By tomorrow, the Senate bipartisan infrastructure bill is expected to pass the Senate, setting up a September fight to get the package through the House prior to the Highway Trustfund running out of funding on September 30th. While the American Infrastructure Bond amendment did not receive a vote during the prolonged debate, the package includes…
Category: Protecting Tax Exempt Municipal Bonds
The BDA works with industry partners, including issuers and state and local groups, through the Municipal Bonds for America (MBFA) Coalition to preserve the tax exempt status of municipal bonds.
Learn more about the MBFA
Direct Pay Amendment Introduced in Senate
Today, Senator Roger Wicker (R-MS) introduced an amendment to the bipartisan infrastructure agreement that would create a new direct-pay bond, the American Infrastructure Bond. The AIB’s would have a flat 28% reimbursement rate. While not exempt from sequestration, the text provides the ability to increase reimbursement rates to offset any potential negative impacts in the…
No Muni Provisions in Latest Infrastructure Counter Offer – Bipartisan Infrastructure Talks Falter Searching for Offsets
This weekend, bipartisan infrastructure negotiations continued with Senate Democrats and the White House presenting their “global offer,” an extensive list of revenue compromises, which includes removing all bond provisions from the agreement outline amongst other changes to the spending plan. The original bipartisan agreement included provisions that would raise the PABs cap for transportation purposes and create…
Ways and Means Chair Neal Reiterates Support for Bond Financing in Infrastructure Package
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…
House Bill to Reinstate Tax-Exempt Advance Refundings Introduced
BDA and MBFA Continue to Advocate for Inclusion in Infrastructure Package Today, Municipal Finance Caucus Co-Chairs Reps. Dutch Ruppersberger (D-MA) and Steve Stivers (R-OH) reintroduced legislation that would reinstate tax-exempt advance refundings. This follows the recent introduction of a companion bill in the Senate by Roger Wicker (R-MS) and Debbie As a long-standing priority for…
Ways and Means Holds Hearing on State and Local Tax Tools
MBFA to Submit Comments in Support of Muni Priorities The House Committee on Ways and Means today hosted a hearing titled, “Tax Tools to Help State and Local Governments.” The hearing featured witnesses from all levels of state and local government, representing a swath of the Public Finance Network (PFN) in which the BDA…
Infrastructure Update: BDA Discusses Potential Legislation with Federal Agencies
The BDA hosted conversations with senior-level staff, both political and career, at the U.S. Department of Treasury and the Department of Transportation regarding potential infrastructure legislation this year, and the inclusion of municipal bond provisions. Key points include: DOT Secretary Pete Buttigieg recently promoted the reinstatement of tax-exempt advance refundings during his confirmation hearing in…
Buttigieg Touts Benefits of Advance Refundings in Confirmation Hearing
Yesterday, Transportation Secretary Nominee Pete Buttigieg touted the benefits of advance refundings Senate Committee on Commerce, Science, and Transportation confirmation hearing, a top priority for the BDA. Senator Roger Wicker (R-MS), lead sponsor of Senate legislation last year that would reinstate municipal advance refundings, asked the former Mayor of South Bend, Indiana if he would be in support…
BDA Calls on Biden Administration to Support and Embolden Municipal Bonds
Today, the BDA submitted a letter to President-Elect Joe Biden outlining the importance of the tax-exemption and discussed municipal market priorities that his administration should consider as they begin work on an infrastructure and public works plan. The letter can be viewed here. Beyond calling on the administration to embrace and embolden tax-exempt municipal financing,…
Congress Returns with Limited Time to Pass Additional Stimulus
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…