The Municipal Bonds for America Council hosted a “virtual fly-in” for Steering Committee members over the past week. The meetings focused on municipal bonds in the context of infrastructure financing and proved productive as both Congress and the Administration have begun to take concrete steps towards the introduction of a massive infrastructure package. The MBFA met with…
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During the ongoing MBFA fly-in this week, we have learned that the House Committee on Ways and Means is in the process of developing a hearing on infrastructure financing that will include a robust debate on the municipal market and the expansion of financing tools needed. The hearing, titled “Leveraging the Tax Code for Infrastructure Investment,” will…
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As the infrastructure debate continues and Congress moves towards taking its first legislative steps, the Biden Administration is signaling its willingness to compromise and strike a deal with Congressional Republicans. This week, the President is expected to host Leadership from Congress, both Republican and Democrat, in an effort to find common ground and a path forward to bipartisan…
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As Congress steps away from Washington for a two-week recess, President Biden continues to travel the country touting his Administrations Build Back Better plan, which includes a robust 2+ trillion-dollar infrastructure component. Following a late-week stop at a Philadelphia Amtrack station, the Biden Administration reiterated their current stance of working to strike a deal with…
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The Municipal Bonds for America council is planning a “virtual fly-in” for Steering Committee members starting this Friday. As infrastructure continues to move on Capitol Hill, members will have the opportunity to discuss these key muni priorities with DC decision-makers in the House, Senate, and in the Administration: Restoration of tax-exempt advance refundings; Expansion of…
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This afternoon, Senators Roger Wicker (R-MS) and Michael Bennet (D-CO) are expected to reintroduce the American Infrastructure Bonds Act, a bill that would create a new direct pay taxable bond in the mold on the Build America Bond but exempt from sequestration. Similar legislation was introduced in the House last week, the Lift Act,…
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Following the release of the LIFT Act municipal bond financing package and the continued momentum towards a robust infrastructure bill, this morning Politico Pro produced a spotlight piece on bonds, specifically a BABs revival which remains a priority for the MBFA and BDA The article can be viewed here. The Politico piece tracks closely to recent…
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Later today, President Biden is expected to host a bipartisan and bicameral group of lawmakers to discuss infrastructure and the potential for legislation this year, the second meeting of this kind in April. Of note for today’s meeting is that all lawmakers invited were former Mayors or Governors, a sign that the Biden Administration is…
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We expect that later this morning Rep. Terri Sewell (D-AL) will introduce the “Local Infrastructure Financing Tools (LIFT) Act.” The bill will include several BDA and MBFA priorities, including: Reinstate advance refundings as they were in pre-2018 tax law. This provision would take effect 30 days after the date of enactment. Expand bank-qualified bonds. The…
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Following the announcement of the Biden infrastructure plan, House Ways and Means Chairman Richard Neal (D-MA) signaled that he plans legislative changes to the original draft, including ensuring that bond financing plays a role in the final package. His statements this week reiterate what the Chairman discussed during the BDA’sEngage Capitol Hill 2021 event last…
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Today, the Municipal Bonds for America Council (MBFA) submitted testimony following the House Ways and Means Subcommittee on Select Revenue Measures March 11th hearing titled, “Tax Tools to Help Local Governments.” The MBFA testimony can be viewed here. While the hearing covered a multitude of other tax issues, the majority of the discussion focused on municipal…
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The New Normal Requires Enhanced Municipal Finance Tools by: Chris Hamel To read this commentary, in today’s Bond Buyer click here. Chris Hamel is an Advisory Board member of the Municipal Bonds for America council and a Senior Fellow with Municipal Market Analytics, Inc.
https://www.bloomberg.com/news/articles/2020-12-16/buttigieg-pick-shows-focus-on-infrastructure-despite-hurdles
https://www.wsj.com/articles/infrastructure-investment-binge-is-set-to-continuewith-or-without-washington-11608287402
Transportation Secretary Pick Buttigieg Understands the Municipal Market
Biden Administration Intends to Pass Robust Bi-Partisan Infrastructure and Public Works Package
With the pending change of Administration in early 2021, infrastructure has once again taken center stage for potential major legislative action. The Biden Administration has made its intention clear on passing a robust bi-partisan infrastructure and public works package as part of the ongoing stimulus intervention of the economic crisis caused by the COVID-19 pandemic.…
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