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S. 3941Senate119th Congress (2025-2027)In Committee

MINT Act

Sponsored by Catherine Cortez MastoSen. Catherine Cortez Masto (D-NV)
Introduced February 26, 2026

AI-Generated Summary

Updated March 17, 2026 at 3:51 AM UTC

The Municipal Investment and Neighborhood Transformation (MINT) Act changes how state and local municipal bonds that are backed by Federal home loan banks are classified for tax purposes. It restores the treatment of these bonds as not federally guaranteed, allowing them to remain tax‑exempt. The bill removes an old date restriction and ties safety standards to rules set by the FHFA, applying to all future guarantees.

Key Provisions

  • Amends the tax code provision that treats bonds guaranteed by Federal home loan banks as federally guaranteed, removing a date limitation that previously applied only to bonds issued up to Dec. 31, 2010.
  • Updates the safety‑and‑soundness language for those guarantees, replacing vague wording with a requirement that the standards be set by the Director of the Federal Housing Finance Agency (FHFA).
  • Specifies that the changes apply to any new guarantees made after the law’s enactment.

Legislative Activity

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1 earlier action
SenateIntro Referral Latest Action

Read twice and referred to the Committee on Finance.

Finance Committee

February 26, 2026

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SenateIntro Referral

Introduced in Senate

February 26, 2026

SenateIntro Referral

Read twice and referred to the Committee on Finance.

Finance Committee

February 26, 2026

Bill Text

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Introduced in SenateIssued February 26, 2026

II

119th CONGRESS

2d Session

S. 3941

IN THE SENATE OF THE UNITED STATES

February 26, 2026

Ms. Cortez Masto (for herself, Mr. Young, and Mr. Justice) introduced the following bill; which was read twice and referred to the Committee on Finance

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.

1.

Short title

This Act may be cited as the Municipal Investment and Neighborhood Transformation Act or the MINT Act.

2.

Federal Home Loan Bank Letters of Credit on Tax-Exempt Bonds

(a)

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.

(b)

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..

(c)

Effective date

The amendments made by this section shall apply to guarantees made after the date of enactment of this Act.