For decades, Tribal governments have faced barriers in accessing the same financial tools available to municipalities and states. The most significant of these is the “essential governmental function” restriction, which limits the types of projects that Tribes can finance with tax-exempt bonds. But recent legislation could finally change that. This article focuses on H.R. 8318, the Tribal Tax and Investment Reform Act of 2024. Though the bill did not make it through the 118th Congress, a new, but similar, bill – S.2022, Tribal Tax and Investment Reform Act of 2025 – was introduced on June 11, 2025, and has been referred to the Committee on Finance making this information still highly relevant.
This bipartisan bill aims to amend the Internal Revenue Code to allow Indian Tribal governments to issue tax-exempt debt on par with state and local governments. The change would eliminate outdated restrictions that have long disadvantaged Tribes seeking to fund economic development, infrastructure, and community services.
READ THE FULL ARTICLE BY MICHAEL GARROW IN THE FALL 2025 EDITION OF GAMING & LEISURE MAGAZINE.