FOR IMMEDIATE RELEASE
February 26, 2014
WASHINGTON – Airports Council International-North America (ACI-NA) today issued the following statement in response to the tax-reform discussion draft released by House Ways and Means Chairman David Camp (R-Mich.):
“Chairman Camp’s proposal to significantly hike interest rates for the municipal bond market is shortsighted and undercuts the long-term needs of U.S. airport infrastructure projects,” said ACI-NA President and CEO Kevin M. Burke. “Bond proceeds by far historically have been the largest sources of funding for airport capital needs, accounting for more than half of total funds for construction, renovation and maintenance projects. Airports have more than $71 billion in capital project needs in just the next five years alone, and given that we already have limited ability locally to raise funding, we cannot afford the higher interest rates that would result from such drastic changes to the municipal bond market.
“Local communities across the country deserve safe, efficient and secure airports, and Chairman Camp’s proposal ultimately would undermine U.S. airports’ means to meet these expectations. Airports will continue to strongly oppose any proposals from Congress or the Administration that threaten the tax exemption on municipal bonds in any way, which time and again have proven to be common-sense, low-cost solutions for funding airport capital improvements.”