House Tax Reform Bill Would Eliminate All Private Activity Bonds
Tax reform plan eliminates ALL tax-exempt private activity bonds including qualified 501(c)(3) bonds, mortgage revenue bonds, tax credit bonds, qualified zone academy bonds and the tax exemption for certain sports facility bonds.
UPDATE 11/16/2017: This bill has passed the house.
This is an urgent legislative alert issued by the Council of Development Finance Agencies (CDFA).
Today the House Ways & Means Committee introduced the Tax Cuts and Jobs Act in the United States House of Representatives, the long awaited tax reform bill. The bill would eliminate all private activity bonds, a move that would prove devastating to development finance efforts nationally. The Tax Cuts and Jobs Act is the product of months of collaboration between senior members of the House, Senate, and White House, and consequently without major pushback and input there is a good chance the bill may become law.
To be clear, the elimination of private activity bonds is bad policy and will cripple economic, infrastructure, and community development. The Council of Development Finance Agencies (CDFA) is asking for your support in our efforts to remove this provision from the bill. CDFA will be sending letters to House and Senate leaders highlighting the importance of private activity bonds, and we ask for your support by signing on to our efforts.
>>>Sign CDFA Support Letter
In addition to the sign-on letter, CDFA will be hosting a national call on Tuesday, November 7 at 1PM Eastern to discuss the tax reform bill, as well as a strategy for preserving private activity bonds. To accommodate everyone, we'll be hosting the call on GoToWebinar. To register for the call, please follow the link below. I encourage you to join in and share your thoughts on Tuesday.
>>>Register for Tax Reform National Call
For additional coverage, please see this Bloomberg BNA article: Tax Bill Could Crush Private Bond Work, Deter Stadium Financing.
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