Rep. Steven Horsford is expected to fill the vacant seat on the Ways and Means Committee that was left open after the passing of Rep. Bill Pascrell last month. In order to officially take on this new role, Horsford will need to be nominated by his party’s Steering and Policy Committee and approved by the caucus. This process will solidify his position on the committee, allowing him to work on important public finance issues that impact communities in Nevada and across the country.
Horsford previously served on the Ways and Means Committee for two terms before being removed when the Republicans gained control of the House. During his time in Congress, he has shown support for initiatives such as the Infrastructure Investment and Jobs Act, which allocated $4 billion in funding to Nevada for various improvements. He has also been active in energy-related projects, advocating for tax credits for energy grid enhancements.
Recent polls suggest that Horsford is likely to win re-election in Nevada’s fourth district, despite facing former Las Vegas Mayor John Lee as a competitor. Lee has received endorsements from former President Trump and Nevada’s Republican Governor, Joe Lombardo. Horsford made history in 2013 as the first Black lawmaker to represent Nevada and currently serves as the Chair of the Congressional Black Caucus.
The Ways and Means Committee is expected to play a crucial role in determining the fate of various provisions of the Tax Cuts and Jobs Act, set to expire in 2025. Former President Trump has voiced his commitment to making the legislation permanent, including further cuts to the corporate tax rate. The future of the TCJA is a significant concern for the municipal bond market, as it imposed a $10,000 cap on the state and local tax deduction and eliminated the advance refunding of tax-exempt bonds.
The outcome of the next election will greatly impact the direction of the TCJA. If the Democrats regain control of the House, Ranking Member Richard Neal is expected to take over as chair of the Ways and Means Committee. However, if the Republicans maintain their majority, Chair Jason Smith will likely retain control. The passing of Rep. Pascrell has added further uncertainty to the future of the committee and its decisions regarding tax policies.
Rep. Steven Horsford’s nomination to the Ways and Means Committee signifies a potential shift in the direction of public finance legislation. With his experience and dedication to issues such as infrastructure and energy, he has the opportunity to make a meaningful impact on tax policies that affect communities both locally and nationally. The outcome of the upcoming election will play a significant role in determining the future of the Tax Cuts and Jobs Act and its implications for the municipal bond market.