Senate bill introduced to restore tax-exempt advance refunding bonds
A bipartisan group of senators today introduced the Lifting Our Communities through Advance Liquidity for Infrastructure Act, AHA-supported legislation that would restore tax exemption for advance refunding bonds.
The Tax Cuts and Jobs Act of 2017 repealed tax-exemption for these bonds, which lower borrowing costs for hospitals and other tax-exempt entities. Sens. Roger Wicker, R-Miss., Debbie Stabenow, D-Mich., Shelley Moore Capito, R-W.Va., Michael Bennet, D-Colo., John Barrasso, R-Wyo., Bob Menendez, D-N.J., Jerry Moran, R-Kan., and Tom Carper, D-Del., sponsored the legislation.
Similar AHA-supported legislation (H.R. 2772) was introduced in the House last year by Reps. Dutch Ruppersberger, D-Md., and Steve Stivers, R-Ohio.