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June 28
​Senate Finance Leaders Announce Tax Reform Framework

On June 27, Senate Finance Committee Chairman Max Baucus (D-Mont.) and Ranking Member Orrin Hatch (R-Utah) announced plans to move forward on a framework for tax reform. The plan will essentially start with a blank slate; all special tax provisions will be removed from the tax code.  Senators will have until July 26 to make their case for which provisions should be inserted back in.

Both Sens. Baucus and Hatch, however, have not revealed how much revenue they expect to generate by taking this approach and whether any potential revenue will be used to keep tax rates down, reduce the deficit or achieve a combination of both. 

Counties are urged to contact their Senators in the coming weeks to stress the importance of provisions such as the tax exemption for municipal bond interest, which impacts county governments’ ability to provide for needs such as infrastructure investment. For NACo resources on municipal bonds, click here. NACo also recently released a report discussing the substantial impact any changes to the tax exempt status of municipal bonds would have on counties and taxpayers in general. To read that report, click here.

Contact: Mike Belarmino mbelarmino@naco.org 202-942-4254

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