US HB7570

Restores tax-exempt status for advance refunding bonds issued by state and local governments when 100% of proceeds fund public school facility construction, rehabilitation, repair, or land acquisition

Amends Internal Revenue Code Section 149(d) to apply pre-December 21, 2017 rules to qualifying public school bonds, reversing restrictions imposed by the 2017 Tax Cuts and Jobs Act

Prohibits abusive transactions where advance refunding bonds use devices to obtain material financial advantages through arbitrage beyond legitimate interest rate savings

Establishes special rules for determining the initial temporary period for qualified school construction bonds under Section 148(f)(4)(C)

Applies to advance refunding bonds issued after the date of enactment