House Ways and Means this morning released the tax and revenue portion of the House budget reconciliation draft to be debated early next week. The draft includes a plethora of muni provisions, including ALL BDA, MBFA and state and local muni priorities. We plan to continue to work with our partners in the issuer community within the Public Finance Network for passage of these key provisions.
The draft legislation can be viewed here
The bond provisions can be viewed here.
This package includes:
- The reinstatement of tax-exempt advance refundings,
- Raise the BQ debt limit to 30 mil and tie to inflation,
- Creation of a new direct-pay bond with a varied reimbursement rate from 35%-28% over its life span,
- Expansion of PABs including for water and sewer, and first time farmers, and
- Expand the definition of exempt facility bonds.
The BDA and MBFA will continue to provide updates as more information becomes public.