On March 28, 2018, the BDA submitted written comments to the House Ways and Means Committee in support of H.R. 5003, that would fully reinstate tax-exempt advance refundings, including qualified 501c (3) bonds. A copy of the comments can be viewed here.
The comments were submitted in response to a hearing titled,“Post Tax Reform Evaluation of Recently Expired Tax Provisions.” The hearing focused mostly on the energy and transportation sector, both of which lost long-standing tax credits in the Tax Cuts and Jobs Act last year. While municipal advance refundings were not discussed, project data shared by BDA member firms provides the Committee with an opportunity to see the importance of this cost saving tool.
The BDA plans to continue lobbying on Capitol Hill in support of H.R.5003 and further this effort during “Infrastructure Week 2018” this May. More information on Infrastructure Week and opportunities to participate will follow in the coming weeks.