Municipal Bond Market Support Act HR 5199–Library of Congress Summary
The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
Municipal Bond Market Support Act of 2014 – Amends Internal Revenue Code provisions relating to the small issuer exemption from interest expense allocation rules for financial institutions to: (1) permanently increase from $10 million to $30 million the annual limit on the amount of tax-exempt obligations that a small issuer may issue, and (2) allow an inflation adjustment to such increased limit amount after 2014.
Bank qualified bonds save tax dollars,” said Tom Reed. “Using local bonds also keeps the control, financing and benefits of capital improvements right in the local economy. These types of bonds can be used for a variety of improvements to facilities like the one in the Jamestown School District.”
For independent views, see the rbcwm and munibond links below.
Tom is pulling our legs again giving a one-sided view of his proposal. I find it particularly offensive that he is speaking to students.
© William Hungerford – October 2014