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Letter of Support for Municipal Finance Testimony in Senate Finance Committee (July 30, 2024) 

08-22-2024 12:37 PM

APGA and other stakeholders signed onto a statement for the record in support of testimony given during last month’s Senate Finance Committee hearing titled, “Tax Tools for Local Economic Development.” The testimony was given by an individual representing the Public Finance Network (PFN). Community-owned gas systems rely on different financing tools that enable them to invest in their infrastructure and, in some cases, prepay for large quantities of energy. One of these tools is the issuing of tax-exempt municipal bonds to raise the necessary capital for these expenditures. The statement focused on APGA’s support for topics addressed during the hearing. During the hearing, LaShea Lofton of PFN emphasized the need for Congress to protect the tax-exempt status of municipal bonds and pass legislation like the APGA-supported American Infrastructure Bonds Act. 
 
In the statement that APGA and other stakeholders submitted, two key points were highlighted from Lofton’s testimony that APGA members should especially be glad to see:
 
  • The tax exemption of municipal bonds should be fully maintained as a critical tool for states, local governments, and nonprofits to invest in the vital infrastructure that supports local community needs; and
  • Enacting federal bond modernization provisions [like the American Infrastructure Bonds Act] will further enhance this financial tool and unlock additional infrastructure investment in urban, suburban, and rural communities.

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PFN Statement SFC Hearing 7 30 24 FINAL.pdf   154 KB   1 version
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