Congressman Tim Bishop, Suffolk County Executive Steve Bellone, and Suffolk County Comptroller Joseph Sawicki, Jr. will reveal the significant impact on Suffolk’s budget that would result from changes to the federal income tax exemption for interest earned by municipal bonds. A presentation and press conference will take place on Tuesday, April 9, at 12:30 p.m. in the 12th floor conference room of the H. Lee Dennison Building in Hauppauge.
The interest exemption was recently the subject of a hearing in the House of Representatives’ Committee on Ways and Means as a potential target in major tax reform legislation expected this year.
The politicians believe eliminating the interest exemption would force the county to raise the interest rate on bonds it offers to continue attracting investors. All municipalities who issue bonds would see borrowing costs rise, further straining budgets and hampering investments in our communities. On Tuesday, Bishop, Bellone and Sawicki will detail the importance of the exemption to Suffolk’s fiscal health and discuss why it is critical to supporting essential infrastructure repairs and improvements and job creation.
To hear more, visit the12th floor conference room at the H. Lee Dennison Building at 100 Veterans Memorial Highway in Hauppauge at 12:30 p.m. on Tuesday, April 9.