S 3941 Re-checks Congress.gov for new actions and updates the bill's status, and fills in any sponsors, committees, or related bills that are missing. It does not re-pull sponsors/cosponsors/committees/related — those rarely change — and it skips all work if nothing has changed upstream, so it's cheap to click.
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 tax code to restore tax-exempt status for state and local bonds guaranteed by Federal Home Loan Banks. Previously, such guarantees were only treated as non-federally guaranteed for tax purposes if made before December 31, 2010. The bill removes this time limitation, allowing bonds guaranteed by Federal Home Loan Banks after the bill's enactment to retain their tax-exempt status. It also updates the safety and soundness requirements for such guarantees to be set by the Federal Housing Finance Agency director on an ongoing basis.
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)
4 cosponsors
- Sen. Bennet, Michael F. [D-CO] (D-CO)
- Sen. Blackburn, Marsha [R-TN] (R-TN)
- Sen. Justice, James C. [R-WV] (R-WV)
- Sen. Young, Todd [R-IN] (R-IN)
Actions (2)
- Feb 26, 2026 Read twice and referred to the Committee on Finance. · senate
- Feb 26, 2026 Introduced in Senate
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 SENATE OF THE UNITED STATES
February 26, 2026
Ms. Cortez Masto (for herself, Mr. Young, and Mr. Justice) 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 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>
Comments