I 
118TH CONGRESS 
2D SESSION 
H. R. 8396 
To amend the Internal Revenue Code of 1986 to provide a credit for American 
infrastructure bonds, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
MAY 14, 2024 
Ms. SEWELL 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 provide 
a credit for American infrastructure bonds, and for other 
purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Local Infrastructure 
Financing Tools Act’’, or the ‘‘LIFT Act’’. 
SEC. 2. CREDIT TO ISSUER FOR CERTAIN INFRASTRUC-
TURE BONDS. 
(a) IN GENERAL.—Subchapter B of chapter 65 of the 
Internal Revenue Code of 1986 is amended by adding at 
the end the following new section: 
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‘‘SEC. 6431A. CREDIT ALLOWED TO ISSUER FOR AMERICAN 
INFRASTRUCTURE BONDS. 
‘‘(a) IN GENERAL.—In the case of an American in-
frastructure bond, the issuer of such bond shall be allowed 
a credit with respect to each interest payment under such 
bond which shall be payable by the Secretary as provided 
in subsection (b). 
‘‘(b) PAYMENT OF CREDIT.— 
‘‘(1) IN
GENERAL.—The Secretary shall pay 
(contemporaneously with each date on which interest 
is so payable) to the issuer of such bond (or to any 
person who makes such interest payments on behalf 
of such issuer) an amount equal to the applicable 
percentage of such interest so payable. 
‘‘(2) APPLICABLE PERCENTAGE.—For purposes 
of this subsection, except as provided in subsection 
(d), the applicable percentage with respect to any 
bond shall be determined under the following table: 
‘‘In the case of a bond issued 
The applicable 
during calendar year: 
percentage is: 
2024 through 2028 ......................................................................
42%
2029 .............................................................................................
38%
2030 .............................................................................................
34%
2031 and thereafter .....................................................................
30%. 
‘‘(3) LIMITATION.— 
‘‘(A) IN GENERAL.—The amount of any 
interest payment taken into account under 
paragraph (1) with respect to a bond for any 
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payment date shall not exceed the amount of 
interest which would have been payable under 
such bond on such date if such interest were 
determined at the rate which the Secretary esti-
mates will permit the issuance of American in-
frastructure bonds with a specified maturity or 
redemption date without discount and without 
additional interest cost. 
‘‘(B) DATE
OF
RATE
DETERMINATION 
WITH RESPECT TO BOND.—Such rate with re-
spect to any American infrastructure bond shall 
be determined as of the first day on which there 
is a binding, written contract for the sale or ex-
change of the bond. 
‘‘(c) AMERICAN INFRASTRUCTURE BOND.— 
‘‘(1) IN GENERAL.—For purposes of this sec-
tion, the term ‘American infrastructure bond’ means 
any bond (other than a private activity bond) issued 
as part of an issue if— 
‘‘(A) 100 percent of the available project 
proceeds of such issue are to be used for capital 
expenditures or operations and maintenance ex-
penditures in connection with property the ac-
quisition, construction, or improvement of 
which would be a capital expenditure, 
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