House Tax Bill May Eliminate State & Local Finance Options

On November 6, the House Ways and Means Committee marks-up H.R. 1, the Tax Cuts and Jobs Act. Included in the legislation are provisions that, if enacted, would affect municipal bonds by repealing the ability to advance refund municipal bonds, and terminate the ability to use private activity bonds. APWA, along with 26 other state and local organizations, has signed a letter in opposition to these specific provisions. The letter was sent this morning to the Chairman of the House Ways and Means Committee Kevin Brady (R-TX). The Senate has not yet introduced its tax reform legislation. APWA will continue to push for support of municipal bonds and other state and local finance options.