Investing in Our Communities Act

1/11/2023, 1:47 PM

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 The exclusion was repealed for bonds issued after 2017.

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.
Congress
117

Number
HR - 2288

Introduced on
2021-03-29

# Amendments
0

Sponsors
+5

Cosponsors
+5

Variations and Revisions

3/29/2021

Status of Legislation

Bill Introduced
Introduced to House
House to Vote
Introduced to Senate
Senate to Vote

Purpose and Summary

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 The exclusion was repealed for bonds issued after 2017.

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.
Alternative Names
Official Title as IntroducedTo amend the Internal Revenue Code of 1986 to reinstate advance refunding bonds.

Policy Areas
Taxation

Potential Impact
Income tax exclusion•
Interest, dividends, interest rates•
Securities•
State and local finance

Comments

Recent Activity

Latest Summary10/12/2021

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.


Latest Action3/29/2021
Referred to the House Committee on Ways and Means.