The National Association of Counties (NACo) has weighed in on the Joint Statement on Tax Reform issued by the Administration and congressional leadership. While calling the “much-anticipated statement … light on details,” NACo emphasizes that it will continue to advocate on behalf of all counties to retain the tax-exempt status of municipal bonds and the deductibility of state and local taxes.
From the NACo blog post:
Counties have a significant stake in tax reform discussions, as simplification and lowering of rates could significantly boost economic development and help constituents around the country. However, key county priorities remain in the crosshairs of tax reform discussions: the tax-exempt status of municipal bonds and the deductibility of state and local taxes.
Tax-exempt municipal bonds are a critical county financing tool for major infrastructure purposes, including roads, bridges, hospitals and schools. Additionally, eliminating deductibility of state and local taxes would be a double tax on constituents, significantly impacting local middle class tax payers and asking them to shoulder an increased burden for key local priorities. …
NACo will continue monitor tax reform efforts and advocate for key county priorities as the process moves forward.
- NACo’s State and Local Tax Deduction one-pager: click here
- Government Finance Officers Association report on State and Local Tax Deduction: click here
- NACo’s Municipal Bonds Toolkit: click here
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