US SB3761

Exempts qualified student loan bonds from the state volume cap on private activity bonds under Section 146(g) of the Internal Revenue Code, allowing unlimited issuance

Excludes qualified student loan bonds from the alternative minimum tax (AMT) by amending Section 57(a)(5)(C), making interest income from these bonds non-taxable under AMT

Creates a special rule for pooled financing bonds specifying that student borrowers are not considered "ultimate borrowers" for compliance purposes

Applies to all qualified student loan bonds issued after the date of enactment, with refunding bonds only qualifying if the original bond also qualified

Introduced February 3, 2026 by Senators Grassley, Welch, and Cassidy with bipartisan sponsorship; referred to Senate Finance Committee