As part of an overall tax reform effort, the Chairman and Ranking Member
of the Senate Finance Committee have created a hypothetical “blank slate”
in the place of the Federal Tax Code. They have asked each Senator to
justify all expenditures and exemptions. MBFA has responded through
visits and a letter to each Senate office urging recognition that the
exemption on municipal bond interest is a foundation that was part of the
original, 1913 Tax Code under the doctrine of reciprocal immunity.
Download fun facts and trivia about the municipal bond tax exemption here.
Download letter here.