I write to draw your attention to a relatively obscure provision in the tax code with enormous implications for infrastructure and public finance. Tax reform season is upon us, and many of us
would like to see a comprehensive bipartisan bill put forth that addresses the wrenching complexity, unfairness, and inefficiency of the current tax code. Yet we face the prospect of changes that would prohibit some types of tax-exempt state and local government
bonds and needlessly hamstring others. This could have unintended consequences for infrastructure repair and development for broad swaths of the nonprofit community and municipal finance world.