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H.R. 7769119th CongressIn committeeLatest action Mar 3, 2026Decoded by AI · checked against the record
The plain-language version leads. The official text is always the reference.
HR 7769 would permanently exempt Federal Home Loan Bank letters of credit from the federal guarantee rule that strips municipal bond tax benefits.
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HR 7769, the MINT Act, would permanently clarify that a Federal Home Loan Bank letter of credit backing a state or local government bond does not constitute a federal guarantee under tax law. Under current rules, a federally guaranteed bond loses its tax-exempt status; this bill would restore an exception that existed before 2010 and make it permanent. The practical result is that state and local bonds backed by Federal Home Loan Bank letters of credit would retain their tax-exempt treatment.
State and local governments seeking to finance public projects and the Federal Home Loan Banks that issue letters of credit are directly affected. Investors who purchase tax-exempt municipal bonds, and indirectly the residents of communities served by locally funded projects, are also affected.
Retaining tax-exempt status makes municipal bonds more attractive to investors, which could lower borrowing costs for state and local governments. That shift in financing conditions could influence the scale or frequency of publicly funded projects such as housing, infrastructure, and community development.
AI-drafted summary. Verify it against the official text before you act on it. Read the official bill on Congress.gov
Right now: a House committee is reviewing it. If the Senate changes it, it goes back to the House before reaching the President.
Latest action: — Referred to the House Committee on Ways and Means.