This week, the GFOA joined with the National League of Cities, U.S. Conference of Mayors, National Association of Counties, and International City/County Management Association in providing comments to the Senate Finance Committee. Priorities highlighted in the joint comment letter include preservation of the tax exemption on municipal bond interest and the federal tax deduction for state and local taxes, as well as recommendations to the committee to approve the Marketplace Fairness Act and oppose legislation that would preempt state and local government taxing authority, such as the Wireless Tax Fairness Act and the Digital Goods and Services Tax Fairness Act. The joint comments were submitted in response to the committee’s request for recommendations on overhauling the federal tax code that was issued in March 2015.
GFOA will continue to be engaged in the ongoing congressional discussions on comprehensive tax reform and to provide regular updates on the latest developments related to this effort. Members who are interested in engaging in the effort to preserve the tax exemption are encouraged to visit and review the information and materials on our Federal Tax Exemption Resource Center page.