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Aurora City Council backs federal tax exemption for municipal bonds, asks delegation to preserve it
Summary
Councilmember Curtis Gardner presented a resolution urging Congress to preserve the federal tax-exempt status of municipal bonds; council moved the resolution forward without objection so it can be forwarded to the city's federal delegation.
Aurora City Council on Monday unanimously agreed to move forward a resolution urging Congress to maintain the federal tax-exempt status of municipal bonds.
Council member Curtis Gardner said recent federal budget discussions have included proposals to remove the tax-exempt status from municipal bonds, an action he and others warned would increase borrowing costs for local governments. Gardner said national municipal associations have been advocating to preserve the exemption and that the council’s resolution would ask the city’s congressional delegation to oppose any change that would eliminate the exemption.
Council moved the resolution forward to the regular meeting with no objection so staff can finalize the resolution and forward it to the city’s delegation.
