This bill aims to amend the Internal Revenue Code of 1986 to provide a credit for American infrastructure bonds. The credit will be given to the issuer of these bonds and will be payable by the Secretary of the Treasury. The amount of credit will be determined based on a percentage of the interest payment for each bond, with different percentages applying depending on the calendar year in which the bond is issued.

An American infrastructure bond is defined as a bond issued for capital expenditures or operations and maintenance in connection with infrastructure projects. The bond must meet certain criteria, including being used for specific purposes, having excludable interest, and making an irrevocable election before issuance.

The bill also includes provisions on advance refunding bonds, small issuer exceptions to tax-exempt interest expense allocation rules, and inflation adjustments for certain limitations. These amendments are aimed at enhancing infrastructure financing through tax incentives and regulatory changes.

HB 8396 LIFT Act Local Infrastructure Financing Tools Act

US Congress 118th Congress

Bill Texts

Introduced 06/25/2024

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Sponsors (1)

Rep. Terri Sewell

Primary Sponsor