AGC Joins More Than 50 Groups Asking Senate to Keep Municipal Bonds Tax-Free

More than 50 industry and local government groups sent a letter asking Senators to request the Senate Finance Committee leaders maintain the federal tax exemption on municipal bond interest as they consider the chamber’s priorities for its comprehensive tax reform package. The letter explains that three-quarters of the total United States investment in infrastructure is provided by state and local governments, and tax-exempt bonds are the primary financing tool that are used by over 50,000 state and local governments and authorities to satisfy these infrastructure needs.  On average, state and local governments issue nearly 10,000 bonds a year totaling $300 billion. This has allowed state and local governments to finance more than $1.65 trillion in infrastructure investment over the last decade through the tax exempt market. For more information, contact Scott Berry at (703) 837-5321 or berrys@agc.org