November 2, 2017
WASHINGTON, D.C. – The National Association of State Treasurers (NAST) released the following statement today responding to specific sections of the tax reform bill introduced by the U.S. House of Representatives Committee on Ways and Means. The legislation proposes to keep municipal bonds tax-exempt, retain popular retirement savings options, and preserve higher education benefits such as 529 College Savings Plans.
“While we are still reviewing the details, the tax reform legislation released today appears to maintain several bipartisan-supported programs that state treasurers have worked tirelessly to advance,” said NAST President and Oklahoma State Treasurer Ken Miller. “Specifically, NAST is encouraged to see the Committee retain the tax-exempt status of municipal bonds. State and local governments have used this funding mechanism for more than a century as a low-cost, viable way to finance bridges, roads, schools, hospitals and other services that improve the quality of life for all Americans. We are reviewing the bill’s impact on other bonds, including private activity bonds, advance refunding bonds, and tax credit bonds. We are also glad to see the Committee preserve higher education benefits, such as 529 College Savings Plans, and popular retirement savings options that help Americans continue to save for their future. The maintenance of these important programs will directly benefit our constituents and strengthen our country’s economy for years to come.”
“For more than forty years, NAST has advocated for bipartisan measures that improve our nation’s infrastructure, help families save for college, and enhance state pension plans. We hope that the Committee recognizes the value of these initiatives and will actively support their continuation,” added Vermont State Treasurer and incoming NAST President Beth Pearce. “NAST looks forward to working with the House and Senate in the days and weeks ahead to ensure that the final bill protects these important measures.”
To learn more about NAST’s federal policy positions, click here.
Vermont State Treasurer Beth Pearce, NAST’s incoming president, has partnered with Governor Phil Scott to launch a statewide Financial Literacy..