S. 1481 — LOCAL Infrastructure Act

This section reinstates authority to issue tax-exempt advance refunding bonds by repealing the suspension enacted by section 13532 of P.L. 115-97 (Tax Cuts and Jobs Act of 2017) and restoring prior law, effective on the date of enactment. (Advance refunding bonds allow state and local governments to refinance outstanding tax-exempt bonds at lower interest rates before maturity, providing debt service savings for taxpayers.)