National Infrastructure Development Act of 2007

Bill: 110-hr-3896
Sponsor: Rep. DeLauro, Rosa L. [D-CT-3]
Introduced: 2007-10-18 in the House
Policy area: Transportation and Public Works
Subjects: Annuities
Bonds
Capital gains tax
Commerce
Construction costs
Dividends
Economics and Public Finance
Federally-guaranteed loans
Finance and Financial Sector
Government Operations and Politics
Government corporations
Government lending
Income tax
Infrastructure
Infrastructure (Economics)
Interest
Labor and Employment
Mutual funds
Public-private partnerships
Tax exclusion
Tax-deferred compensation plans
Taxation

Summary:
action_date: 2007-10-18
text: 
National Infrastructure Development Act of 2007 - Establishes the National Infrastructure Development Corporation and the National Infrastructure Insurance Corporation as wholly owned Government corporations that shall conduct their respective businesses as self-supporting entities.
 
Empowers the National Infrastructure Development Corporation to: (1) make senior and subordinated loans and purchase senior and subordinated debt securities and equity securities; (2) enter into commitments to make any such loan or security purchases, on such terms as the Corporation may (in its discretion) determine to be appropriate, the proceeds of which are to be used to finance or refinance development of infrastructure facilities; and (3) provide preconstruction phase assistance.
 
Empowers the National Infrastructure Insurance Corporation to insure and reinsure bonds, debentures, notes, debt instruments, loans, and any interest thereon, the proceeds of which are to be used to finance or refinance development of infrastructure facilities.
 
Declares that: (1) obligations of either Corporation, and obligations insured by any such corporation shall not be obligations of, or guaranteed as to principal or interest by, the United States or any federal agency; and (2) assistance from the NIC shall not be treated as a direct or indirect guarantee of any payment by the United States of principal or interest on any security.
 
Amends the Internal Revenue Code to prescribe guidelines for the tax treatment of distributions from qualified retirement plans investing in public benefit bonds (defined as any obligation issued after the date of the enactment of this Act if: (1) 95% or more of the net proceeds of such obligation are used in connection with the financing or refinancing of infrastructure facilities; (2) such obligation has received a published rating, and (3) development of such infrastructure facilities is undertaken by a governmental entity or public-private partnership).


Legislative actions:
action_date: 2007-10-19
text: Referred to the Subcommittee on Water Resources and Environment.
action_date: 2007-10-19
text: Referred to the Subcommittee on Railroads, Pipelines, and Hazardous Materials.
action_date: 2007-10-19
text: Referred to the Subcommittee on Highways and Transit.
action_date: 2007-10-19
text: Referred to the Subcommittee on Economic Development, Public Buildings and Emergency Management.
action_date: 2007-10-19
text: Referred to the Subcommittee on Coast Guard and Maritime Transportation.
action_date: 2007-10-19
text: Referred to the Subcommittee on Aviation.
action_date: 2007-10-18
text: Referred to the Committee on Transportation and Infrastructure, and in addition to the Committees on Financial Services, and Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2007-10-18
text: Referred to the Committee on Transportation and Infrastructure, and in addition to the Committees on Financial Services, and Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2007-10-18
text: Referred to the Committee on Transportation and Infrastructure, and in addition to the Committees on Financial Services, and Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2007-10-18
text: Referred to the Committee on Transportation and Infrastructure, and in addition to the Committees on Financial Services, and Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2007-10-18
text: Introduced in House
action_date: 2007-10-18
text: Introduced in House