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Legislation from Sens. Wicker and Stabenow reinstates tax exemption for advance refunding of municipal bonds.
WASHINGTON – The American Securities Association (ASA) today applauded the reintroduction of the LOCAL Infrastructure Act, a bipartisan bill sponsored by Sens. Roger Wicker and Debbie Stabenow, to reinstate the tax exemption for advance refunding of municipal bonds in order to help lower state and local borrowing costs and free-up cash to fund new infrastructure projects.
“ASA applauds Senator Wicker and Senator Stabenow for once again coming together to help communities across the country build back better by reintroducing the LOCAL Infrastructure Act,” said ASA CEO Chris Iacovella. “Reinstating the tax exemption for advance refunding of municipal bonds is a common-sense provision that speeds up the modernization of America’s infrastructure. We thank the Senators for their leadership and look forward to working with Congress, Secretary Buttigieg, and the Biden Administration in moving a bipartisan infrastructure bill to the President’s desk.”
ASA has been a leading advocate to reinstate the tax exemption for advance refunding of municipal bonds and modernize America’s infrastructure. In July, ASA supported House passage of an infrastructure package that included reinstating the tax exemption for advance refunding of municipal bonds. ASA also sent a letter to House Ways and Means Committee leadership calling on Congress to reinstate the tax exemption for advance refunding of municipal bonds.
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