What does Preamble of HR 7570 do?

This bill proposes to amend the Internal Revenue Code of 1986. The proposed amendment concerns the tax-exempt status of certain advance refunding bonds. The bill specifically addresses advance refunding bonds for public school districts.

What does SHORT TITLE. of HR 7570 do?

This bill is formally titled the Reinvest in Public Schools Act of 2026.

What does CERTAIN ADVANCE REFUNDING BONDS FOR PUBLIC SCHOOL DISTRICTS of HR 7570 do?

This section amends Section 149(d) of the Internal Revenue Code of 1986 to create a special rule for certain bonds issued by state or local governments. The special rule applies to bonds where 100% of available project proceeds are used for the construction, rehabilitation, or repair of a public school facility, or the acquisition of land for such a facility. Under this rule, the subsection is applied as it was in effect on December 21, 2017. The amendment prohibits 'abusive transactions' where a device is employed to obtain a material financial advantage apart from savings attributable to lower interest rates. Section 148(f)(4)(C) of the Internal Revenue Code is also amended to provide a special rule for determining the end of the initial temporary period for bonds described in section 149(d)(4)(A). The amendments apply to advance refunding bonds issued after the date of enactment of this Act.

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Reinvest in Public Schools Act of 2026 — HR. 7570

Last updated: 2/13/2026 · Introduced: 2/13/2026

Author: Wesley Bell (D-MO)

TL;DR (AI)

This bill amends the Internal Revenue Code to allow public school districts to issue tax-exempt advance refunding bonds for construction, rehabilitation, or repair of school facilities, mirroring rules in effect before December 21, 2017.
The bill prohibits transactions designed to obtain financial advantages beyond interest rate savings when issuing these bonds.
These changes apply to bonds issued after the bill's enactment.

119th Congressin committeeOfficial page

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Other Sections

Includes provisions on preamble, short title., and 1 more.

3 sections

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