LOCAL Infrastructure Act

Bill: 117-s-479
Sponsor: full_name: Sen. Wicker, Roger F. [R-MS]
Introduced: 2021-02-25
Policy area: Taxation
Subjects: Income tax exclusion

Securities

State and local finance
Latest action: action_date: 2021-02-25
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2021-02-25
action_desc: Introduced in Senate
text: <p><b>Lifting Our Communities through Advance Liquidity for Infrastructure Act or the LOCAL Infrastructure Act</b></p> <p>This bill reinstates tax provisions relating to advance refunding bonds. An<i> advance refunding bond </i>is a tax-exempt bond issued by a state or municipality to refinance or consolidate existing bond obligations. </p>

tv_txt: II 117th CONGRESS 1st Session S. 479 IN THE SENATE OF THE UNITED STATES February 25, 2021 Mr. Wicker (for himself, Ms. Stabenow , Mr. Barrasso , Mr. Bennet , Mr. Inhofe , Ms. Baldwin , Mrs. Capito , Mr. Menendez , Mr. Moran , Mrs. Shaheen , Ms. Murkowski , Mr. Van Hollen , Mrs. Fischer , Mr. Boozman , and Ms. Rosen ) 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.

1. Short title This Act may be cited as the Lifting Our Communities through Advance Liquidity for Infrastructure Act or the LOCAL Infrastructure Act . 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 Reinstatement of advance refunding bonds (a) In general The amendments made by section 13532 of Public Law 115–97 are repealed and the provisions of law amended by such section are restored as if such section had never been enacted.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.