On March 20, 2019, GFOA led comments to the House Ways and Means Committee in response to a recent hearing focused on the future of the nation’s infrastructure. Joining GFOA in the comments were more than twenty public issuer organizations from the Public Finance Network (PFN). The comments highlighted several important steps the federal government could take to facilitate access for communities to low cost capital, which in turn help implement their unique infrastructure decisions. As noted in the comments, the steps include:
- Maintaining the tax-exemption for all municipal securities;
- Reinstating the ability for governments and other qualifying entities to advance refund tax-exempt municipal bonds;
- Increasing the bank qualified limit from $10m to $30m for small issuers and borrowers, and have it apply at the borrower level;
- Ending the current sequestration of Build America Bonds and ensure future direct pay bonds are not adversely impacted by sequestration;
- Allowing for additional bond programs to enhance infrastructure funding; and
- Making technical changes to the tax code that will facilitate the issuance of tax-exempt bonds.
To review a full version of the comments, click here.