P3 Act

Bill: 116-hr-2718
Sponsor: full_name: Rep. Kilmer, Derek [D-WA-6]
Introduced: 2019-05-14
Policy area: Taxation
Subjects: Building construction

Environmental technology

Income tax exclusion

Infrastructure development

Securities

State and local finance

Water quality

Water use and supply
Latest action: action_date: 2019-05-14
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2019-05-14
action_desc: Introduced in House
text: <p><b>Preventing Pollution through Partnerships Act or the P3 Act </b></p> <p>This bill allows state and local governments to issue green infrastructure bonds as tax-exempt private activity bonds. The bonds are not subject to the state volume caps that apply to certain tax-exempt private activity bonds. </p> <p>A green infrastructure bond must be issued as part of an issuance that requires 95% or more of the net proceeds to be used to develop, carry out, or certify approved green infrastructure projects. The approved projects are to construct, rehabilitate, maintain, or repair green infrastructure that has been certified by the state in which the project is located as effectively addressing nonpoint source pollution.</p> <p> &quot;Green infrastructure&quot; is infrastructure that preserves, enhances, or mimics natural infiltration, evapotranspiration, or capture of storm water. </p>

tv_txt: I 116th CONGRESS 1st Session H. R. 2718 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. Short title This Act may be cited as the Preventing Pollution through Partnerships Act or as the P3 Act . 2. Green infrastructure bonds as qualified private activity bonds (a) In general Subpart A of part IV of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new section: 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 pollution (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 infiltration, evapotranspiration, or capture of storm water. . (b) No volume cap Section 146(g) of the Internal Revenue Code of 1986 is amended by striking and at the end of paragraph (3), by striking the period at the end of paragraph (4) and inserting , and , and by inserting 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 Revenue 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.