Section 1 Short title
This Act may be cited as the “Municipal Investment and Neighborhood Transformation Act” or the “MINT Act”.
Municipal Investment and Neighborhood Transformation Act
A BILL
To amend the Internal Revenue Code of 1986 to restore treatment of State and local bonds which are guaranteed by a Federal home loan bank as not federally guaranteed for purposes of determining their tax-exempt status.
Sec. 2 Federal Home Loan Bank Letters of Credit on Tax-Exempt Bonds
In general— Clause (iv) of section 149(b)(3)(A) of the Internal Revenue Code of 1986 is amended by striking “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”.
Safety and soundness requirements— Subparagraph (E) of section 149(b)(3) of the Internal Revenue Code of 1986 is amended by striking “which are at least” and all that follows through the period and inserting “as are established by the Director of the Federal Housing Finance Agency from time to time.”.
Effective date— The amendments made by this section shall apply to guarantees made after the date of enactment of this Act.