21 House Republicans: Protect municipal financing in final tax legislation

Twenty-one House Republicans yesterday sent a letter spearheaded by Rep. Randy Hultgren (R-IL) to House and Senate leadership urging them to preserve the tax-exempt status of private-activity bonds and advance refundings of outstanding tax-exempt bonds in any tax reform legislation. “Private activity bonds finance exactly the sorts of public private partnerships of which we need more of, not less,” the lawmakers wrote. “These bonds help finance housing for low- to moderate-income families that otherwise would not get built; toll roads and expressways, airports and seaports; hospitals and universities.” The House-passed bill would eliminate both the PABs and advance refundings; the current Senate bill preserves the PABs, but eliminates the advance refundings.