What does Preamble of S 3941 do?

This bill proposes to amend the Internal Revenue Code of 1986. The proposed amendment concerns the tax-exempt status of State and local bonds. Specifically, it aims to restore treatment of bonds guaranteed by a Federal home loan bank as not federally guaranteed for tax purposes.

What does SHORT TITLE. of S 3941 do?

This bill is formally titled the Municipal Investment and Neighborhood Transformation Act.

What does FEDERAL HOME LOAN BANK LETTERS OF CREDIT ON TAX-EXEMPT BONDS. of S 3941 do?

This section amends section 149(b)(3)(A) of the Internal Revenue Code of 1986 by removing a provision related to the original issuance of bonds during a specific period. The amendment removes the phrase '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'. This section also amends subparagraph (E) of section 149(b)(3) of the Internal Revenue Code of 1986, replacing existing language with a reference to safety and soundness requirements established by the Director of the Federal Housing Finance Agency. The amendments made by this section apply to guarantees made after the date of enactment of this Act.

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MINT Act — S. 3941

Last updated: 2/26/2026 · Introduced: 2/26/2026

Author: Catherine Cortez Masto (D-NV)

TL;DR (AI)

This bill modifies tax regulations to treat bonds guaranteed by Federal Home Loan Banks as not federally guaranteed for tax purposes, restoring previous treatment.
It removes a time-limited provision related to the original issuance of bonds and updates language concerning guarantee requirements to reference the Federal Housing Finance Agency's safety and soundness standards.
These changes apply to guarantees made after the bill's enactment.

119th Congressin committeeHR. 7769(In Committee)Official page

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Other Sections

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

3 sections

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