September 2013 - Parks & Recreation - 24
ADVOCACY
Municipal Bond Interest Tax Exemption at Risk
Park and recreation capital projects could face funding difficulties
By Stacey Pine
A
dmittedly, the topic of tax reform generally does not conjure up images
of park and recreation projects. They are, however, more intertwined
than you may think, and the discussions about tax reform currently
taking place in Congress pose a substantial risk for park and recreation projects.
Impetus for Eliminating the
Municipal Bond Interest Exemption
Our nation's budget deficit has reached
a record level, and the Congressional
Budget Office projects that our deficit will increase at an unprecedented
pace over the next 10 years, growing
from $642 billion in FY 2013 to $895
billion by FY 2023. It is no secret that
our nation's spending far exceeds the
revenue it generates. Due to a dramatic rise in healthcare costs, increased
entitlement spending and interest
payments on our federal debt, spending is not likely to decrease to a level
that will yield a balanced budget. The
22
Parks & Recreation
reality is that restoring our nation's financial stability will require spending
reductions as well as new revenue.
Through sequestration, Congress has
begun taking steps to curb spending,
which means that government leaders
are now turning to the tax code as a
means of generating more revenue.
While revenue discussions always
include a recommendation to raise
taxes, current discussions also include
eliminating various tax exemptions,
such as the tax exemption for interest
earned on municipal bonds.
Since 1913, when our federal tax
system was developed, the federal
| S E P T E M B E R 2 0 1 3 | W W W. N R PA . O R G
government has elected to not tax
interest income earned on investor funding provided for municipal
projects. This public policy was established because the federal government recognized that states and municipalities are the primary funders
of our country's infrastructure, and
the ability of state and local governments to finance essential public
infrastructure projects such as park
and recreation facilities, schools,
roads and hospitals was beneficial to
Americans and vital to our nation's
sustained economic growth.
Despite the benefits, as national
conversations about deficit reduction grew more serious in 2010, government leaders began to explore
all options. At that time, the Simpson-Bowles Commission was con-
September 2013 - Parks & Recreation
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