How presidential tax policy will affect municipal bond market – Bond Buyer




No matter who wins the presidency on Nov. 3, at least some of the tax changes sought by the municipal bond industry are likely to be embedded into infrastructure legislation to kick-start the economy rather than tax legislation.

Former Vice President Joe Biden would presumably support the public finance measures already outlined by House Democrats in their stalled Moving America Forward Act while President Trump has not weighed in on the specifics.

Joe Biden would presumably support the public finance measures already outlined by House Democrats in their stalled Moving Moving America Forward Act while President Trump has not weighed in on the specifics. (Photo illustration)

Bloomberg News

Reinstatement of tax-exempt advance refunding, creation of a new series of direct-pay bonds and increased limits for small borrowers to use bank-qualified bonds are among the muni-friendly tax provisions contained in this wide-reaching package of legislation that Senate Republicans have blocked from consideration.

Former National Association of Bond Lawyers President Dee Wisor of Butler Snow in Denver said Trump and Republicans in Congress have had four years to act on infrastructure “and
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