Dealers step up lobbying efforts amid tax discussion

Dealers are stepping up lobbying efforts and bringing the Municipal Bonds for America Coalition, a group headed by Bond Dealers of America, back into view as the tax debate begins again.

The coalition, comprising investors, underwriters, municipal advisors, insurers and bond counsel has pounced on the idea of tax reform after President Biden made tax a key issue in his State of the Union Address and followed that up with releasing his budget for 2025 on Monday. That document is already stirring controversy as Biden seeks a minimum 25% tax on the wealthiest Americans, brings the corporate tax rate up to 28% and seeks to raise the corporate minimum alternative tax to 21%.

The MBFA hopes to work more closely with the Public Finance Network to bring one unified voice advocating for protecting the municipal bond tax exemption, expanding the PAB bond cap, restoring tax exempt advance refunding, and raising the bank-qualified debt limit before former President Trump’s Tax Cuts and Jobs Act provisions expire in 2025.

“We think this is a good opportunity in 2025 to get some things across the finish line and work closer with the Public Finance Network,” said Brett Bolton, vice president of federal legislative and regulatory policy for the Bond Dealers of America. “PFN has done some incredible work and we want to work in concert with them and help where needed.”

BDA

“We think this is a good opportunity in 2025 to get some things across the finish line and work closer with the Public Finance Network,” said Brett Bolton, senior vice president of federal legislative and regulatory policy at Bond Dealers of America, and head of MBFA. “PFN has done some incredible work and we want to work in concert with them and help where needed.”

The group was restructured in 2021 to represent buy and sell side stakeholders but had previously been issuer focused.

MBFA is made up of a steering committee and an advisory council with many familiar faces represented. Among its 2023 advisory council are Chris Hamel, former head of municipal finance at RBC Capital Markets, Lynnette Kelly, former chief executive officer of the MSRB, Sheila Amoroso, former head of municipal at Franklin Templeton, Frank Chin, former head of public finance at Citi and Ron Fielding, former head of municipals at OppenheimerFunds, among others.

BDA represents mostly mid-sized firms, but welcomes firms of all sizes to join the initiative, whether on the buy or sell side. Bolton added that the group is also planning to retain outside lobbying resources to bolster and focus the effort.

So far on the agenda for MBFA are fly-ins to Washington D.C. scheduled for June, in addition to another one before the November election.

This article was originally published by Bondbuyer.com. Read the original article here.