Investing in Our Communities Act

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [H.R. 1255 Introduced in House (IH)] <DOC> 119th CONGRESS 1st Session H. R. 1255 To amend the Internal Revenue Code of 1986 to reinstate advance refunding bonds. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES February 12, 2025 Mr. Kustoff (for himself, Mr. Yakym, Ms. Moore of Wisconsin, and Mr. Panetta) introduced the following bill; which was referred to the Committee on Ways and Means _______________________________________________________________________ A BILL To amend the Internal Revenue Code of 1986 to reinstate advance refunding bonds. 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 ``Investing in Our Communities Act''. SEC. 2. TREATMENT OF ADVANCE REFUNDING BONDS. (a) In General.--Section 149(d) of the Internal Revenue Code of 1986 is amended-- (1) in paragraph (1), by striking ``to advance refund another bond'' and inserting ``as part of an issue described in paragraph (2), (3), or (4)''; (2) by redesignating paragraphs (2) and (3) as paragraphs (6) and (7), respectively; and (3) by inserting after paragraph (1) the following new paragraphs: ``(2) Certain private activity bonds.--An issue is described in this paragraph if any bond (issued as part of such issue) is issued to advance refund a private activity bond (other than a qualified 501(c)(3) bond). ``(3) Other bonds.-- ``(A) In general.--An issue is described in this paragraph if any bond (issued as part of such issue), hereinafter in this paragraph referred to as the `refunding bond', is issued to advance refund a bond unless-- ``(i) the refunding bond is only-- ``(I) the 1st advance refunding of the original bond if the original bond is issued after 1985, or ``(II) the 1st or 2nd advance refunding of the original bond if the original bond was issued