Reinvest in Public Schools Act of 2026

This bill would change federal tax law so that certain advance refunding bonds issued by state or local governments for public schools can again be tax-exempt. An advance refunding bond is a new bond issued to pay off an older bond before its payoff date. To qualify, all of the available project proceeds must be used to build, rehabilitate, or repair a public school facility, or to buy land for such a facility. For these bonds, the tax rules in effect on December 21, 2017 would apply. Bonds used in deals that seek a financial advantage based on arbitrage, apart from savings from lower interest rates, would not qualify, and the change would apply only to bonds issued after the law is enacted.

Full text and official record on Congress.gov

Sponsors

• Wesley Bell Democrat sponsor
• 1 cosponsors