Tom Kozlik, managing director and head of public policy & municipal strategy for HilltopSecurities, worries  2025 could spell the end of the municipal bond tax exemption. "Lawmakers will need enhanced pay-fors, putting a substantial target on the municipal bond tax exemption," Kozlik said. "I think there is a 50% or greater chance the municipal bond tax exemption will be significantly curtailed or even completely eliminated in 2025."

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