond Committee leadership, the BDA submitted written testimony to the House Committee on Ways and Means in response to their recent hearing titled, “The 2017 Tax Law and Who it Left Behind.” The testimony focused on BDA priorities, including the reinstatement of advance refundings, expansion of PABs, BQ bonds, continued protection of the tax-exempt status of municipal bonds, and the inclusion of bond financing in any infrastructure package.
- The BDA testimony can be viewed here.
House Ways and Means Continues to Show Interest
Earlier this year, the House Committee on Ways and Means hosted the first hearing this Congress on infrastructure, titled “Our Nation’s Crumbling Infrastructure and the Need for Immediate Action.” While the hearing was not focused on municipal bonds, financing options such as tax-exempt advance refundings and PAB expansion were noted as needs for a comprehensive package.
The BDA continues to work with our partners on Capitol Hill and within the issuer community to increase awareness about upcoming legislation that would reinstate tax-exempt advance refundings. The draft bill, sponsored by House Municipal Finance Caucus co-chairs Rep. Steve Stivers (R-OH) and Dutch Ruppersberger (D-MD), continues to gain momentum in the House with near 100 co-signers on a Dear Colleague letter in support of the legislation.
As the legislation progresses, the BDA will continue to provide updates as necessary.