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Oak Harbor council backs federal tax exemption for municipal bonds
Summary
The Oak Harbor City Council unanimously approved Resolution 25-06 urging Washington’s congressional delegation to preserve the federal tax exemption for municipal bonds, citing higher borrowing costs and impacts to local infrastructure funding if the exemption is eliminated.
The Oak Harbor City Council on March 4 unanimously approved Resolution 25-06 urging the Washington congressional delegation to preserve the federal tax exemption for municipal bonds.
Deputy City Administrator and Finance Director David Goldman told the council that Congress is considering changes to tax law through budget reconciliation that could eliminate the tax-exempt status of municipal bonds. Goldman said tax-exempt municipal bonds let local governments borrow at lower interest rates to finance long-term…
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