Outlook for Tax Reform Legislation in 2017

"It wouldn't be a surprise to see the GOP blueprint within the first 100 days," said Emily Brock, director of the Government Finance Officers Association's federal liaison center. "The way it was discussed post-election, we should anticipate its arrival. We're prepared for it."

"Nothing at this point is telling us that we're safe," said Michael Belarmino, associate legislative director and associate general counsel for the National Association of Counties. "We keep hearing that everything is on the table, including the muni exemption. We're going to stay vigilant and engage the House and the administration."

"I don't see the exemption being eliminated but being curtailed like the haircut that the Obama administration has proposed the past few years could be a possibility," said Ed Oswald, a partner with Orrick, Herrington & Sutcliffe in Washington.

"The public-private partnerships may actually deal with 10% to 15% of the infrastructure needs out there," said National Association of State Treasurers president Jim McIntire regarding President-elect Donald Trump's proposed infrastructure spending plan. "But most of it is going to have to be done with public tax revenues backing bond issuances of some kind."

"Brady and Ryan are not as enthusiastic about infrastructure improvements," said Chuck Samuels, a partner at Mintz Levin in Washington. "The congressional Republican view is let's improve the economy, let's do tax reform and then the funds will flow. "The Trump view is more interventionist -- Specific legislation and specific incentives."

"We've been talking about tax reform for ten years now," said Micah Green, a partner with Steptoe and Johnson in Washington. "Now there seems to be a much more directed and unified effort to get that done. Combine that with Trump's priority to provide tax relief as well as talking about some kind of infrastructure finance package. And you add that all up in a budget process beginning in the new year and that could lead to major tax legislation and potentially tax reform."

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