,,iv  #aac? ,,congress  #a/ ,session    
,h4 ,,res4 #aab  ,,9 ,,! ,,h\se ,,(     
,,repres5tatives  ,m>* #ac1 #bjac ,mr4  
,t]ry 7= himself & ,mr4 ,neal7 submitt$ 
! foll[+ resolution2 :i* 0 ref]r$ to !  
,committee on ,ways & ,means            
,,resolution  ,celebrat+ ! hi/ory (     
municipal bonds1 ! #ajj-ye> prec$5t ( ! 
,f$]al tax exemption = municipal bond   
int]e/1 & ! important contribution      
municipal bonds h made to economic gr[? 
& wellbe+ 9 ea* ,/ate & municipality 9  
our great ,nation4  ,:]eas 9 ! #bjj ye>s
 s9ce ! fir/ record$ municipal bond 0   
issu$ by ! ,city ( ,new ,york to build a
 canal1 municipal bonds h help$ build a 
/rong economy & provide = ! heal? &     
welf>e ( our citiz5ry2 ,:]eas           
?ree-qu>t]s ( all infra/ructure         
inve/m5ts made 9 ! ,unit$ ,/ates are    
f9anc$ by municipal bonds2 ,:]eas       
municipal bonds f9ance infra/ructure    
projects t t\* ! daily lives ( e        
,am]ican citiz5 & bus9ess--roads we     
drive on1 s*ools & education = our      

*ildr51 af=dable family h\s+1 wat]      
sy/ems t supply safe dr9k+ wat]1        
c\r?\ses1 hospitals & cl9ics to treat ! 
sick1 airports & ports t help move      
products dome/ically & ov]seas1 &       
utility plants t p[] our homes1         
bus9esses1 & factories2 ,:]eas int]e/ on
 municipal bonds is exempt f ,f$]al     
taxation z "p ( ! pr9ciple ( reciprocal 
immunity "u :i* ! ,f$]al ,gov]nm5t is   
exempt f ,/ate & local taxation & ,/ate 
& local gov]nm5ts are exempt f ,f$]al   
taxation2 ,:]eas ! ,f$]al ,rev5ue ,act (
 #aiac codifi$ ?is pr9ciple z "p ( !    
,f$]al income tax by exempt+ f income   
tax ! int]e/ on municipal bonds2 ,:]eas 
exempt+ municipal bond int]e/ f ,f$]al  
taxation r$uces ! co/ ( infra/ructure   
f9anc+ by ,/ate & local gov]nm5ts2      
,:]eas r$uc$ infra/ructure co/s = ,/ate 
& local gov]nm5ts all[ = great]         
infra/ructure inve/m5ts & sav+s pass$   
directly to taxpay]s & ratepay]s 9 ! =m 
( r$uc$ taxes & fees2 ,:]eas1 because ( 
critical infra/ructure ne$s1 x is       

e/imat$ t 9 #bjac1 #cjj billion (       
municipal bonds w be issu$2 ,:]eas keep+
 infra/ructure co/s l[ is critical = job
 creation & rebuild+ infra/ructure is   
crucial to our ,nation's ,/ate & local  
economies1 includ+ p[] g5]ation1        
di/ribution1 & transmission2 ,:]eas !   
ability ( municipal bonds & ! #ajj-ye>  
prec$5t ( ! ,f$]al income tax exemption 
= municipal bonds provides ,/ate & local
 gov]nm5ts timely access to             
co/-effective capital2 & ,:]eas ! ,f$]al
 tax exemption = municipal bond int]e/  
is a co/-effective f9anc+ vehicle       
available to ,/ate & local gov]nm5ts3   
,n[1 !re=e1 be x  ,t ! ,h\se (          
,repres5tatives--  7#a7 celebrates !    
hi/ory ( municipal bonds2  7#b7         
celebrates ! #ajj-ye> prec$5t ( ! ,f$]al
 tax exemption = municipal bond int]e/2 
&  7#c7 celebrates ! important          
contribution municipal bonds h made to !
 economic gr[? & wellbe+ 9 ea* ,/ate &  
municipality 9 our great ,nation4