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Council discusses federal threat to municipal bond tax exemption; administration to coordinate outreach
Summary
Council discussed a House Ways and Means Committee item that would remove the tax exemption for municipal bond interest. Staff and council members outlined outreach to state and federal representatives, Ohio Municipal League, and municipal finance organizations to oppose changes that could raise local borrowing costs.
Council members and staff discussed federal proposals released by the U.S. House Ways and Means Committee that could remove the tax exemption on interest from municipal bonds, a change the city says would raise borrowing costs for local governments.
Council Member Schnetzer and Mr. Weaver summarized how the item surfaced in a 51‑page Ways and Means document identifying potential deficit‑offset options for extending the 2017 Tax Cuts and Jobs Act provisions. "The CBO scored removing the…
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