,,iv  #aacth ,,congress  #ast ,session  
,h4 ,,res4 #aab  ,,in ,,the ,,house ,,of
 ,,representatives  ,march #ac1 #bjac   
,mr4 ,terry 7for himself and ,mr4 ,neal7
 submitted the following resolution2    
which was referred to the ,committee on 
,ways and ,means  ,,resolution          
,celebrating the history of municipal   
bonds1 the #ajj-year precedent of the   
,federal tax exemption for municipal    
bond interest1 and the important        
contribution municipal bonds have made  
to economic growth and wellbeing in each
 ,state and municipality in our great   
,nation4  ,whereas in the #bjj years    
since the first recorded municipal bond 
was issued by the ,city of ,new ,york to
 build a canal1 municipal bonds have    
helped build a strong economy and       
provide for the health and welfare of   
our citizenry2 ,whereas three-quarters  
of all infrastructure investments made  
in the ,united ,states are financed by  
municipal bonds2 ,whereas municipal     
bonds finance infrastructure projects   

that touch the daily lives of every     
,american citizen and business--roads we
 drive on1 schools and education for our
 children1 affordable family housing1   
water systems that supply safe drinking 
water1 courthouses1 hospitals and       
clinics to treat the sick1 airports and 
ports that help move products           
domestically and overseas1 and utility  
plants that power our homes1 businesses1
 and factories2 ,whereas interest on    
municipal bonds is exempt from ,federal 
taxation as part of the principle of    
reciprocal immunity under which the     
,federal ,government is exempt from     
,state and local taxation and ,state and
 local governments are exempt from      
,federal taxation2 ,whereas the ,federal
 ,revenue ,act of #aiac codified this   
principle as part of the ,federal income
 tax by exempting from income tax the   
interest on municipal bonds2 ,whereas   
exempting municipal bond interest from  
,federal taxation reduces the cost of   
infrastructure financing by ,state and  

local governments2 ,whereas reduced     
infrastructure costs for ,state and     
local governments allow for greater     
infrastructure investments and savings  
passed directly to taxpayers and        
ratepayers in the form of reduced taxes 
and fees2 ,whereas1 because of critical 
infrastructure needs1 it is estimated   
that in #bjac1 #cjj billion of municipal
 bonds will be issued2 ,whereas keeping 
infrastructure costs low is critical for
 job creation and rebuilding            
infrastructure is crucial to our        
,nation's ,state and local economies1   
including power generation1             
distribution1 and transmission2 ,whereas
 the ability of municipal bonds and the 
#ajj-year precedent of the ,federal     
income tax exemption for municipal bonds
 provides ,state and local governments  
timely access to cost-effective capital2
 and ,whereas the ,federal tax exemption
 for municipal bond interest is a       
cost-effective financing vehicle        
available to ,state and local           

governments3 ,now1 therefore1 be it     
,that the ,house of ,representatives--  
7#a7 celebrates the history of municipal
 bonds2  7#b7 celebrates the #ajj-year  
precedent of the ,federal tax exemption 
for municipal bond interest2 and  7#c7  
celebrates the important contribution   
municipal bonds have made to the        
economic growth and wellbeing in each   
,state and municipality in our great    
,nation4