Help preserve & protect tax-exempt bonds! Please copy the text from this letter and place it on your organization's letterhead. Modify the RED areas to reflect your particular agency. Fill in and send this letter of support to every member of Congress from your state. Any and all outreach is critical to gaining support in Congress.

Tax reform is once again working its way through Congress. With significant pressure from the Trump Administration to address and renew tax provisions of the 2017 Tax Cuts & Jobs Act (TCJA), Congress is working to find potential revenue savings to pay for these extensions. Once again, tax-exempt bonds have become a target for potential elimination. Private Activity Bonds (PABs), the primary bond issued for economic development projects, nonprofits, hospitals, and much more, are under serious attack. Like 2017, CDFA and a national coalition of stakeholders are fighting to preserve and protect all bonds. During the CDFA Advocacy Briefing: Preserve & Protect Tax-Exempt Bonds, experts discuss the threat to tax-exempt bonds and how you can get engaged to help preserve and protect this bedrock development finance tool.

One of the biggest issuers in the municipal bond market is warning it may need to scale back its borrowing plans if federal lawmakers eliminate the tax exemption on municipal debt. The Metropolitan Transportation Authority (MTA), which runs New York City's transit system, anticipates selling $13 billion of debt to help support its 2025—2029 capital plan. However, the MTA would need to lower that amount to about $10 billion if the agency were forced to sell taxable bonds rather than tax-exempt.

Join CDFA for our upcoming Bond Finance Week! The Intro Bond Finance Course will take place on March 10-11 followed by the Advanced Bond Finance Course on March 12-13. Register for one or both of these courses to learn from experts how to bring economic growth to your community by utilizing the vast resources of the bond finance industry.

Uncertainty can cause concern. But it can also provide opportunities. This is why we're hosting the annual CDFA Federal Policy Conference this April 15-16 in Washington D.C. This is your chance to hear from—and be heard by—the people influencing the development finance industry at the federal level. This isn't just a networking conference with informative breakout sessions, it's a chance to sit at the table and talk with representatives from federal agencies. Save your seat at this important meeting of the minds, and help us turn uncertainty into opportunity. Register today!

The Bond Buyer's 2025 Predictions report, sponsored by Build America Mutual, provides insights into the municipal finance industry's outlook, covering macroeconomic trends, policy and regulatory uncertainty, and technology adoption. Based on a survey of municipal finance professionals, it highlights tax policy changes as the biggest challenge, with healthcare, higher education, and affordable housing sectors facing significant struggles. The report also stresses the need for a substantial increase in municipal bond volume to address rising infrastructure demands, though funding may fall short.

Elon Musk says he's doing a talk with JPMorgan Chase CEO Jamie Dimon. It comes just weeks after Dimon offered to help the billionaire with his government cost-cutting initiative. In a Spaces event live-streamed on X, Musk said that the talk would be aimed at convincing bond markets that his DOGE cost-cutting initiative should instill confidence in U.S. debt. Musk was joined by former DOGE co-lead Vivek Ramaswamy and Republican senators Joni Ernst of Iowa and Mike Lee of Utah. However, whether DOGE's cuts will have a tangible, direct impact on the bond market remains uncertain.

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