On November 2, 2017, the Republican leadership of the United States House of Representatives introduced the Tax Cuts and Jobs Act (the “Bill”). The Bill would make significant changes to tax rules that apply to tax-exempt bonds and related matters, including the elimination of tax-exempt private activity bonds and tax exempt advance refunding bonds. If enacted, these changes would leave the municipal bonds market unrecognizable.
Topics to be Discussed:
· Termination of Tax-Exempt Private Activity Bonds, including the effect on low income housing and nonprofit organizations
· Termination of Tax-Exempt Advance Refunding Bonds
· Prohibition on new Bonds issued for Professional Sports Uses
· Termination of Tax Credit Bonds
· Repeal of Alternative Minimum Tax
· Next Steps for Borrowers and Issuers in 2017 and in 2018