Tax Reform Update
The Senate passed its version of the Tax Cuts and Jobs Act on December 2, retaining private activity bonds but eliminating advance refundings. Negotiations to work out remaining differences between the House and Senate bills are set to begin on Monday, December 4, 2017 with the formation of a House-Senate conference committee. The goal is to get an agreed-upon bill signed by the President by Christmas. We are asking NABL members to continue to contact their Republican representatives in Congress with the request that they keep, in full, the private activity bond provision contained in the Senate version of the bill, but also oppose the elimination of advance refunding bonds contained in both the House and Senate versions. In our continued advocacy efforts, NABL and over 30 organizations recently sent a letter to the full House and Senate expressing our deep concerns about the proposed federal income tax treatment of private activity bonds (PABs) and advance refunding bonds that are contained in the House and Senate versions of the Tax Cuts and Jobs Act. You can find that letter here.