What This Bill Does · Plain English
GovGreed Synthesis · AI extraction
This bill reinstates the ability for state and local governments to issue 'advance refunding bonds,' a type of tax-exempt municipal bond. These bonds allow governments to refinance existing debt at lower interest rates before it matures, which was prohibited by the 2017 Tax Cuts and Jobs Act. The change is intended to reduce borrowing costs for public infrastructure projects.
Action Timeline
2025-04-10
Read twice and referred to the Committee on Finance.
2025-04-10
Introduced in Senate
Frequently Asked Questions
Did S.1481 pass?
S.1481 is still alive. Current stage: COMMITTEE. Pass likelihood: 23%.
What does S.1481 do?
This bill reinstates the ability for state and local governments to issue 'advance refunding bonds,' a type of tax-exempt municipal bond. These bonds allow governments to refinance existing debt at lower interest rates before it matures, which was prohibited by the 2017 Tax Cuts and Jobs Act. The change is intended to reduce borrowing costs for public infrastructure projects.
Who sponsored S.1481?
S.1481 was sponsored by Roger F. Wicker (R-Mississippi).
Full Bill Text
115 S1481 IS: Lifting Our Communities through Advance Liquidity for Infrastructure Act U.S. Senate 2025-04-10 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. II 119th CONGRESS 1st Session S. 1481 IN THE SENATE OF THE UNITED STATES April 10, 2025 Mr. Wicker (for himself, Mr. Bennet , Mrs. Britt , Mrs. Hyde-Smith , Mr. Boozman , Mr. Barrasso , Mr. Warnock , and Mr. Warner ) introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To amend the Internal Revenue Code of 1986 to reinstate advance refunding bonds. 1. Short title This Act may be cited as the Lifting Our Communities through Advance Liquidity for Infrastructure Act or the LOCAL Infrastructure Act . 2. Reinstatement of advance refunding bonds (a) In general The amendments made by section 13532 of Public Law 115–97 are repealed and the provisions of law amended by such section are restored as if such section had never been enacted. (b) Effective date The repeal made by this section shall take effect on the date of enactment of this Act.
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