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Your March 5 front-page article about tax-exempt corporate bonds, "A Stealth Tax Subsidy for Business Faces New Scrutiny," did not mention important concerns that have been raised by local public officials across the country about exemptions being curtailed or ended as part of a tax reform agenda.
We strongly support the tax exemption for public bonds that finance public projects, such as repairs and expansion of schools, bridges, highways, and water and sewer systems. While we do not condone the use of tax exemptions for corporations that would do business in a jurisdiction even without the exemptions, we do support them for private activity in economically distressed areas and following a natural or man-made disaster.
The federal tax exemption on bonds for public spending, however, is crucial to cities and counties providing basic services to their residents. During the past decade, municipal bonds financed over $1.65 trillion in public service projects. In typical market conditions, the tax exemption can save taxpayers two percentage points on bonds. The investments also create jobs.
Meanwhile, no additional funding from Washington is in the pipeline for infrastructure projects, and transportation funds are flat. The tax-exempt bonds are all local officials have to finance major projects as we continue to struggle from the Great Recession.
Without them, the public will be forced to pay a regressive tax resulting from higher interest rates or will have to make do with deteriorating schools, highways, and water and sewer systems. We strongly urge the White House and Congress to preserve this important financing tool.
TOM COCHRAN
Executive Director
United States Conference of Mayors
Washington, March 7, 2013
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Letter: The U.S. Conference of Mayors, on Tax-Exempt Bonds
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Letter: The U.S. Conference of Mayors, on Tax-Exempt Bonds
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