Saving Tax Exemption a Top Priority For Mayors

The President of the U.S. Conference of Mayors said Thursday that saving tax-exemption is one of the highest priorities of the group. Speaking to reporters here at the group’s 81st winter meeting, Michael Nutter, the mayor of Philadelphia, said “tax-exempt financing is critically important to cities for building infrastructure” and that capping tax-exemption would be “a problem for us.” A 28% cap, he said, would raise cities’ borrowing costs and be detrimental to their finances, projects and jobs. Meanwhile, during a panel session on metro economies, the managing director of a broker dealer group said the municipal bond market “dodged a bullet” when the 28% cap on the value of tax exemption was not included in the fiscal cliff agreement adopted Jan. 1.

Bond Buyer

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