Tax Reform Revived Under New House Leadership – – New House Speaker Paul Ryan announced last week that he wants to have a tax reform bill passed by the House before the Republicans nominate their presidential candidate in 2016. New Chairman of the House Ways And Means Committee, Kevin Brady of Texas, also talked this week about tax reform but he was not specific about timeframe.
This is not unexpected. While it is likely that a tax reform bill in the next six months will focus more on international corporate tax, trying to prevent the inversions where companies in effect incorporate in foreign countries to lower their tax burden, this obviously is a signal to us to keep up and even increase the pace of educating members of Congress and their staffs about nonprofit financing. I've spoken to a number of authorities recently about expanding and reenergizing their efforts and am glad to help in any way.
Floor Vote on HR 2209 – Classifying Municipal Securities as High Quality Liquid Assets – – We continue to join our ally, the Government Finance Officers Association and its Public Finance Network, in the effort to reverse banking agencies’ regulation that excludes most investment-grade munis from classification as high-quality liquid assets that are considered safe for large banks to purchase. Reform legislation was passed by the House Financial Services Committee. As you can see in this letter, which will go from various muni groups, including us, to the members of the House, there is an attempt to get a House vote this year. If you are of a mind and want to contact your House members on this subject the letter should serve as good background.Please contact me for further information.
This is not unexpected. While it is likely that a tax reform bill in the next six months will focus more on international corporate tax, trying to prevent the inversions where companies in effect incorporate in foreign countries to lower their tax burden, this obviously is a signal to us to keep up and even increase the pace of educating members of Congress and their staffs about nonprofit financing. I've spoken to a number of authorities recently about expanding and reenergizing their efforts and am glad to help in any way.
Floor Vote on HR 2209 – Classifying Municipal Securities as High Quality Liquid Assets – – We continue to join our ally, the Government Finance Officers Association and its Public Finance Network, in the effort to reverse banking agencies’ regulation that excludes most investment-grade munis from classification as high-quality liquid assets that are considered safe for large banks to purchase. Reform legislation was passed by the House Financial Services Committee. As you can see in this letter, which will go from various muni groups, including us, to the members of the House, there is an attempt to get a House vote this year. If you are of a mind and want to contact your House members on this subject the letter should serve as good background.Please contact me for further information.
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