The LIFT Act amends the Internal Revenue Code to provide a credit for American infrastructure bonds and modifies tax-exempt interest expense.
The LIFT Act, or Local Infrastructure Financing Tools Act, amends the Internal Revenue Code to provide a credit for American infrastructure bonds. This credit is payable by the Secretary and is subject to certain conditions, including the application of arbitrage rules and the treatment of the bond as not federally guaranteed. The Act also modifies the small issuer exception to tax-exempt interest expense allocation rules for financial institutions, increasing the limitation from $10 million to $30 million.
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