Investing in Our Communities Act

Bill 119 HR 1255, also known as the "Reinstatement of Advance Refunding Bonds Act," aims to amend the Internal Revenue Code of 1986 to reinstate advance refunding bonds. Advance refunding bonds are a type of municipal bond that allows issuers to refinance existing debt at lower interest rates before the original bonds mature.

The bill seeks to reinstate the ability for state and local governments to issue advance refunding bonds, which was eliminated in the Tax Cuts and Jobs Act of 2017. This change would provide these governments with a valuable tool to manage their debt and save money on interest payments.

By reinstating advance refunding bonds, the bill aims to stimulate investment in infrastructure projects and promote economic growth. It would also provide state and local governments with greater flexibility in managing their debt obligations. Overall, the Reinstatement of Advance Refunding Bonds Act is a bipartisan effort to support state and local governments in managing their debt and promoting economic development.