The Government Finance Officers Association’s committee on governmental debt management Friday approved a public policy supporting federal legislation that would prohibit the patenting of tax strategies, technologies, and business practices in the municipal market.

The policy, which still must be approved by the GFOA’s executive board at its next meeting this spring and by members at their annual meeting in June, warns that these types of patents could drive up issuance costs, expose bond issuers to litigation, and even prevent state and local governments from completing transactions.

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