Late last week, the House-Senate Conference Committee released its version of the Tax Cuts & Jobs Act. As you will recall, the House version of the bill effectively terminated Private Activity Bonds (PABs) by ending their tax-exempt status. In contrast, the Senate’s version maintained the status quo. We are happy to report the Conference Report (i.e. the version of the bill to be presented to both chambers for final passage) does not change the tax-exempt status of PABs. The measure “[retains] the tax-preferred status of private-activity bonds that are used to finance valuable infrastructure projects.” Thanks to all of you who helped lobby both houses of Congress on this important issue in recent weeks. We are thankful ARTBA played a leading role in this effort, working with our association, many of our members and several other national organizations. Within the past week, we also owe a special thanks to Chairman Sam Graves (R-Missouri) of the House Highways & Transit Subcommittee and 38 of his Republican colleagues who signed a public letter supporting PABs. We are reviewing the entire bill and will report on provisions of interest to the transportation construction industry shortly. Please let us know if you have any questions in the meantime.