Advance Refunding Bill Introduced in the Senate
On February 25, Senator Roger Wicker (R-MS) introduced legislation reinstating advance refunding to the tax code. Senator Wicker has been a steadfast ally in support of bringing the provision back, citing the value the statute brings to local leaders as a financial management tool.
In July 2020, after introducing the LOCAL Act, Senator Wicker remarked, “Restoring advance refunding is a proven way to give our local leaders the ability to manage existing debts, reduce costs, and free up additional money for much-needed local infrastructure projects.”
Restoring the ability to issue advance refunding bonds has been a top legislative priority for GFOA’s Federal Liaison Center. When GFOA priorities make it to Capitol Hill, we need our members more than ever. GFOA is requesting your support for the return of advance refunding to the tax code. Further, GFOA is asking members to reach out to Congress to voice your support.
Members are encouraged to reach out to the offices of Senator Roger Wicker (R-MS), Senator Debbie Stabenow (D-MI); their office contact information is available below. Members are also encouraged to contact their own representatives to inform them of their support.
Senator Wicker: 202-224-6253
Senator Stabenow: 202-224-4822