This legislation seeks to reinstate the use of advance refunding bonds , a critical financing tool for state and local governments. It accomplishes this by repealing the amendments made by Section 13532 of Public Law 115-97, which had previously eliminated the issuance of these bonds. Upon enactment, the provisions of law governing advance refunding bonds would be restored to their state before the 2017 changes. This allows municipalities to refinance outstanding tax-exempt debt at lower interest rates, generating significant savings that can be allocated to new infrastructure development and other public services.