A bill to amend the Internal Revenue Code of 1986 to restore treatment of State and local bonds which are guaranteed by a Federal home loan bank as not federally guaranteed for purposes of determining their tax-exempt status.

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [S. 3941 Introduced in Senate (IS)] <DOC> 119th CONGRESS 2d Session S. 3941 To amend the Internal Revenue Code of 1986 to restore treatment of State and local bonds which are guaranteed by a Federal home loan bank as not federally guaranteed for purposes of determining their tax- exempt status. _______________________________________________________________________ IN THE SENATE OF THE UNITED STATES February 26, 2026 Ms. Cortez Masto (for herself, Mr. Young, and Mr. Justice) 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 restore treatment of State and local bonds which are guaranteed by a Federal home loan bank as not federally guaranteed for purposes of determining their tax- exempt status. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Municipal Investment and Neighborhood Transformation Act'' or the ``MINT Act''. SEC. 2. FEDERAL HOME LOAN BANK LETTERS OF CREDIT ON TAX-EXEMPT BONDS. (a) In General.--Clause (iv) of section 149(b)(3)(A) of the Internal Revenue Code of 1986 is amended by striking ``made in connection with the original issuance of a bond during the period beginning on the date of the enactment of this clause and ending on December 31, 2010''. (b) Safety and Soundness Requirements.--Subparagraph (E) of section 149(b)(3) of the Internal Revenue Code of 1986 is amended by striking ``which are at least'' and all that follows through the period and inserting ``as are established by the Director of the Federal Housing Finance Agency from time to time.''. (c) Effective Date.--The amendments made by this section shall apply to guarantees made after the date of enactment of this Act. <all>