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To amend the Internal Revenue Code of 1986 to reinstate advance refunding bonds.
Summary
This bill repeals a provision of the 2017 Tax Cuts and Jobs Act that prohibited advance refunding bonds, thereby reinstating the ability of state and local governments to issue these bonds. Advance refunding bonds allow governments to refinance existing municipal debt before it matures, potentially at better interest rates. The repeal becomes effective upon enactment of this bill.
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)
- Sen. Wicker, Roger F. [R-MS] (R-MS)
13 cosponsors
- Sen. Baldwin, Tammy [D-WI] (D-WI)
- Sen. Barrasso, John [R-WY] (R-WY)
- Sen. Bennet, Michael F. [D-CO] (D-CO)
- Sen. Blumenthal, Richard [D-CT] (D-CT)
- Sen. Boozman, John [R-AR] (R-AR)
- Sen. Britt, Katie Boyd [R-AL] (R-AL)
- Sen. Capito, Shelley Moore [R-WV] (R-WV)
- Sen. Hyde-Smith, Cindy [R-MS] (R-MS)
- Sen. Klobuchar, Amy [D-MN] (D-MN)
- Sen. Van Hollen, Chris [D-MD] (D-MD)
- Sen. Warner, Mark R. [D-VA] (D-VA)
- Sen. Warnock, Raphael G. [D-GA] (D-GA)
- Sen. Welch, Peter [D-VT] (D-VT)
Actions (2)
- Apr 10, 2025 Read twice and referred to the Committee on Finance. · senate
- Apr 10, 2025 Introduced in Senate
Similar bills (6)
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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(a) In General.—The amendments made by section 13532 of Public Law 115-97 are repealed and the provisions of law amended by such section are restored as if such section had never been enacted.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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