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AGC Signs on to Letter Calling for Protection of Tax Exempt Municipal Bonds
March 23, 2013
AGC and a diverse group of more than 55 national coalition partners representing state and local governments, housing and infrastructure developers, transportation groups and private industry, have urged the U.S. Senate to support the tax-exempt status of municipal bonds which local and state governments use to build America’s schools, hospitals, roads, bridges, airports, public transit, water systems and other essential public infrastructure.
In a letter sent March 20 to Majority Leader Harry Reid (D-Nev.) and Minority Leader Mitch McConnell (R-Ky.), the group expressed concern about language in the Senate Fiscal 2014 Budget Resolution which suggests the possibility of a cap being placed on tax expenditures which could include the exemption for interest earned on municipal bonds. The groups are seeking assurance that the tax-exempt status of municipal bonds will not be changed as part of comprehensive tax reform.
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The Associated General Contractors of America (AGC) is the leading association for the construction industry. AGC represents more than 26,000 firms, including over 6,500 of America’s leading general contractors, and over 9,000 specialty-contracting firms. More than 10,500 service providers and suppliers are also associated with AGC, all through a nationwide network of chapters.