The MINT Act would change tax law to allow state and local bonds guaranteed by Federal Home Loan Banks to maintain their tax-exempt status. Currently, such guarantees can cause these bonds to lose their tax-exempt status because they're treated as federally guaranteed. This bill removes that restriction by amending the Internal Revenue Code to treat Federal Home Loan Bank guarantees differently. The change would apply to any guarantees made after the bill becomes law and allows the Federal Housing Finance Agency Director to set safety standards for these guarantees. The legislation primarily benefits state and local governments seeking to issue tax-exempt bonds, as well as investors in municipal bonds.
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