1. Short title This Act may be cited as the Tribal Economic Development Act of 2020 . 2. Modifications related to tribal economic development bonds (a) Increase in national limitation Subparagraph (B) of section 7871(f)(1) of the Internal Revenue Code of 1986 is amended by striking $2,000,000,000 and inserting $4,000,000,000. (b) Other modifications (1) In general Paragraph (2) of section 7871(f) of the Internal Revenue Code of 1986 is amended to read as follows: (2) Bonds treated as exempt from tax Notwithstanding any other provision of this title, gross income shall not include interest on any tribal economic development bond. . (2) Modification of definition of tribal economic development bond Section 7871(f)(3) of the Internal Revenue Code of 1986 is amended to read as follows: (3) Tribal economic development bond (A) In general For purposes of this section, the term tribal economic development bond means any bond issued by an Indian tribal government (or a subdivision thereof)— (i) which is part of an issue 95 percent or more of the proceeds of which are to be used— (I) by a qualified Native user, and (II) to promote the economic development of any Indian tribe or Native Corporation (including through loans by any Indian tribal government or a subdivision thereof to a qualified Native user), (ii) except as provided in subparagraph (D), which is not an arbitrage bond (within the meaning of section 148), (iii) which meets the applicable requirements of section 149 (other than subsections (b), (d), and (g) thereof), and (iv) which is designated by the Indian tribal government as a tribal economic development bond for purposes of this subsection. (B) Exception Such term shall not include any bond issued as part of an issue if any portion of the proceeds of such issue are used to finance any portion of a building in which class II or class III gaming (as defined in section 4 of the Indian Gaming Regulatory Act) is conducted or housed or any other property actually used in the conduct of such gaming. (C)