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Reinvest in Public Schools Act of 2026
To amend the Internal Revenue Code of 1986 to allow certain advance refunding bonds for public school districts to be tax-exempt.
Summary
This bill would amend the tax code to allow state and local governments to issue tax-exempt advance refunding bonds specifically for public school construction, rehabilitation, repair, and land acquisition. Advance refunding bonds are bonds issued to refinance or pay off existing debt. The tax exemption would apply when 100 percent of the bond proceeds are dedicated to public school facility projects. The bill includes protections against abusive transactions designed to exploit arbitrage advantages while maintaining the tax benefit. The provision would be effective for bonds issued after the bill's enactment, making school facility financing potentially more affordable for districts.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
- Rep. Bell, Wesley [D-MO-1] (D-MO)
1 cosponsor
Actions (2)
- Feb 13, 2026 Referred to the House Committee on Ways and Means. · house
- Feb 13, 2026 Introduced in House
Similar bills (6)
Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.
Full text
IN THE HOUSE OF REPRESENTATIVES
February 13, 2026
Mr. Bell (for himself and Ms. Kelly of Illinois) introduced the following bill; which was referred to the Committee on Ways and Means
A BILL
To amend the Internal Revenue Code of 1986 to allow certain advance refunding bonds for public school districts to be tax-exempt.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the “Reinvest in Public Schools Act of 2026”.
SEC. 2. CERTAIN ADVANCE REFUNDING BONDS FOR PUBLIC SCHOOL DISTRICTS MADE TAX-EXEMPT.
(a) In General.—Section 149(d) of the Internal Revenue Code of 1986 is amended—
(1) in paragraph (1), by striking “Nothing” and inserting “Except as provided in paragraph (4), nothing”, and
(2) by adding at the end the following new paragraph:
“(4) Special rule for bonds for certain public school bonds.—
“(A) In general.—In the case of a bond that is—
“(i) issued by a state or local government,
“(ii) not described in subparagraph (B), and
“(iii) 100 percent of the available project proceeds are used for—
“(I) the construction, rehabilitation, or repair of a public school facility, or
“(II) the acquisition of land on which the bond-financed facility is to be constructed, this subsection shall be applied as this subsection was in effect on December 21, 2017.
“(B) Abusive transactions prohibited.—An issue is described in this subparagraph if any bond (issued as part of such issue) is issued to advance refund another bond and a device is employed in connection with the issuance of such issue to obtain a material financial advantage (based on arbitrage) apart from savings attributable to lower interest rates.”.
(b) Determination of Initial Temporary Period.—Section 148(f)(4)(C) of such Code is amended by adding at the end the following new clause:
“(xviii) Special rule for qualified school construction bonds.—In the case of a bond described in section 149(d)(4)(A), for purposes of this subparagraph, the end of the initial temporary period shall be determined without regard to section 149(d)(3)(A)(iv) (as in effect on December 21, 2017).”.
(c) Effective Date.—The amendments made by this section shall apply to advance refunding bonds issued after the date of the enactment of this Act. <all>
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