The LOCAL Infrastructure Act would restore the ability of state and local governments to issue advance refunding bonds, a financing tool that was eliminated in 2017 as part of the Tax Cuts and Jobs Act. Advance refunding bonds allow municipalities to refinance existing debt before it matures, helping them lock in lower interest rates and save money on infrastructure projects. This bill would primarily benefit state and local governments, taxpayers in those communities, and infrastructure projects by reducing borrowing costs and freeing up funds for public investments. The legislation would take effect immediately upon passage, with no specific funding amounts or timelines mentioned—it simply restores the previous tax law. By reinstating this financing mechanism, the bill aims to help communities more affordably fund infrastructure needs like roads, bridges, water systems, and other public works.
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