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. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Preventing Pollution 
through Partnerships Act’’ or as the ‘‘P3 Act’’. 
SEC. 2. GREEN INFRASTRUCTURE BONDS AS QUALIFIED 
PRIVATE ACTIVITY BONDS. 
(a) IN GENERAL.—Subpart A of part IV of sub-
chapter B of chapter 1 of the Internal Revenue Code of 
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1986 is amended by adding at the end the following new 
section: 
‘‘SEC. 148. QUALIFIED GREEN INFRASTRUCTURE BOND. 
‘‘For purposes of this part— 
‘‘(1) 
QUALIFIED
GREEN
INFRASTRUCTURE 
BOND
DEFINED.—The term ‘green infrastructure 
bond’ means any bond issued as part of an issue 95 
percent or more of the net proceeds of which are to 
be used to develop, carry out, or certify approved 
green infrastructure projects. 
‘‘(2) 
APPROVED
GREEN
INFRASTRUCTURE 
PROJECT.—The term ‘approved green infrastructure 
project’ means a project to construct, rehabilitate, 
maintain, or repair green infrastructure that has 
been certified by the State in which such project is 
located as effectively addressing nonpoint source pol-
lution (as such term is used in the Federal Water 
Pollution Control Act). 
‘‘(3) GREEN INFRASTRUCTURE DEFINED.—The 
term ‘green infrastructure’ means infrastructure 
that preserves, enhances, or mimics natural infiltra-
tion, evapotranspiration, or capture of storm 
water.’’. 
(b) NO VOLUME CAP.—Section 146(g) of the Inter-
nal Revenue Code of 1986 is amended by striking ‘‘and’’ 
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at the end of paragraph (3), by striking the period at the 
end of paragraph (4) and inserting ‘‘, and’’, and by insert-
ing after paragraph (4) the following new paragraph: 
‘‘(5) any green infrastructure bond.’’. 
(c) CONFORMING AMENDMENTS.— 
(1) Section 141(e)(1) of the Internal Revenue 
Code of 1986 is amended by striking ‘‘or’’ at the 
end of subparagraph (F), by striking the period at 
the end of subparagraph (G), and by adding at the 
end the following new subparagraph: 
‘‘(H) a qualified green infrastructure 
bond.’’. 
(2) The table of sections for subpart A of part 
IV of subchapter B of chapter 1 of the Internal Rev-
enue Code of 1986 is amended by adding at the end 
the following new item: 
‘‘Sec. 148. Qualified green infrastructure bond.’’. 
(d) EFFECTIVE DATE.—The amendments made by 
this section shall apply to obligations issued after the date 
of the enactment of this Act. 
Æ 
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