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July 12
​Senators Continue Search for Tax Reform Path

As the chairmen of the tax-writing committees in Congress, Sen. Max Baucus (D-Mont.) and Rep. Dave Camp (R-Mich.), take their tax reform efforts on the road, some Senators in the nation’s capital remain uncertain on how to respond to the latest “blank slate” exercise. The exercise, launched earlier this month by the two chairmen, clears the tax code of all preferences and calls for senators to make the case for provisions that should be included in a reformed tax code. The deadline for proposals and/or legislative language from senators is July 26. 

Despite the uncertainty over how Senators will ultimately respond, counties are still urged to contact them over the coming weeks to stress the importance of state and local tax provisions – like the exemption for municipal bond interest – because of the impact any changes will have on the ability of state and local governments to provide for local needs like infrastructure.  Counties should ask their senators to consider including language to preserve the current tax exemption for municipal bond interest in any proposal they decide to submit. For NACo resources on municipal bonds, click here.   For the NACo research report on the county impact of proposed changes to the exemption for municipal bond interest, click here.

 

In furtherance of its efforts to protect the tax-exempt status of municipal bonds, NACo played a key role in securing 138 signatures for a bipartisan letter sent to House Leadership in support of the tax exemption of municipal bonds by by Reps. Dutch Ruppersberger (D-Md.) and Randy Hultgren (R-Ill.). To view the letter, click here. To view the list of Members who signed on to the letter, click here.

 

Contact: Mike Belarmino mbelarmino@naco.org 202.942.4254

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