ASA Applauds House Passage of Advance Refundings in Infrastructure Package

This is a common sense measure to help lower borrowing costs and shore up balance sheets for communities across the country.

WASHINGTON – The American Securities Association (ASA) today applauded the House of Representatives for passing an infrastructure package that includes reinstating the tax-exemption for advance refunding of municipal bonds and called on Congress to work together in a bipartisan manner to focus on what’s best for America and modernize our nation’s infrastructure.

“ASA applauds the House for taking an important first step to modernize our nation’s infrastructure and reinstate the tax-exemption for advance refunding of municipal bonds,” said ASA CEO Chris Iacovella. “This is a common sense measure to help lower borrowing costs and shore up balance sheets for communities across the country, and is especially important as municipalities battle the COVID-19 pandemic. We urge the House and Senate to put aside their political differences and work in a bipartisan manner to send an infrastructure bill to the President’s desk.”

In May, ASA sent a letter to House Ways and Means Committee leadership calling on Congress to reinstate the tax-exemption for advance refunding of municipal bonds.

ASA also strongly supports the continued use of municipal bonds as a critical source of financing for infrastructure, affordable housing, and economic development. These bonds allow state and local governments to harness the expertise of the private sector to undertake public projects.

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ASA’s regional financial services companies work in communities across the country to create jobs, grow the economy, and increase prosperity for all Americans. The ASA exclusively represents the capital market and private client interests of its members and seeks to promote free market principles making it easier to access financial advice and capital. ASA members help Americans save for retirement, provide Main Street businesses with capital to grow, and advise hardworking Americans how to create and preserve wealth. For the latest updates follow @AmerSecurities and learn more at http://americansecurities.org/.