Muni Provisions Unlikely to be Included
Congress returns to DC today with only two legislative weeks remaining prior to the annual August Recess to take bold action in response to the ongoing COVID-19 pandemic. With some emergency provisions, such as unemployment insurance extensions from the CARES ACT slated to expire at the end of this week, time is of the essence.
Senate Majority Leader Mitch McConnell (R-KY) seems poised to release a draft of the legislation early this week, but indications are that the draft will include no additional funding to state and local governments, and likely no municipal bond provisions.
Senate Muni Legislation
At the request of Senator Roger Wicker (R-MS), the BDA continues to press for inclusion of bond provisions such as recently released legislation to restore advance refundings and to create a new BABs program exempt from sequestration.
- Details of the LOCAL Infrastructure Act can be viewed here
- Details of American Infrastructure Bonds Act can be viewed here
*BDA continues to press hard for inclusion of muni bond provisions in the next stimulus package. While we believe it is unlikely the muni provisions will be included, we are laying the groundwork for inclusion in future legislation, potentially the pending surface transportation reauthorization – or infrastructure in early 2021.
