Bill > HR7769

This bill, known as the Municipal Investment and Neighborhood Transformation Act or MINT Act, aims to restore the tax-exempt status of certain state and local bonds that are guaranteed by a Federal Home Loan Bank. Currently, under the Internal Revenue Code of 1986, bonds guaranteed by a Federal Home Loan Bank might lose their tax-exempt status, meaning investors would have to pay taxes on the interest earned. This bill proposes to amend the law to ensure that these specific types of guarantees do not disqualify the bonds from being tax-exempt. It removes a previous restriction that limited this treatment to guarantees made before December 31, 2010, and updates the safety and soundness requirements for these guarantees to be set by the Director of the Federal Housing Finance Agency. The changes would apply to guarantees made after the bill becomes law, providing a clearer path for municipalities to issue bonds with federal backing while maintaining their tax advantages, which can help fund local investments and neighborhood development.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/7769/all-info