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Investing in Our Communities Act

1/11/2023, 1:47 PM

Summary of Bill HR 2288

Bill 117 HR 2288, also known as the Investing in Our Communities Act, is a piece of legislation currently being considered by the US Congress. The main goal of this bill is to provide funding and support for various community development projects across the country.

One key aspect of the Investing in Our Communities Act is the allocation of funds for affordable housing initiatives. This includes funding for the construction and renovation of affordable housing units, as well as programs to help low-income individuals and families access safe and stable housing options.

Additionally, the bill includes provisions for investing in infrastructure projects in underserved communities. This includes funding for the repair and maintenance of roads, bridges, and public transportation systems, as well as support for clean energy initiatives and environmental conservation efforts. The Investing in Our Communities Act also aims to support small businesses and entrepreneurs by providing access to capital and resources to help them grow and succeed. This includes funding for small business development programs, as well as initiatives to promote economic growth and job creation in local communities. Overall, the Investing in Our Communities Act is focused on providing support and resources to help communities across the country thrive and prosper. By investing in affordable housing, infrastructure, and small businesses, this bill aims to create a more equitable and sustainable future for all Americans.

Congressional Summary of HR 2288

Investing in Our Communities Act

This bill reinstates the exclusion from gross income for interest on certain bonds issued to advance the refunding of a prior bond issue. The exclusion was repealed for bonds issued after 2017.

Current Status of Bill HR 2288

Bill HR 2288 is currently in the status of Bill Introduced since March 29, 2021. Bill HR 2288 was introduced during Congress 117 and was introduced to the House on March 29, 2021.  Bill HR 2288's most recent activity was Referred to the House Committee on Ways and Means. as of March 29, 2021

Bipartisan Support of Bill HR 2288

Total Number of Sponsors
1
Democrat Sponsors
1
Republican Sponsors
0
Unaffiliated Sponsors
0
Total Number of Cosponsors
62
Democrat Cosponsors
42
Republican Cosponsors
20
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill HR 2288

Primary Policy Focus

Taxation

Potential Impact Areas

- Income tax exclusion
- Interest, dividends, interest rates
- Securities
- State and local finance

Alternate Title(s) of Bill HR 2288

Investing in Our Communities Act
To amend the Internal Revenue Code of 1986 to reinstate advance refunding bonds.
Investing in Our Communities Act

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