Federal Advocacy
Issue Resources
Tax Exempt Municipal Bonds
There is no doubt that state and local governments powered through adversity the last two years, continuing to provide quality infrastructure, healthy communities and rally a strong bond market despite the crippling effects of the 2017 tax reform law.
Advance Refunding Issuance
Advance refundings represented 27% of municipal bond market activity in 2016 and 19% in 2017. Additionally, the TCJA decreased the overall corporate tax rate from 35% to 21% and eliminated other tax incentives that could impact overall demand for municipal bonds.
Bank Qualified Municipal Bonds
Bank-qualified bonds were created in 1986 to encourage banks to invest in tax-exempt bonds from smaller, less-frequent municipal bond issuers, and to provide municipalities with access to the lower cost borrowing that they need in order to provide services and invest in schools, roads, bridges and other projects.
State and Local Tax (SALT) Deduction
The SALT deduction reflects a partnership between the federal government and state and local governments. The deduction is fundamental to the way states and localities budget for and provide critical public services, and a cornerstone of the U.S. system of fiscal federalism. It reflects a collaborative relationship between levels of government that had existed for over 100 years.
Coronavirus Response Resource Center
The resources in this center reflect the latest guidance and materials on the laws passed in response to the coronavirus pandemic. The programs and funding were included in the Families First Coronavirus Response Act (FFCRA) and the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).