IML 2012 Session: Repealing Tax-Exemption – A Clear and Present Danger


Recorded October 20, 2012 at 2012 Illinois Municipal League Conference

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In response to proposed legislation that would repeal or limit the tax exemption of municipal bonds, panelists discussed concerns related to altering the tax status of municipal bonds and the negative repercussions on the lives and pocketbooks of nearly every citizen resulting from any dramatic changes to the market. Local governments who have tax exempt bonds do so to take advantage of the lower costs and stability offered to build infrastructure and spur the creation of associated jobs. Repealing or limiting tax exemption for these projects will dramatically increase borrowing costs reducing the feasibility of many of these projects.


  • Ronald P. Bernardi, President & CEO, Bernardi Securities (moderator)
  • Matt Posner, Director/Legislative Coordinator, Municipal Market Advisors
  • Michael D. Belsky, New Vernon Wealth Management

Guest speaker: Mike Quigley, U.S. Representative, Illinois 5th Congressional District

For a summary of this conversation, please read the January 2013 market update Repealing Tax Exemption: A Clear and Present Danger and watch the brief summary video.