Support Advance Refunding
On July 1, 2020 the Lifting Our Communities through Advance Liquidity for Infrastructure (LOCAL Infrastructure) Act was introduced by Senators Roger Wicker (R-MS) and Debbie Stabenow (D-MI). They were joined by Senators Shelley Moore Capito (R-WV), Michael Bennet (D-CO), John Barrasso (R-WY), Bob Menendez (D-NJ) Jerry Moran (R-KS), and Tom Carper (D-DE).
NABL issued the following statement in support of the legislation: The National Association of Bond Lawyers (NABL) thanks Senators Wicker and Stabenow for the introduction of the LOCAL Infrastructure Act, which will restore the ability of state and local governments to issue tax-exempt advance refunding bonds. Use of this financial tool is more important than ever as our state and local governments face unprecedented fiscal and healthcare challenges as a result of the COVID-19 pandemic. Tax-exempt advance refunding bonds allow state and local governments to lock-in interest rate savings and provide the flexibility for issuers to restructure debt service when unexpected events create cash flow challenges. In the past, this tool has allowed for billions of dollars of savings, allowing state and local governments to provide more comprehensive services, including infrastructure projects, at a lower cost to their citizens. The restoration of tax-exempt advance refundings would provide an essential tool to enable state and local governments to meet the challenges that await in the economic recovery ahead.
This is an important legislative step and NABL members can further support this effort. Write or call your senator today and ask them to cosponsor the LOCAL Infrastructure Act today.
Support American Infrastructure Bonds
Senators Roger Wicker (R-MS) and Michael Bennet (D-CO) have introduced the American Infrastructure Bonds Act, legislation that would create a new class of "direct-pay" taxable municipal bonds. The use of this tool will help to expand the investor base to include entities that are not traditionally interested in tax-exempt bonds because they are not subject to federal income tax, such as pension funds and foreign investors. The competition among these additional investors lowers the costs of infrastructure financed with the bonds – both to the issuers of the bonds and to the federal government. This results in more investment in public infrastructure and a big achievement in our current pandemic environment.
This is an important legislative step and NABL members can further support this effort. Write or call your senator today and ask them to cosponsor the American Infrastructure Bonds Act today.
Support Bond-Related Legislation
Earlier this year, the U.S. House of Representatives passed H.R. 2, the Moving Forward Act, which includes tax-exemption for interest on municipal bonds, a new direct-pay bond with protection from sequestration, preservation and expansion of tax-exempt private activity bonds (PABs), reinstatement tax-exempt advance refundings, expansion of the limits on the issuance of “qualified obligations” to encourage banks and other financial institutions to purchase bonds that benefit smaller governmental entities and nonprofit organizations, broadening of the small issue industrial development bond rules, and more.
Tax-exempt bonds finance necessary capital infrastructure and other projects of public importance for the American people. State and local government bonds have financed a significant portion of our country’s schools, roads and highways, bridges, hospitals, universities, and public utilities, while PABs finance critical projects such as hospitals, institutions of higher education, airports, seaports, mass transit and other transportation facilities, and affordable housing. Tax-exempt bonds provide local control, with state and local governments setting the priorities for building infrastructure and promoting economic development, within the limitations set by Congress.
This is an important legislative step and NABL members can further support this effort. Write or call your representative today and ask them to support the Moving Forward Act today.
Notice: NABL does not take a stance on the pending legislation below. Rather, NABL provides the list to educate the membership of muni focused legislation that Congress is currently discussing. We will keep this list updated to the best of our ability.
116th CONGRESS - MUNI LEGISLATION TRACKER
H.R. 658 – National Infrastructure Development Bank Act of 2019
- Introduced: 1/17/2019 Rep. Rosa DeLauro (D-CT)
- Sponsor: Rep. Rosa DeLauro (D-CT-3)
- Purpose: Establish a national infrastructure bank to facilitate the investment and financing of infrastructure projects
S. 212 – Indian Community Economic Enhancement Act of 2019
- Introduced: 1/24/2019
- Sponsor: Sen John Hoeven (R-ND)
- Purpose: Provide industry and economic development opportunities, including access to federal programs that support P3’s, to Indian communities
- Companion Bill: H.R. 1937, introduced by Rep. Norma J. Torres (D-CA) on 3/27/2019
H.R. 865 – Rebuild America’s Schools Act of 2019
- Introduced: 1/30/2019
- Sponsor: Rep. Bobby Scott (D-VA)
- Purpose: Authorize more than $100 billion in grants and bonds to update the country’s schools
- Companion Bill: S. 266, introduced by Sen. Jack Reed (D-RI) on 1/29/2019
H.R. 2921 – Broadband for All Act
- Introduced: 1/30/2019
- Sponsor: Reps. Derek Kilmer (D-WA) and Elise Stefanuk (R-NY)
- Purpose: Create refundable tax credits to reimburse a portion of the cost of broadband infrastructure serving limited broadband districts
S. 352 – BUILD Act
- Introduced: 2/6/2019
- Sponsor: Sens. John Cornyn (R-TX) and Mark Warner (D-VA)
- Purpose: Raise the federal statutory cap on PABs issued by or on behalf of state and local governments for highway and freight improvement projects from $15 billion to $20.8 billion
- Companion Bill: H.R. 2541, introduced by Rep. Earl Blumenauer (D-OR) on 5/7/2019
S. 437 – The SALT Act of 2019
- Introduced: 2/11/2019
- Sponsor: Sen. Robert Menendez (D-NJ)
- Purpose: Repeal the $10,000 cap on the SALT deduction and restore the 39.6 percent income tax rate on upper-income taxpayers.
- Companion Bill: H.R. 1142, introduced by Rep. Bill Pascrell Jr. (D-NJ) on 2/11/2019
H.R. 1251 – Public Buildings Renewal Act of 2019
- Introduced: 2/14/2019
- Sponsor: Rep. Earl Blumenauer (D-OR)
- Purpose: Amend the Internal Revenue Code to provide for the tax-exempt financing of certain government-owned buildings by expanding the definition of "exempt facility bond"
- Companion Bill: S. 932, introduced by Sen. Todd Young (R-IN) on 3/28/2019
H.R. 1508 – Move America Act of 2019
- Introduced: 3/5/2019
- Sponsor: Rep. Earl Blumenauer (D-OR)
- Purpose: Amend the Internal Revenue Code to create Move America bonds and Move America credits to help fund the nation’s infrastructure
- Companion Bill: S. 146, introduced by Sen John Hoeven (R-ND) on 1/16/2019
H.R. 1815 - SEC Disclosure Effectiveness Testing Act
- Introduced: 03/18/2019
- Sponsor: Rep. Sean Casten (D-IL)
- Purpose: Requires the Securities and Exchange Commission to assess the usefulness of certain disclosure rules to retail investors.
S. 1000 - Disaster Opportunity Zones Act
- Introduced: 04/03/2019
- Sponsor: Sen. Marco Rubio (R-FL)
- Purpose: Allow the designation of opportunity zones for areas affected by Hurricane Florence, Hurricane Michael, and the Mendocio, Carr, Camp, Woolsey, and Hill wildfires.
S. 1121 – PRO Sports Act
- Introduced: 4/10/2019
- Sponsor: Sen. Joni Ernst (R-IA)
- Purpose: Prevent major professional sports leagues from qualifying for tax-exempt status.
H.R. 2446 - No Tax Subsidies for Stadiums Act of 2019
- Introduced: 05/01/2019
- Sponsor: Rep. Earl Blumenauer (D-OR)
- Purpose: Prohibits a professional stadium bond from being treated as a tax-exempt state or local bond.
- Companion Bill: S. 1242 introduced by Democrat Sen. Cory Booker (D-NJ).
S. 1288 - Clean Energy for America Act
- Introduced: 05/02/2019
- Sponsor: Sen. Ron Wyden (D-OR)
- Purpose: Simplify the tax code and provide energy tax incentives for clean energy projects.
H.R. 2593 - To require the Secretary of the Treasury to collect data and issue a report on the opportunity zone tax incentives enacted by the 2017 tax reform legislation, and for other purposes.
- Introduced: 05/08/2019
- Sponsor: Rep. Ron Kind (D-WI)
- Purpose: Requires Treasury to collect data and report to Congress on investments held by qualified opportunity funds.
- Companion Bill: S. 1344 introduced by Democrat Sen. Cory Booker (D-NJ).
H.R. 2718 - P3 Act
- Introduced: 5/14/2019
- Sponsor: Rep. Derek Kilmer (D-WA)
- Purpose: Would expand the definition of private activity bonds to include green infrastructure bonds.
H.R. 2772 – The Investing in Our Communities Act
- Introduced: 5/15/2019
- Sponsor: Reps. Dutch Ruppersberger (D-MD) and Steve Stivers (R-OH)
- Purpose: Amend the Internal Revenue Code to reinstate advance refunding bonds.
S. 1587 – The Inclusive Prosperity Act of 2019
- Introduced: 5/22/2019
- Sponsor: Sen. Bernie Sanders (I-VT)
- Purpose: Set different rates on stocks, bonds, and derivatives based on the existing transaction costs in each market.
- Companion Bill: H.R. 2923, introduced by Rep. Barbara Lee (D-CA-13) on 5/22/2019
S. 1703 - Affordable Housing Credit Improvement Act of 2019
- Introduced: 06/04/2019
- Sponsor: Sen. Maria Cantwell (D-WA)
- Purpose: To reform the low-income housing tax credit, among other purposes.
- Companion Bills: H.R. 3077 introduced by Rep. Suzan DelBene (D-WA-01) and H.R. 3478 introduced by Rep. Joe Neguse (D-CO-02)
H.R. 3077 - Affordable Housing Credit Improvement Act of 2019
- Introduced: 6/04/2019
- Sponsor: Rep. Suzan DelBene (D-WA)
- Purpose: Expands the federal Low-Income Housing Tax Credit
- Companion Bill: S. 1703 introduced by Democratic Sens. Ron Wyden (D-OR), Todd Young (R-IN), Johnny Isakson (R-GA)
S. 1763 - The Carbon Capture Improvement Act
- Introduced: 6/10/2019
- Sponsor: Sens. Michael Bennet (D-CO) and Rob Portman (R-OH)
- Purpose: Provides for the issuance of exempt facility bonds for qualified carbon dioxide capture facilities
- Companion Bill: H.R. 3861 introduced by Republican Rep. Tim Burchett (R-TN).
S.2039 - Greener Transportation for Communities Act
- Introduced: 6/27/2019
- Sponsor: Sen. Catherine Cortez Mastro (D-NM)
- Purpose: Expands PABs for zero emission charging stations
H.R. 3623 - Climate Risk Disclosure Act of 2019
- Introduced: 07/05/2019
- Sponsor: Rep. Sean Casten (D-IL)
- Purpose: Require issuers to disclose certain activities relating to climate change.
- Companion Bill: S. 2075 introduced by Democrat Sen. Elizabeth Warren (D-MA).
H.R. 3744 - Agriculture Environmental Stewardship Act of 2019
- Introduced: 7/12/2019
- Sponsor: Rep. Ron Kind (D-WI)
- Purpose: Qualifies bio gas property for energy credits and renewable energy bonds.
H.R. 3967 - Municipal Bond Market Support Act of 2019
- Introduced: 7/29/2019
- Sponsor: Rep. Terri Sewell (D-AL) and Tom Reed (R-N)
- Purpose: To permanently modify the limitations on the deduction of interest by financial institutions which hold tax-exempt bonds.
H.R. 4572 - Government Bailout Prevention Act
- Introduced: 09/27/2019
- Sponsor: Rep. Francis Rooney (R-FL)
- Purpose: To prohibit the provision of Federal funds to State and local governments for payment of obligations.
- Companion Bill: S. 2120 introduced by Republican Sen. Todd Young (R-IN).
S. 2762 - SALT Deduction Fairness Act
- Introduced: 10/31/2019
- Sponsor: Sen. Susan Collins (R-ME)
- Purpose: Increase the limitation on the amount individuals filing jointly can deduct for certain state and local taxes.
- Companion Bills: H.R. 1757 introduced by Democrat Rep. Lauren Underwood (D-IL) and H.R. 2894 introduced by Democrat Rep. Dan Lipinski (D-IL).
S. 2787 - Opportunity Zone Reporting and Reform Act
- Introduced: 11/06/2019
- Sponsor: Sen. Ron Wyden (D-OR)
- Purpose: Require reporting for qualified opportunity zones to make modifications.
H.R. 5011 - Opportunity Zone Accountability and Transparency Act
- Introduced: 11/08/2019
- Sponsor: Rep. Ron Kind (D-WI)
- Purpose: Require reporting by qualified opportunity funds.
H.R. 4999 - To Amend the Internal Revenue Code of 1986 to Require Fairness and Diversity in Opportunity Zone Investment
- Introduced: 11/08/2019
- Sponsor: Rep. Hank Johnson (D-GA)
- Purpose: Require fairness and diversity in opportunity zone investment.
H.R. 5007 - FARM Act
- Introduced: 11/08/2019
- Sponsor: Rep. Abby Finkenauer (D-IA)
- Purpose: Increase private activity bond financing for first-time farmers from $450,000 to $524,200
H.R. 5042 - Opportunity Zone Reform Act
- Introduced: 11/12/2019
- Sponsor: Rep. James Clyburn (D-SC)
- Purpose: Reform rules related to qualified opportunity zones.
S. 2866 - Rural Broadband Financial Flexibility Act
- Introduced: 11/14/2019
- Sponsor: Sen. Shelley Moore Capito (R-WV) and Sen. Maggie Hassan (D-NH)
- Purpose: Allow PABs to be used for qualified broadband projects.
H.R. 5252 - To Amend the Internal Revenue Code of 1986 to Repeal Opportunity Zones
- Introduced: 11/22/2019
- Sponsor: Rep. Rashida Tlaib (D-MI)
- Purpose: Repeal opportunity zones.
H.R. 5422 - MAMBA
- Introduced: 12/02/2019
- Sponsor: Rep. Stephanie Murphy (D-FL)
- Purpose: Modify certain rules applicable to qualified small issue manufacturing bonds, to expand certain exceptions to the private activity bond rules for first-time farmers, and for other purposes.
S. 2994 - IMPACT Act
- Introduced: 12/05/2019
- Sponsor: Sen. Tim Scott (R-SC)
- Purpose: To require information reporting with respect to the qualified opportunity zone tax incentives enacted by the 2017 tax reform legislation.
H.R. 5823 - State and Local Cybersecurity Act
- Introduced: 02/10/2020
- Sponsor: Rep. Cedric Richmond (D-LA-02)
- Purpose: To establish a program to make grants to States to address cybersecurity risks and cybersecurity threats to information systems of State, local, Tribal, or territorial governments, and for other purposes.
S. 3550 - Municipal Bonds Emergency Relief Act
- Introduced: 03/20/2020
- Sponsor: Sen. Bob Mendendez (D-NJ)
- Purpose: Permit the Board of Governors of the Federal Reserve System to engage in certain open market operations during unusual and exigent circumstances.
H.R. 6321 - Financial Protections and Assistance for America's Consumers, States, Businesses, and Vulnerable Populations Act
- Introduced: 03/23/2020
- Sponsor: Rep. Maxine Waters (D-CA)
- Purpose: To provide financial protections and assistance for America’s consumers, States, businesses, and vulnerable populations during the COVID-19 emergency and to recover from the emergency.
H.R. 6422 - National Infrastructure Bank Act of 2020
- Introduced: 03/31/2020
- Sponsor: Rep. Danny Davis (D-IL)
- Purpose: To facilitate efficient investments and financing of infrastructure projects and new job creation through the establishment of a National Infrastructure Bank, and for other purposes.
H.R. 6643 - To allow tax credits to Federal, State, and local governments for required paid sick leave and required paid family and medical leave.
- Introduced: 04/28/2020
- Sponsor: Rep. Brad Schneider (D-IL)
- Purpose: To allow tax credits to federal, state, and local governments for required paid sick leave and required paid family and medical leave.
S. 3590 - Drinking Water Infrastructure Act of 2020
- Introduced: 05/04/2020
- Sponsor: Sen. John Barrasso (R-WY)
- Purpose: A bill to amend the Safe Drinking Water Act to reauthorize certain provisions, and for other purposes.
S. 3591 - America's Water Infrastructure Act of 2020
- Introduced: 05/04/2020
- Sponsor: Sen. John Barrasso (R-WY)
- Purpose: Provide for improvements to the rivers and harbors of the United States, to provide for the conservation and development of water and related resources, to provide for water pollution control activities and for other purposes.
S. 3638 - Coronavirus Relief Fund Flexibility Act
- Introduced: 05/06/2020
- Sponsor: Sen. Dan Sullivan (R-AK)
- Purpose: Allows Coronavirus Relief Fund payments to be used to replace state, tribal, or local government revenue shortfalls resulting from COVID-19.
H.R. 7065 - To require states to certify a process for distributing Coronavirus Relief Funds to local governments.
- Introduced: 06/01/2020
- Sponsor: Rep. Kevin Brady (R-TX)
- Purpose: To require States to certify a process for distributing Coronavirus Relief Funds to local governments.
H.R. 7231 - Infrastructure Bank for America Act of 2020
- Introduced: 06/15/2020
- Sponsor: Rep. Daniel Webster (R-FL)
- Purpose: To establish the Infrastructure Bank of America as a corporation to serve as a lender for and investor in infrastructure projects, and for other purposes.
H.R. 7248 - STARTER Act
- Introduced: 06/18/2020
- Sponsor: Rep. Sam Graves (R-MO)
- Purpose: To authorize funds for Federal-aid highways, highway safety programs, and transit programs, and for other purposes.
S. 4078 - Emergency Affordable Housing Act of 2020
- Introduced: 06/25/2020
- Sponsor: Sen. Ron Wyden (D-OR)
- Purpose: To amend the Internal Revenue Code of 1986 to improve the low-income housing credit and provide relief relating to the coronavirus emergency, and for other purposes.
H.R. 7330 - GREEN Act of 2020
- Introduced: 06/25/2020
- Sponsor: Rep. Mike Thompson (D-CA)
- Purpose: To amend the Internal Revenue Code of 1986 to provide incentives for renewable energy and energy efficiency, and for other purposes.
S. 4203 - A bill to amend the Internal Revenue Code of 1986 to provide a credit to issuers of American Infrastructure bonds.
- Introduced: 07/02/2020
- Sponsor: Sen. Roger Wicker (R-MS)
- Purpose: To amend the Internal Revenue Code of 1986 to provide a credit to issuers of American Infrastructure bonds.
H.R. 8266 - FEMA Assistance Relief Act of 2020
- Introduced: 09/16/2020
- Sponsor: Rep. Peter DeFazio (D-OR)
- Purpose: This bill modifies the federal cost share of certain emergency assistance relating to COVID-19.
H.R. 8965 - A bill to impose a limitation on taxation and fees on transactions by certain securities industry participants, and for other purposes.
- Introduced: 10/27/2020
- Sponsor: Rep. Patrick McHenry (R-NC)
- Purpose: To impose a limitation on taxation and fees on transactions by certain securities industry participants, and for other purposes.
Comments: Please send comments to Jessica Giroux, NABL’s Director of Governmental Affairs. If you would like to schedule a meeting with a Member of Congress, please reach out to Jessica Giroux for assistance.