Bill > S1481

This bill, known as the LOCAL Infrastructure Act (Lifting Our Communities through Advance Liquidity for Infrastructure Act), seeks to reinstate advance refunding bonds by repealing a provision from the Tax Cuts and Jobs Act of 2017 (Public Law 115-97) that previously eliminated these financial instruments. Advance refunding bonds are a type of municipal bond that allows state and local governments to refinance existing bond debt before the original bonds are callable, potentially saving money by taking advantage of lower interest rates. By restoring the previous law, the bill would once again permit governments to use these bonds as a financial tool for managing their debt, potentially providing more flexibility and cost savings for local infrastructure financing. The repeal would take effect immediately upon the bill's enactment, allowing municipalities to resume using this financial strategy for managing their bond portfolios.

Budget and Finance

https://www.congress.gov/bill/119th-congress/senate-bill/1481/all-info