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7.
LEGISLATION COMMITTEE
Meeting Date:
07/11/2016
Subject:
Private Activity Bonds for Government Buildings
Submitted For:
LEGISLATION COMMITTEE
Department:
County Administrator
Referral No.:
2016-24
Referral Name:
Private Activity Bonds for Government Buildings
Presenter:
Lara DeLaney
Contact:
L. DeLaney, 925-335-1097
Information
Referral History:
H.R.5361 was introduced in House on May 26, 2016 and would amend the Internal Revenue Code of 1986 to provide for the tax-exempt financing of certain government-owned buildings. The County Administrator has recommended that the Committee consider including support for legislation that would create a new category of private activity bonds for governments to join with private parties to help finance government buildings. This would require an amendment to the adopted 2016 Federal Platform by the Board of Supervisors.
Referral Update:
Proposed policy amendment for the Federal Platform:
Private Activity Bonds for Government Buildings
– The County will support legislation that would create a new category of private activity bonds for governments to join with private parties to help finance government buildings. The tax-exempt bonding mechanism would allow state and local governments to issue private activity bonds to finance the construction and upkeep of certain publicly owned buildings. The County will support amending the federal tax code to provide another layer of tax-exempt financing that would encourage the use of public-private partnerships.
Attachment A includes the text of H.R. 5361.
Attachment B includes a redlined version of the the amended Federal Platform.
Recommendation(s)/Next Step(s):
RECOMMEND to the Board of Supervisors an amendment to the County's adopted Federal Platform to include support for creating a new category of private activity bonds for governments to join with private parties to help finance government buildings, as recommended by CAO staff.
Attachments
Attachment A: H.R. 5361 bill text
Attachment B: Adopted Federal Platform, redlined revision
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