LIFT Act

[Congressional Bills 118th Congress] [From the U.S. Government Publishing Office] [H.R. 8396 Introduced in House (IH)] <DOC> 118th CONGRESS 2d Session H. R. 8396 To amend the Internal Revenue Code of 1986 to provide a credit for American infrastructure bonds, and for other purposes. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES May 14, 2024 Ms. Sewell 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 provide a credit for American infrastructure bonds, and for other purposes. 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 ``Local Infrastructure Financing Tools Act'', or the ``LIFT Act''. SEC. 2. CREDIT TO ISSUER FOR CERTAIN INFRASTRUCTURE BONDS. (a) In General.--Subchapter B of chapter 65 of the Internal Revenue Code of 1986 is amended by adding at the end the following new section: ``SEC. 6431A. CREDIT ALLOWED TO ISSUER FOR AMERICAN INFRASTRUCTURE BONDS. ``(a) In General.--In the case of an American infrastructure bond, the issuer of such bond shall be allowed a credit with respect to each interest payment under such bond which shall be payable by the Secretary as provided in subsection (b). ``(b) Payment of Credit.-- ``(1) In general.--The Secretary shall pay (contemporaneously with each date on which interest is so payable) to the issuer of such bond (or to any person who makes such interest payments on behalf of such issuer) an amount equal to the applicable percentage of such interest so payable. ``(2) Applicable percentage.--For purposes of this subsection, except as provided in subsection (d), the applicable percentage with respect to any bond shall be determined under the following table: ``In the case of a bond issued The applic