As reported by the National Association of Counties, while not all members of Congress have shown interested, those in favor of comprehensive tax reform continue to push the issue, with some indications that House Ways and Means Chairman Republican David Camp will circulate a draft bill.
As the issue continues to percolate, NACo urges that, “the battle to protect county interests within tax reform remains and a few things are certain:”
- many key lawmakers are convinced at least tax reform is necessary
- the actions of the two tax-writing committees have clearly demonstrated that the federal tax code is too complex and filled with provisions that could be eliminated
- until the economy fully recovers and a clear path to address the federal deficit is agreed upon, hot topics like reforming the tax code which could include the exemption for municipal bond interest will remain front and center into the near future, and
- counties must remain engaged, in particular, by helping to protect the tax-exempt status of municipal bonds.
NACo is interested in knowing about specific projects your county financed using tax-free municipal bonds such as schools, hospitals, roads, bridges, park facilities, and water and sewer systems. You may send details to research@naco.org.
For more information, see the full story from NACo, and our previous posts on Conduit Street:
Will Municipal Bonds Survive Tax Reform?
NACo Report Provides Estimated Impact of Capping or Repealing Tax-Exempt Status of Municipal Bonds
Ruppersberger Takes Lead on Municipal Bonds Issue
Ruppersberger: Protect Municipal Bonds