Thanks to our AHA and NACUBO partners and the Advocacy Committee, we filed this testimony with the Ways and Means Committee following up on a tax reform hearing. We plan in the future, when/if things heat up, to prepare a statement from a number of health and education groups, as we did in 2015.
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Please find the NAHEFFA comments in the pending SEC proceeding. Many comments will be filed and this matter has a long way to go. Thanks for the input of the Advocacy Committee.
Last week, President Trump unveiled a high-level plan for what he wants to see in tax reform, with a more detailed plan expected as early as June. Although sparse with details, the proposal is being interpreted as eliminating tax exempt bonds. This will more formally launch the debate on tax reform, with House Ways and Means hearings expected to begin in the near future. We anticipate a series of issue-specific hearings starting with a hearing on the proposed Border Adjustment Tax (BAT), and then a general hearing on tax reform and a hearing on the interest expense deduction.
Following the release of the president’s plan, Republican members of the House Ways and Means Committee met for an already planned two-day discussion over this past weekend to determine where members stand on tax reform. As we shared with you last week, committee chairman Brady (R-TX) wants any tax reform legislation produced by the committee to have the support of all Republicans on the committee, and this unusual weekend meeting was intended to gauge where his membership is on tax reform generally, but more specifically on the proposed BAT. In reaction to comments by NAHEFFA and other issuers, MSRB will be going out for a second round of comments on the CUSIP rule proposal. We and other participants said the change would have negative effects on the market, including disincentivizing banks from buying municipal securities, and would add to transactions’ regulatory burden.
This probably is good news and we thank all of you who helped us prepare our comments. We are presently preparing comments on the SEC's 15c2- 12 proposal. If you are not on the Advocacy Committee and wish to input to the comment development please let Chuck Samuels know. |
AuthorCharles A. Samuels Archives
December 2019
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