Daily Tax Report ®

Bipartisan House Bill to Seek to Revive Advance Refundings

May 1, 2019, 3:37 PM

U.S. Representative Dutch Ruppersberger, a Maryland Democrat who leads the Municipal Finance Caucus, plans to introduce a bill later this month that would restore the tax exemption for state and local government bonds issued for so-called advance refundings, his spokeswoman, Jaime Lennon, said in an email.

  • The new bill will be called the Investing in Our Communities Act.
  • Representative Steve Stivers, an Ohio Republican who is the new co-chair of the caucus, will serve as the Republican co-sponsor, Lennon said.
  • The 2017 tax overhaul’s elimination of subsidies for advance refundings, a once-popular tactic that lets governments refinance debt that can’t...
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