Rep. Sarbanes Echoes Locals on Protecting Muni Bonds

MACo recently joined with the Maryland Association of Boards of Education (MABE) Read letter here to advocate for a continued tax-exemption on municipal bonds, one of the main funding instrumentals for locals schools and other county infrastructure projects.

U.S. Representative John P. Sarbanes of Maryland’s 3rd District wrote a letter to MACo and MABE that echoes our interests in protecting these bonds.  Representative Sarbanes writes,

I firmly believe we should be putting Americans to work rebuilding our nation’s critical infrastructure — roads and bridges, public transportation, and public schools. By taking action now we could save or create jobs for millions of Americans, strengthen our nation’s economic backbone, and allow commerce to flow more freely to all parts of our country.  Infrastructure spending literally builds stronger communities and a more secure America and I understand the important role tax-exempt municipal bonds play in financing many local and state infrastructure projects.

MACo has been corresponding with Maryland’s Congressional Delegation on this issue for over six months now, and was pleased to have a positive response from our initial contact from Representative Dutch Ruppersberger, past MACo President, who now represents Maryland’s 2nd District.  Representative Ruppersberger then showed leadership on the topic, writing a dear colleague letter that was co-signed by over 130 signatures from both sides of the aisle. Representative Sarbanes, however, did not sign that letter.

This week’s communication from Representative Sarbanes to MACo and MABE may evidence the importance of MACo and MABE’s efforts to reach the Representative.  In his letter, the Representative writes, “I will keep your comments in mind and plan to study carefully any tax reform proposals that come before the full House of Representatives.”

MACo is proud to be working with MABE on this issue of importance to Maryland’s schools.

For more information, see our previous posts on Conduit Street:

Counties & Schools Urge Congress: Protect Municipal Bonds

NACo: Counties Can Prepare for Municipal Bond Debate

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

MACo Joins NACo: Defend Municipal Bonds