Municipal Bonds Update
59 ORGANIZATIONS UNITE ON BONDS: The National Association of Counties, U.S. Conference of Mayors and National League of Cities coordinated a national campaign to protect the tax-exempt status of municipal bonds. Yesterday evening, our coalition and a total of 59 national organizations sent a letter to the Senate urging that dangerous language in the budget resolution be clarified to protect municipal bonds from either a 28 percent cap or total elimination. To view the letter, click here and to view the press release, click here.
ACTION NEEDED: Urge your Senators to speak out in support of tax-exempt municipal bonds during the Senate floor debate on the FY2014 Budget Resolution, which has begun. The Senate’s FY2014 Budget Resolution contains language that could support either a 28 percent cap (as proposed by the Obama Administration) or total elimination (as proposed by the Simpson-Bowles Commission) of tax-exempt financing
SEN. BEGICH (D-AK) TO SEND LETTER TO PRESIDENT ON MUNI BONDS: Sen. Begich is planning to circulate a letter urging President Obama to protect the tax-exempt status of municipal bonds in the ongoing debt and deficit negotiations.
- ACTION NEEDED: Urge your Senators to sign on to the Sen. Begich letter to President Obama on municipal bonds
REPS. TERRY (R-NE) AND NEAL (D-MA) INTRODUCE RESOLUTION ON MUNI BONDS: The resolution (H. Res. 112) celebrates the history of municipal bonds and recognizes their importance. They are currently seeking co-sponsors for the resolution.
- ACTION NEEDED: If your Members would like to sign on, have their staff contact either A.T. Johnston in Rep. Terry’s office (firstname.lastname@example.org or 202.225.4155) or Kara Getz in Rep. Neal’s office (email@example.com or 202.225.5601)
NACo LEGISLATIVE UPDATE: On March 19, NACo held a joint conference call with the National League of Cities to provide a legislative update on municipal bonds and to discuss the movement this week on Capitol Hill. Click here to view the presentation.
- NEW! NACo presentation on municipal bonds with charts and infographics
- NACo legislative fact sheet on municipal bonds
- NACo/USCM/NLC report on the impact of municipal bonds
- NACo state-by-state municipal bond analysis
Marketplace Fairness Act Update
This week, NACo learned that Sens. Durbin (D-IL), Enzi (R-WY) and Alexander (R-TN) plan to offer an amendment on the Marketplace Fairness Act as part of the Senate consideration of the 2014 Budget Resolution. The amendment will serve as a test vote on the Marketplace Fairness Act (S. 336/H.R 684).
While it is unlikely that the House and Senate will agree on a budget resolution, this vote will test whether the Senate has 60+ votes needed to pass the actual legislation later this year.
- ACTION NEEDED: Urge your Senators to co-sponsor the Marketplace Fairness Act amendment that is expected to be offered to the FY 2014 Budget Resolution. If 60+ votes are not secured, it becomes harder to move the legislation later. Click here to view the current list of co-sponsors.
- NACo legislative fact sheet on remote sales tax collection
If you have questions about these or other issues contact:
NACo Legislative Director Deborah Cox (202.942.4286 or firstname.lastname@example.org) or
NACo Associate Legislative Director Mike Belarmino (202.942.4254 or email@example.com)