[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 3941 Introduced in Senate (IS)]

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119th CONGRESS
  2d Session
                                S. 3941

  To amend the Internal Revenue Code of 1986 to restore treatment of 
State and local bonds which are guaranteed by a Federal home loan bank 
   as not federally guaranteed for purposes of determining their tax-
                             exempt status.


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                   IN THE SENATE OF THE UNITED STATES

                           February 26, 2026

 Ms. Cortez Masto (for herself, Mr. Young, and Mr. Justice) introduced 
the following bill; which was read twice and referred to the Committee 
                               on Finance

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                                 A BILL


 
  To amend the Internal Revenue Code of 1986 to restore treatment of 
State and local bonds which are guaranteed by a Federal home loan bank 
   as not federally guaranteed for purposes of determining their tax-
                             exempt status.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Municipal Investment and 
Neighborhood Transformation Act'' or the ``MINT Act''.

SEC. 2. FEDERAL HOME LOAN BANK LETTERS OF CREDIT ON TAX-EXEMPT BONDS.

    (a) In General.--Clause (iv) of section 149(b)(3)(A) of the 
Internal Revenue Code of 1986 is amended by striking ``made in 
connection with the original issuance of a bond during the period 
beginning on the date of the enactment of this clause and ending on 
December 31, 2010''.
    (b) Safety and Soundness Requirements.--Subparagraph (E) of section 
149(b)(3) of the Internal Revenue Code of 1986 is amended by striking 
``which are at least'' and all that follows through the period and 
inserting ``as are established by the Director of the Federal Housing 
Finance Agency from time to time.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to guarantees made after the date of enactment of this Act.
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