The National Association of State Treasurers is taking a seat on a U.S. House advisory council with plans to press for the tax exemption for municipal bond interest and improvements to college savings plans.

"We are pleased to join a bipartisan group meant to increase cooperation among local, state, and federal governments," Ken Miller, Oklahoma's state treasurer and president of the National Association of State Treasurers (NAST), told Bloomberg BNA. "We will discuss tax reform, and the municipal bond exemption is an important item for us."

NAST announced Aug. 10 that it was appointed to the advisory council of the House’s Task Force on Intergovernmental Affairs Aug. 9 by Speaker Paul D. Ryan (R-Wis.) and Minority Leader Nancy Pelosi (D-Calif.). The bipartisan council was established this summer to seek input from state and local governments on issues ranging from tax reform to infrastructure.

"State and local governments will want to preserve the existing rule for tax exemption of municipal bond interest because to eliminate it would increase the cost of borrowing," Charles S. Henck, a Ballard Spahr LLP partner who practices in public finance and tax law, told Bloomberg BNA.

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