Congressmen David Kustoff (R-TN) and Dutch Ruppersberger (D-MD) introduced the "Investing in Our Communities Act." This bipartisan legislation will restore tax-exempt advance refunding for municipal bonds so state and local governments can more efficiently invest in projects throughout their communities. The bill was cosponsored by: Reps. Andy Barr (R-KY), Brian Fitzpatrick (R-PA), Andrew Garbarino (R-NY) Dan Kildee (D-MI), Derek Kilmer (D-WA), and Gwen Moore (D-WI).

CDFA's Director of Government & External Affairs, Mitchell Smith, was interviewed by Brett Bolton, Bond Dealers of America's (BDA) Vice President of Federal Legislative & Regulatory Policy. On this episode of "Bonding Time," they discussed CDFA's legislative agenda for the 118th Congress, the overlapping priorities between CDFA and BDA, the growth of the municipal bond advocacy community in Washington, and the overall outlook for legislation in 2023.

The U.S. Department of the Treasury and the Internal Revenue Service (IRS) released proposed guidance on the new clean vehicle provisions of the Inflation Reduction Act that will lower costs for consumers, build a resilient industrial base and spur manufacturing in the U.S., and strengthen supply chains that are vital for energy security. This guidance will help ensure that American workers, companies, and consumers continue to benefit from private sector investment in clean vehicle and battery supply chains. 

Revolving Loan Fund Week is coming up next month, with the Intro Revolving Loan Fund Course on May 1-2 followed by the Advanced Revolving Loan Fund Course on May 3-4. Register for one or both of these courses to learn from experts about developing, implementing, and managing revolving loan fund programs that are efficient and impactful.

The Inflation Reduction Act (IRA) changed a wide range of tax laws and includes over $320 billion in new and expanded incentives for energy efficiency, renewable and clean energy investments, fleet decarbonization, infrastructure improvements, and other sustainability-related investments.  The effective dates of various provisions began applying on January 1, 2023, and under the IRA, the changes will be implemented over an approximately 10-year plan period. 

The U.S. Department of the Treasury and the Internal Revenue Service (IRS) released a notice of proposed rulemaking for the Advanced Manufacturing Investment Credit (CHIPS ITC) established by the CHIPS Act. By providing clear guidance to utilize the CHIPS ITC, Treasury is mobilizing key tax incentives for investments in facilities that manufacture semiconductors or semiconductor manufacturing equipment – helping to spur job growth and bolster economic prosperity and national security.

The fallout from the messy election of Rep. Kevin McCarthy as House speaker has the potential to create "chaos" for the next farm bill. Zack Clark of the American Sugar Beet Growers Association said part of the dealing within the Republican Party that led to McCarthy's drawn-out win was "a House rules change," which will allow amendments to the farm bill to be offered on the House floor and not committee. Some of those amendments could be "poison pills," from those who don't like the bill.

U.S. Senators Chris Coons (D-Delaware) and John Cornyn (R-Texas) reintroduced their bipartisan Hydrogen Infrastructure Initiative, a package of four bills to support the adoption of hydrogen in energy-intensive sectors. The Hydrogen Infrastructure Initiative is comprised of four pieces of legislation that provide targeted support to high-value end-use applications of hydrogen and the buildout of infrastructure needed to transport, store and deliver hydrogen. 

The U.S. Department of Transportation opened applications for the Charging and Fueling Infrastructure (CFI) Discretionary Grant Program, established by the Bipartisan Infrastructure Law, which will provide $2.5 billion over five years to fund electric vehicle (EV) charging and alternative-fueling infrastructure in communities across the country and along designated highways, interstates, and major roadways.

The Los Angeles International and Hollywood Burbank have received $31 million and $30 million, respectively, from the Bipartisan Infrastructure Law. The $31 million for LAX is earmarked for the terminal roadways project that's part of the $5.5 billion ground access overhaul now well under way. Other overhaul components include a $2 billion automated people mover project nearing completion and a $1 billion consolidated car rental facility.

The U.S. Environmental Protection Agency (EPA) is putting $65 million from the Bipartisan Infrastructure Law toward cleanups at three Superfund former mining sites in Montana. They are all home to dozens of former mines that polluted ground and surface waters, and soils, with heavy metals and other mining chemicals due to mining that occurred from the late 1880s into the early-to-mid 1900s.

Reserve your spot at the 2023 CDFA Federal Policy Conference on April 11-12, 2023, in Washington, D.C. CDFA, with sponsorship by Ice Miller LLP and the National Development Council, will bring together leaders from the Biden administration, Congress, federal agencies, and the development finance industry to discuss the massive infrastructure investments made by the 117th Congress as well as the development finance challenges that state and local governments continue to face. Space is limited; act fast!

The U.S. Department of Agriculture (USDA) is seeking nominations for individuals to serve on the Advisory Committee on Minority Farmers. This committee recommends solutions to challenges faced by minority farmers and ranchers and is part of USDA's commitment to advance equity for all, especially for farmers and producers in underserved communities. The Committee is administered by USDA's Office of Partnerships and Public Engagement.

The U.S. Department of Agriculture (USDA) has developed a simplified direct loan application to improve customer experience for producers applying for loans from the Farm Service Agency (FSA). The simplified direct loan application enables producers to complete a more streamlined application, reduced from 29 to 13 pages. Producers will also have the option to complete an electronic fillable form or prepare a paper application for submission to their local FSA farm loan office.

The U.S. Environmental Protection Agency (EPA) announced the approval of $3 million for New Jersey to combat the climate crisis and generate a cleaner economic output. These funds were issued under the Inflation Reduction Act's Climate Pollution Reduction, which provides planning funds to local governments across the country. With the funds, some New Jersey government officials hope to reach the state's goal of decreasing carbon emissions by 80% by 2050.

The collapse of Silicon Valley Bank and Signature Bank, the second and third largest bank failures in U.S. history, will likely force regulators to take a closer look at depository institutions and their related affiliates and is prompting a Dodd-Frank-like scenario where muni leaders may be called to testify in front of Congress to provide critical information about public finance.

The U.S. Department of Agriculture (USDA) State of Oklahoma Rural Development Director Kenneth Corn went across the Arkansas border to make a $50-million loan to Arkansas Valley Electric Cooperative. The loan will help Arkansas Valley Electric Cooperative continue to improve electricity and broadband for its customers, some of whom live in LeFlore and Sequoyah counties.

The Economic Development Administration (EDA) has published a new Public Works and Economic Adjustment Assistance Notice of Funding Opportunity (NOFO).  The Public Works program provides resources to meet the construction and/or infrastructure design needs of communities to enable them to become more economically competitive. See the NOFO for a list of supported activities. Applications will be accepted on an ongoing basis.