By: Brian Egan, Director of Government Affairs, NABL

We have known for some time that Congress would need to tackle tax legislation in 2025. In fact, we have known since 2017―when Congress passed the Tax Cuts and Jobs Act (TCJA) and included broad changes to the Code’s individual tax provisions that sunset at the end of next year. The tax-exemption on municipal bonds continues to enjoy broad bipartisan support, but quick movement on a tax package and the pressing need to pay for at least part of it will force Congress to look at any and all revenue raisers.

Municipal market participants learned a number of lessons in 2017―when tax-exempt qualified Private Activity Bonds (PABs) came under fire and Congress ultimately eliminated tax-exempt advance refunding bonds. In that moment it became clear that you can never overprepare tax reform.

The entire municipal market has mobilized to tell the story of what bonds build in our communities, but it will take a tremendous team effort to make sure municipal bonds stay off the table.

Here are a few early action items that you can undertake today to help us prepare for what’s ahead:

Share Your Community’s Story

The most important thing you can do is to share stories. NABL has partnered with the Government Finance Officers Association (GFOA) to help build a bank of stories on what bonds have built and are building across the country. In just a couple of minutes, you can submit a short story of a project in your community that was built by bonds. These stories will populate our story map and help emphasize the importance of the tax-exemption to each congressional district. We have seen impressive engagement so far, but we still have a way to go before hitting our goal of three stories per congressional district, a total of 1,305 stories. Learn More and Share Your Story >

Also, please consider encouraging your clients to submit their stories as well!

Help Build Our Network

We are constantly looking for municipal finance champions in Congress and the administration. Did you go to law school with a member of Congress, serve as their bond counsel when they were at city hall, or just know a great champion for NABL priorities on the Hill or in the next Administration? Log a relationship to help support efforts to advance policy that supports our municipal markets. Learn More and Log a Relationship >

Sign Up for NABL’s Government Affairs Committee

We will roll out various advocacy resources and alerts over the coming weeks. Make sure you have signed up to receive updates from the NABL Government Affairs Committee (or “GAC”) to ensure you stay on top of developments as they occur. Check out the “Get Engaged” tab of your NABL profile to update your committee interests and preferences. Visit My NABL Profile >

Participate in Our Upcoming Advocacy Townhall

Join me and our GAC leadership on January 16, 2025, from 4:00-5:00 PM ET for a member-exclusive Advocacy Townhall on the 119th Congress. We will discuss the composition of the new Congress and prognosticate what may be on the horizon for 2025. We will also discuss legislative priorities, including how we are preparing for the likelihood of tax legislation to address the expiration of TCJA provisions. Register Today > | Check Out Other NABL Events >