Advance Refunding Legislation Reintroduced; NACWA Encourages Member Engagement!
(April 7, 2021) – On March 29th, U.S. Representatives Dutch Ruppersberger (D-MD) and Steve Stivers (R-OH), who Co-Chair the bipartisan House Municipal Finance Caucus, re-introduced the Investing in Our Communities Act.
This legislation would restore the option to advance refund, effectively reversing a change created in the 2017 federal tax reform law which eliminated advance refunding. Prior to this change, governmental bonds and 501(c)(3) bonds issued by state and local governments were permitted a single advance refunding.
The Investing in Our Communities Act enjoys bipartisan support and its sponsors hope it will gain traction as part of the broader conversation around infrastructure investment happening this Congress. It joins companion legislation introduced in the Senate on a bipartisan basis, led by Sens. Roger Wicker (R-MS) and Debbie Stabenow (D-MI).
NACWA will keep members informed of the bill’s progress and urges concerned utilities to reach out to their congressional delegation in support of the bill. For more information, contact Kristina Surfus, NACWA’s Managing Director of Government Affairs.