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NAST Urges Congress to Support Critical Infrastructure Financing

The National Association of State Treasurers, along with 28 other organizations such as the Government Finance Officers Foundation, the Council for State Governments, and the National Association of Counties, sent this letter to both Senate and House leadership yesterday evening.

The main request is to preserve the tax exemption on municipal bonds. Recent amendments to the Build Back Better Act not only took the benefits for munis out of the bill (advanced refunding), but they also added in a provision to negatively impact the muni markets by including tax-exempt bond interest in the calculation of a 15 percent corporate minimum tax. This cost will directly financially impact the constituents who are trying to benefit from an infrastructure package.