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Commissioner warns federal change to municipal-bond tax exemption could raise Bradley County borrowing costs
Summary
Commissioner Milan Blake told the Bradley County Commission that a proposed federal limit on the tax exemption for municipal-bond interest could increase interest rates on county borrowing, citing an $18 million example that could cost the county about $2.7 million more over 20 years; Blake put a motion on the June 2 agenda to ask the county's federal delegation to oppose the change.
Milan Blake, a Bradley County commissioner, told colleagues at the May 27 work session that federal proposals to limit or eliminate the federal tax exemption for municipal-bond interest would raise borrowing costs for the county and could lead to higher local taxes, fewer infrastructure projects, or delays in services.
Blake said the exemption currently lets investors accept lower…
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