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To amend the Internal Revenue Code of 1986 to restore treatment of State and local bonds which are guaranteed by a Federal home loan bank as not federally guaranteed for purposes of determining their tax- exempt status.
Summary
This bill amends the Internal Revenue Code to change how State and local bonds backed by Federal Home Loan Banks are treated for tax purposes. It removes a previous time limit on a provision that allowed these bonds to retain their tax-exempt status even when backed by a Federal Home Loan Bank guarantee. The bill also updates the safety and soundness standards for such guarantees to be set by the Director of the Federal Housing Finance Agency rather than using fixed standards. These changes apply to new guarantees issued after the bill becomes law.
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)
10 cosponsors
- Rep. Beatty, Joyce [D-OH-3] (D-OH)
- Rep. Horsford, Steven [D-NV-4] (D-NV)
- Rep. Kim, Young [R-CA-40] (R-CA)
- Rep. LaHood, Darin [R-IL-16] (R-IL)
- Rep. Liccardo, Sam T. [D-CA-16] (D-CA)
- Rep. Perez, Marie Gluesenkamp [D-WA-3] (D-WA)
- Rep. Salazar, Maria Elvira [R-FL-27] (R-FL)
- Rep. Stutzman, Marlin A. [R-IN-3] (R-IN)
- Rep. Tenney, Claudia [R-NY-24] (R-NY)
- Rep. Williams, Nikema [D-GA-5] (D-GA)
Actions (2)
- Mar 3, 2026 Referred to the House Committee on Ways and Means. · house
- Mar 3, 2026 Introduced in House
Similar bills (6)
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Full text
IN THE HOUSE OF REPRESENTATIVES
March 3, 2026
Mrs. McClain (for herself, Mr. Liccardo, Ms. Tenney, Mr. Horsford, Mr. LaHood, and Ms. Perez) 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 restore treatment of State and local bonds which are guaranteed by a Federal home loan bank as not federally guaranteed for purposes of determining their tax- exempt status.
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 “Municipal Investment and Neighborhood Transformation Act” or the “MINT Act”.
SEC. 2. FEDERAL HOME LOAN BANK LETTERS OF CREDIT ON TAX-EXEMPT BONDS.
(a) In General.—Clause (iv) of section 149(b)(3)(A) of the Internal Revenue Code of 1986 is amended by striking “made in connection with the original issuance of a bond during the period beginning on the date of the enactment of this clause and ending on December 31, 2010”.
(b) Safety and Soundness Requirements.—Subparagraph (E) of section 149(b)(3) of the Internal Revenue Code of 1986 is amended by striking “which are at least” and all that follows through the period and inserting “as are established by the Director of the Federal Housing Finance Agency from time to time.”.
(c) Effective Date.—The amendments made by this section shall apply to guarantees made after the date of enactment of this Act. <all>
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