Proposed Tax-Exempt Curbs Would Drive Up Debt Costs, Group Says

Newman, Emily
March 2005
Bond Buyer;3/3/2005, Vol. 351 Issue 32082, p5
Trade Publication
The article reports that the Public Finance Network (PFN) charged yesterday that the elimination of advance refundings and other tax-exempt bond curbs proposed by the U.S. Congress Joint Taxation Committee (JTC) would substantially drive up borrowing costs for states and localities. The network's concerns centered on the JTC's proposal to eliminate advance refundings for governmental and 501(c){3) bonds, particularly since PFN had sought to allow for two advance refundings instead of the one currently permitted. In its letter, PFN also asked that Congress address problems with the alternative minimum tax, and said it hoped to present to the committee a number of other tax-exempt bond proposals that the network believes should be included in any tax simplification or tax reform measures.


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