I 

116TH CONGRESS 

1ST SESSION H. R. 2718 

To amend the Internal Revenue Code of 1986 to include green infrastructure 

bonds in the definition of qualified private activity bonds. 

IN THE HOUSE OF REPRESENTATIVES 

MAY 14, 2019 

Mr. KILMER (for himself and Mr. HECK) introduced the following bill; which 

was referred to the Committee on Ways and Means 

A BILL 

To amend the Internal Revenue Code of 1986 to include 

green infrastructure bonds in the definition of qualified 

private activity bonds. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Preventing Pollution 

5 through Partnerships Act’’ or as the ‘‘P3 Act’’. 

6 SEC. 2. GREEN INFRASTRUCTURE BONDS AS QUALIFIED 

7 PRIVATE ACTIVITY BONDS. 

8 (a) IN GENERAL.—Subpart A of part IV of sub9 chapter B of chapter 1 of the Internal Revenue Code of 


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1 1986 is amended by adding at the end the following new 

2 section: 

3 ‘‘SEC. 148. QUALIFIED GREEN INFRASTRUCTURE BOND. 

4 ‘‘For purposes of this part— 

5 ‘‘(1) QUALIFIED GREEN INFRASTRUCTURE

6 BOND DEFINED.—The term ‘green infrastructure 

7 bond’ means any bond issued as part of an issue 95 

8 percent or more of the net proceeds of which are to 

9 be used to develop, carry out, or certify approved 

10 green infrastructure projects. 

11 ‘‘(2) APPROVED GREEN INFRASTRUCTURE

12 PROJECT.—The term ‘approved green infrastructure 

13 project’ means a project to construct, rehabilitate, 

14 maintain, or repair green infrastructure that has 

15 been certified by the State in which such project is 

16 located as effectively addressing nonpoint source pol17 lution (as such term is used in the Federal Water 

18 Pollution Control Act). 

19 ‘‘(3) GREEN INFRASTRUCTURE DEFINED.—The 

20 term ‘green infrastructure’ means infrastructure 

21 that preserves, enhances, or mimics natural infiltra22 tion, evapotranspiration, or capture of storm 

23 water.’’. 

24 (b) NO VOLUME CAP.—Section 146(g) of the Inter25 nal Revenue Code of 1986 is amended by striking ‘‘and’’ 


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1 at the end of paragraph (3), by striking the period at the 

2 end of paragraph (4) and inserting ‘‘, and’’, and by insert3 ing after paragraph (4) the following new paragraph: 

4 ‘‘(5) any green infrastructure bond.’’. 

5 (c) CONFORMING AMENDMENTS.— 

6 (1) Section 141(e)(1) of the Internal Revenue 

7 Code of 1986 is amended by striking ‘‘or’’ at the 

8 end of subparagraph (F), by striking the period at 

9 the end of subparagraph (G), and by adding at the 

10 end the following new subparagraph: 

11 ‘‘(H) a qualified green infrastructure 

12 bond.’’. 

13 (2) The table of sections for subpart A of part 

14 IV of subchapter B of chapter 1 of the Internal Rev15 enue Code of 1986 is amended by adding at the end 

16 the following new item: 

‘‘Sec. 148. Qualified green infrastructure bond.’’. 

17 (d) EFFECTIVE DATE.—The amendments made by 

18 this section shall apply to obligations issued after the date 

19 of the enactment of this Act. 

Æ 


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