Private financing tool rejected in House tax bill
From Transport Topics Tax breaks designed to help the private sector finance infrastructure projects were not included in a Republican tax overhaul bill President Donald Trump would consider by the end of the year. The Republican-led tax-writing Ways and Means Committee shot down Nov. 8 a push by a Democrat that would have ensured that…
From Transport Topics
Tax breaks designed to help the private sector finance infrastructure projects were not included in a Republican tax overhaul bill President Donald Trump would consider by the end of the year.
The Republican-led tax-writing Ways and Means Committee shot down Nov. 8 a push by a Democrat that would have ensured that tax breaks for private activity bonds remain in the massive legislation.
The amendment Rep. Suzan DelBene (D-Wash.) offered during the bill’s markup hearing was rejected along party lines three days into the bill’s consideration. Ways and Means kicked off its markup Nov. 6. The legislation is expected to reach the House floor by the week of Nov. 13.
Senate leaders indicated they would proceed with their version after House passage.
Private activity bonds are key for financing public-private partnerships. Private firms and nonprofit groups access the bonds to proceed with municipal projects. The tax bill managed by Ways and Means Chairman Kevin Brady (R-Texas) would do away with the exemption for private activity bonds.