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US SB1481
Bill
AI Summary
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Reinstates advance refunding bonds by repealing Section 13532 of the Tax Cuts and Jobs Act (Public Law 115-97), which eliminated this financing tool in 2017
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Advance refunding bonds allow state and local governments to refinance existing municipal debt more than 90 days before the original bonds can be called, enabling them to lock in lower interest rates
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Restores prior Internal Revenue Code provisions as if the 2017 elimination had never been enacted
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Takes effect immediately upon enactment
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Introduced April 10, 2025 with bipartisan sponsorship (Senators Wicker, Bennet, Britt, Hyde-Smith, Boozman, Barrasso, Warnock, and Warner) and referred to the Senate Finance Committee
Legislative Description
LOCAL Infrastructure Act Lifting Our Communities through Advance Liquidity for Infrastructure Act
Taxation
Last Action
Read twice and referred to the Committee on Finance.
4/10/2025