118th Congress

Advocacy Primer

We support sensible policies that enable our state and local governments to tap into the $4 trillion municipal market and finance critical infrastructure that builds strong, healthy, economically vibrant communities.

Above All Else…

We support the existing tax treatment for qualified municipal bonds. Congress and the administration should reject efforts to eliminate or reduce the tax exemption of municipal bond interest. Holders do not pay federal income taxes on interest paid on qualified municipal bonds, which reduces the interest costs for state and local borrowers. Any effort to reduce or eliminate the tax exemption would result in increased borrowing costs, forcing state and local governments to either cut back infrastructure investment or raise taxes.

Four Ways to Support Municipal Finance

Municipal bonds have a proven track record as an effective tool for state and local governments to finance critical infrastructure, but there are several ways in which federal policymakers can further expand and strengthen these tools:

Other Emerging Issues

Photo Of Wind Turbines Under Cloudy Sky. Source: Harry Cunningham


Environmental, Social, and Governance factors in the context of the municipal market.

Financial Data Transparency Act (FDTA)

Legislation passed at the end of 2022 to apply data standards to information submitted to and managed by several financial regulators, including the MSRB.

Biden at signing of Inflation Reduction Act (IRA). Source: CSPAN

Inflation Reduction Act

Large domestic policy package offering more than $400 billion in new federal investment and $300 billion in deficit reduction.

Construction of the new east span of the Bay Bridge connecting Oakland and San Francisco, CA.
Construction of the new east span of the Bay Bridge connecting Oakland and San Francisco, CA.

Infrastructure Investment and Jobs Act (IIJA)

Bipartisan infrastructure bill passed in late 2021 that enacted two new types of exempt facility bonds.

Coronavirus. Source Centers for Disease Control (CDC).


Resources for bond lawyers working with clients through the global pandemic.

Here to Help

Our members throughout the country and professional staff based in Washington, D.C. serve as a brain trust on all things related to public finance and municipal bond law. Have questions? Email advocacy@nabl.org to learn more.