The Government Finance Officers Association’s Washington, D.C. team is gearing up for some significant changes ahead of the upcoming high-stakes national election. With the anticipation of a shift in Congressional complexion and possibly even a new administration, the team is strategically planning for the future. They understand the importance of planting the seeds of municipal market priorities now, so they can flourish during the major tax policy debate next year.
One of the key strategies being implemented by the GFOA and the public finance industry is the use of a new visual tool – a “built by bonds” website. This website showcases various bond-financed projects and serves as a valuable resource for lobbying Congressional staffers and officials. By providing tangible examples of projects funded by bonds, the GFOA aims to make their priorities more relatable and accessible to decision-makers.
The Importance of Advocacy and Education
Advocacy plays a crucial role in the push for muni priorities like restoring tax-exempt advance refunding and bank-qualified debt. The recent bill introduced by muni supporter Rep. Terri Sewell, D-Ala, has garnered positive feedback in the Senate, indicating growing support for these initiatives. However, with the impending resignation of Rep. Dutch Ruppersberger, efforts are underway to find a new champion to advocate for municipal finance issues.
As the provisions of the TCJA expire in 2025, the municipal market faces a pivotal moment in the tax policy debate. The debate over whether to extend certain provisions and the opportunity for tax changes present a significant challenge. With the sunset of muni-related TCJA provisions like the cap on state and local tax deductions, the focus remains on restoring tax-exempt advance refunding as the market’s top priority.
The Need for Vigilance and Strategic Planning
Looking ahead to the next annual meeting in Washington, D.C., the GFOA anticipates a significant amount of advocacy as the tax act takes center stage. The ongoing effort to advance muni priorities like those in Sewell’s bill may face challenges in the current Congress. However, the focus on education and proactive engagement is crucial in laying the groundwork for success in future legislative efforts.
The future of municipal market priorities hinges on strategic advocacy, education, and proactive planning. With the upcoming changes in Congressional leadership and the impending tax policy debate, the GFOA and the public finance industry are prepared to navigate these challenges and advance their priorities. By leveraging visual tools, fostering advocacy, and staying vigilant in the face of potential obstacles, the municipal market is poised to make significant progress in the years to come.