Advance Refunding Bill Introduced for 118th Congress
On March 28, Representatives David Kustoff (TN-08) and Dutch Ruppersberger (MD-02) introduced the Investing in Our Communities Act. The bipartisan legislation seeks to restore tax-exempt advance refunding for municipal bonds, a provision that was eliminated as part of the 2017 tax reform law. The proposal mirrors similar bills that were introduced in previous years, and GFOA has long supported the ability to refinance existing debt through tax-exempt refunding as an important cost-saving tool for local communities. Cosponsors joining the bill at introduction include: Reps. Andy Barr (R-KY), Brian Fitzpatrick (R-PA), Andrew Garbarino (R-NY), Dan Kildee (D-MI), Derek Kilmer (D-WA), and Gwen Moore (D-WI).
To read the full text of the bill, click here. GFOA urges members to ask your Representatives to cosponsor this important piece of legislation. For GFOA advance refunding resources, click here.