S. 3761 — Student Loan Bond Expansion Act of 2026

This section exempts qualified student loan bonds (i.e., tax-exempt private activity bonds issued to finance student loans) from the state volume cap on private activity bonds. It also (1) establishes a special rule excluding student borrowers from the definition of ultimate borrower for pooled financing bond rules and (2) exempts such bonds from the alternative minimum tax. The amendments apply to bonds issued after the date of enactment.