Following the announcement of the Biden infrastructure plan, House Ways and Means Chairman Richard Neal (D-MA) signaled that he plans legislative changes to the original draft, including ensuring that bond financing plays a role in the final package. His statements this week reiterate what the Chairman discussed during the BDA’sEngage Capitol Hill 2021 event last week.
The Chair stated,
“The Congress will offer some suggestions — we will accept some of what he is proposing. If we can improve upon the president’s proposal, we want to do that. I intend to guard them in the committee.”
These comments were in reference to:
- Creation of a new direct-pay bond program similar to the Build America Bonds program;
- Expanding the New Markets Tax Credit, low-income housing tax breaks; and
- Expanding the credit for rehabilitating historic buildings.
The BDA and MBFA continue to work with our partners on Capitol Hill and the Administration to ensure all muni priorities are addressed and included in the Committee’s first draft.
The Chairman has placed a July 4th timeline on the release of the draft.