H.R. 7570: Reinvest in Public Schools Act of 2026
Sponsor
Wesley Bell
Democrat · MO-1
Bill Progress
Latest Action · Feb 13, 2026
Referred to the House Committee on Ways and Means.
Why it matters
The key provision amends Section 149(d) of the tax code to carve out an exception for bonds issued by state or local governments when 100 percent of available project proceeds go to public school facility construction, rehabilitation, repair, or land acquisition for a school site. That means school districts and taxpayers could save money through lower-cost refinancing, while bond markets and public finance lawyers get a familiar tool back; the tradeoff is reduced federal tax revenue because investors would once again receive tax-exempt interest on these advance refunding bonds.
H.R. 7570 Common Questions
Can public school districts issue tax-exempt advance refunding bonds again under HR 7570?
Yes. Under the Reinvest in Public Schools Act of 2026 (SEC. 2), certain advance refunding bonds for public school facilities would again qualify as tax-exempt if the bill becomes law.
Does HR 7570 require 100 percent of bond proceeds to go to public school projects?
Yes. Under the Reinvest in Public Schools Act of 2026 (SEC. 2), 100 percent of available project proceeds must be used for public school facility construction, rehabilitation, repair, or related land acquisition.
What public school projects qualify for tax-exempt bond treatment in HR 7570?
According to HR 7570 SEC. 2, qualifying uses are construction, rehabilitation, or repair of a public school facility, plus acquisition of land where the bond-financed facility will be built.
Can bond money under the Reinvest in Public Schools Act be used to buy land for a new school?
Yes. Under the Reinvest in Public Schools Act of 2026 (SEC. 2), tax-exempt treatment can apply if proceeds are used to acquire land on which the bond-financed public school facility will be constructed.
Which governments can issue the tax-exempt school bonds in HR 7570?
State and local governments. According to HR 7570 SEC. 2, the special tax-exempt rule applies to bonds issued by a state or local government for qualifying public school purposes.
Does HR 7570 allow tax-exempt advance refunding only for public schools and not private schools?
Yes. Under the Reinvest in Public Schools Act of 2026 (SEC. 2), the special rule is limited to public school facilities and land for those facilities, not private-school projects.
Can a school bond lose tax-exempt status for abusive arbitrage under HR 7570?
Yes. According to HR 7570 SEC. 2, a bond is excluded if it is issued to advance refund another bond using a device to gain a material financial advantage from arbitrage beyond lower interest rate savings.
When would the school bond tax-exempt changes in HR 7570 take effect?
According to HR 7570 SEC. 2, the amendments would apply to advance refunding bonds issued after the date of enactment.
What counts as an abusive transaction for school advance refunding bonds in HR 7570?
Under the Reinvest in Public Schools Act of 2026 (SEC. 2), it includes issuing a bond to advance refund another bond through a device designed to create a material arbitrage-based financial advantage, aside from lower-rate savings.
Does HR 7570 change the temporary period rules for qualified school construction bonds?
Yes. Under the Reinvest in Public Schools Act of 2026 (SEC. 2), the initial temporary period for qualified school construction bonds is determined without regard to IRC section 149(d)(3)(A)(iv) as in effect on December 21, 2017.
Based on H.R. 7570 bill text
HR7570 Legislative Journey
House: Committee Action
Feb 13, 2026
Referred to the House Committee on Ways and Means.
About the Sponsor
Wesley Bell
Democrat, Missouri's 1st congressional district · 1 years in Congress
Committees: Oversight and Government Reform, Armed Services
View full profile →
Cosponsors (1)
This bill has 1 cosponsor: 1 Democrat. Cosponsors represent 1 state: Illinois.
Committee Sponsors
Ways and Means Committee
0 of 45 committee members cosponsored
No committee members have cosponsored this bill
19 Democrats across this committee haven't cosponsored yet. Mobilize their constituents
H.R. 7570 Quick Facts
- Committee
- Ways and Means
- Chamber
- House
- Policy
- Taxation
- Introduced
- Feb 13, 2026
Referred to the House Committee on Ways and Means.
Feb 13, 2026
H.R. 7570 Bill Text
“To amend the Internal Revenue Code of 1986 to allow certain advance refunding bonds for public school districts to be tax-exempt.”
Source: U.S. Government Publishing Office
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