The City of Columbia and other local governments have long worked in good faith with our federal partner to develop policies and programs that invest in our communities and deliver results. As such, I deeply appreciate that both the House and Senate tax bills would maintain the century-old tax exemption for municipal bonds. State and…
Author: Bond Dealers of America
ACG and BDA Tax Reform Update
Tax Reform Makes Major Progress in Both House and Senate
Yesterday, the House of Representatives passed H.R. 1 the Tax Cuts and Jobs Act, which would eliminate private-activity bonds and municipal advance fundings, 227-205. The bill passed on a party-line vote, with 13 Republicans voting against the tax package. While this is a big win for Republican leadership in the House, eyes quickly turned to the Senate where…
MSRB’s Request for Comment on Retrospective Review of Primary Offering Practices
The MSRB has released for comment its concept proposal on MSRB rules on primary offering practices. The BDA’s letter suggests that existing MSRB rules adequately protect primary offering practices and the existing regulatory framework is sufficient, thus eliminating the need for new rules to govern primary offering practices. Public comments on the proposal are due…
Municipal Finance Caucus Speaks Out in Defense of Bonds
In a marathon legislative day in on Capitol Hill, tax reform took one step towards final passage of the House and potentially a step back in the Senate. Municipal Finance Caucus Speaks Out Last night, House Municipal Finance Caucus co-chairman Reps. Randy Hultgren (R-IL) and Dutch Ruppersberger (D-MD), with support from the BDA and MBFA,…
Senators Reach a Bipartisan Deal on Dodd-Frank Reforms
Several Senate Democrats have joined Senate Banking Committee Chairman, Mike Crapo (R-ID), in support of a package of Dodd-Frank regulatory reforms. The rare, bipartisan agreement’s most significant provision would increase the cutoff from $50 billion in assets, a line set in the 2010 Dodd-Frank financial reform law, to $250 billion, lowering regulatory burdens on some…
Mayor Benjamin Submitted Letter to Sen. Cardin on Amendment to Strike Advance Refunding Provision
Steve Benjamin, Mayor of Columbia, SC, and Chairman of the Municipal Bonds for America (MBFA) Coalition, submitted a letter showing support for Sen. Cardin’s amendment, which would strike the repeal of advance refunding bonds in the Tax Cuts and Jobs Act. The MBFA is appreciative of the attention that is being paid to this very…
BDA and ASA Urge Congressional Leadership to Preserve Vital Financing Tools
MBFA Letter to the Senate and House Leaders
Statement from MBFA Chair, Mayor Steve Benjamin, on the House tax bill
“I am deeply concerned that the House tax bill would eliminate private active bonds. If this proposal becomes law, it would severely impact state and local efforts to build affordable housing, promote home ownership, finance higher education, build critical infrastructure, and foster economic development. I am also alarmed that the bill would eliminate advance refundings of municipal…