With Congress out for a two-week recess (until April 9), NACo members are encouraged to meet with their Members of Congress on the issue of municipal bonds. As Congress continues to debate the federal debt and deficit and with tax reform looming, proposals like the 28 percent cap on tax expenditures - which could include the tax-exemption for municipal bond interest - remain a concern for county government.
Senators and Representatives need to hear the message that tax-exempt municipal bonds are a critical tool for county government to finance public capital improvements and public infrastructure projects that are essential to creating jobs, sustaining economic growth and improving the quality of life in local communities across the country. In addition to stressing the importance of municipal bonds to your county, there are two requests that can be made of your Members of Congress.
Senators should be urged to sign on to a letter that Sen. Begich (D-Alaska) is circulating, urging President Obama to protect the tax-exempt status of municipal bonds in the ongoing debt and deficit negotiations. Counties are especially asked to focus on Democratic Senators to sign the letter.
Additionally, Reps. Terry (R-Neb.) and Neal (D-Mass.) recently introduced a resolution on municipal bonds in the U.S. House of Representatives. The resolution (H.Res.112) celebrates the history of municipal bonds and recognizes their contribution to economic growth. They are currently seeking additional co-sponsors; 16 Representatives have already joined to date. If your members would like to sign on, have their staff contact either A.T. Johnston in Rep. Terry’s office (firstname.lastname@example.org or 202.225.4155) or Kara Getz in Rep. Neal’s office (email@example.com or 202.225.5601).
To access NACo’s page for municipal bond resources, click here.
Contact: Mike Belarmino 202.942.4254