LOCAL Infrastructure Act

II 116TH CONGRESS 2D SESSION S. 4129 To amend the Internal Revenue Code of 1986 to reinstate advance refunding bonds. IN THE SENATE OF THE UNITED STATES JULY 1, 2020 Mr. WICKER (for himself, Ms. STABENOW, Mr. BENNET, Mrs. CAPITO, Mr. BARRASSO, Mr. MENENDEZ, Mr. MORAN, and Mr. CARPER) introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To amend the Internal Revenue Code of 1986 to reinstate advance refunding bonds. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Lifting Our Commu- 4 nities through Advance Liquidity for Infrastructure Act’’ 5 or the ‘‘LOCAL Infrastructure Act’’. 6 SEC. 2. REINSTATEMENT OF ADVANCE REFUNDING BONDS. 7 (a) IN GENERAL.—The amendments made by section 8 13532 of Public Law 115–97 are repealed and the provi- 9 VerDate Sep 11 2014 00:54 Jul 12, 2020 Jkt 099200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\S4129.IS S4129 pbinns on DSKJLVW7X2PROD with BILLS 2 •S 4129 IS sions of law amended by such section are restored as if 1 such section had never been enacted. 2 (b) EFFECTIVE DATE.—The repeal made by this sec- 3 tion shall take effect on the date of enactment of this Act. 4 Æ VerDate Sep 11 2014 00:54 Jul 12, 2020 Jkt 099200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6301 E:\BILLS\S4129.IS S4129 pbinns on DSKJLVW7X2PROD with BILLS