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S 1481
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LOCAL Infrastructure Act

To amend the Internal Revenue Code of 1986 to reinstate advance refunding bonds.

Introduced Apr 10, 2025

Latest action (Apr 10, 2025) Read twice and referred to the Committee on Finance.

Referred to
Finance Committee
Policy area
Taxation
Issues
Economy & Taxes

Summary
  • Repeals section 13532 of the Tax Cuts and Jobs Act, which had prohibited the issuance of advance refunding bonds after 2017.
  • Restores the previous law allowing state and local governments to issue advance refunding bonds for refinancing existing bonds before maturity.
  • Takes effect on the date of enactment.

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)
13 cosponsors

Actions (2)
  1. Apr 10, 2025 Read twice and referred to the Committee on Finance. · senate
  2. Apr 10, 2025 Introduced in Senate

Full text

IN THE SENATE OF THE UNITED STATES

April 10, 2025

Mr. Wicker (for himself, Mr. Bennet, Mrs. Britt, Mrs. Hyde-Smith, Mr. Boozman, Mr. Barrasso, Mr. Warnock, and Mr. Warner) introduced the following bill; which was read twice and referred to the Committee on Finance

A BILL

To amend the Internal Revenue Code of 1986 to reinstate advance refunding bonds.

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 “Lifting Our Communities through Advance Liquidity for Infrastructure Act” or the “LOCAL Infrastructure Act”.

SEC. 2. REINSTATEMENT OF ADVANCE REFUNDING BONDS.

(a) In General.—The amendments made by section 13532 of Public Law 115-97 are repealed and the provisions of law amended by such section are restored as if such section had never been enacted.

(b) Effective Date.—The repeal made by this section shall take effect on the date of enactment of this Act. <all>

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