Advance Refunding Bill Reintroduced
Representatives Kustoff and Ruppersberger reintroduced the Investing in Our Communities Act, which would restore tax-exempt advance refundings for municipal bonds.
Congressman David Kustoff (R-TN) announced the reintroduction of the Investing in Our Communities Act in a press release with Congressman Dutch Ruppersberger (D-MD) earlier this afternoon. The bill would restore the ability to issue tax-exempt advance refunding bonds, a top priority for NABL.
Municipal finance champions from each Congress since the elimination of the tax-exemption for advance refunding bond in 2017 has introduced the bill. Congressman Ruppersberger has long championed the measure and co-chairs the House Municipal Finance Caucus. Notably, the 116th House of Representatives passed legislation that would have similarly restored tax-exempt advance refunding bonds in its Moving Forward Act. That larger infrastructure bill, however, failed to pass the Senate.
NABL welcomes today’s announcement and thanks Representatives Kustoff and Ruppersberger for their leadership on this important issue. Restoration of tax-exempt advance refunding bonds remains a critical part of our 118th Congress Legislative Priorities.
Investing in Our Communities Act
To amend the Internal Revenue Code of 1986 to reinstate advance refunding bonds.