summary
Introduced
04/16/2021
04/16/2021
In Committee
04/16/2021
04/16/2021
Crossed Over
Passed
Dead
01/03/2023
01/03/2023
Introduced Session
117th Congress
Bill Summary
A BILL To amend the Internal Revenue Code of 1986 to provide a credit for American infrastructure bonds, and for other purposes.
AI Summary
This bill, the Local Infrastructure Financing Tools (LIFT) Act, aims to amend the Internal Revenue Code to provide a credit to issuers of "American infrastructure bonds" - bonds used to finance capital expenditures or operations and maintenance for infrastructure projects. The bill sets the credit percentage at 42-30% of the interest payable, depending on the year of issuance. It also allows for the advance refunding of certain bonds and permanently increases the small issuer exception for tax-exempt interest expense allocation rules for financial institutions from $10 million to $30 million. Overall, the bill seeks to incentivize infrastructure investment through tax credits and financing mechanisms.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Referred to the House Committee on Ways and Means. (on 04/16/2021)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/117th-congress/house-bill/2634/all-info |
| BillText | https://www.congress.gov/117/bills/hr2634/BILLS-117hr2634ih.pdf |
| Bill | https://www.congress.gov/117/bills/hr2634/BILLS-117hr2634ih.pdf.pdf |
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