The National League of Cities (NLC) submitted a letter this afternoon to the members of the House Ways & Means committee expressing support for preserving the tax exempt status of municipal bonds, but relaying concern with a number of provisions that will negatively impact local governments across the country. As a signatory to this letter, the key concern for Michigan communities is the potential loss of authority for advanced refunding…preventing municipalities from refinancing debt to take advantage of lower interest rates. This along with the loss of the federal Historic Tax credit program are two key items being raised by NLC and by MML with Michigan’s congressional delegation. You can read the NLC letter here – NLC SML House Tax letter 2017
As House committee testimony continues throughout the week, we urge League members to contact their member of Congress and ask them to support the changes proposed by NLC. https://www.house.gov/representatives/
Chris Hackbarth is the League’s director of state & federal affairs. He can be reached at 517-908-0304 and firstname.lastname@example.org.