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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-
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tives of the United States of America in Congress assembled,
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SECTION 1. SHORT TITLE.
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This Act may be cited as the ‘‘Preventing Pollution
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through Partnerships Act’’ or as the ‘‘P3 Act’’.
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SEC. 2. GREEN INFRASTRUCTURE BONDS AS QUALIFIED
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PRIVATE ACTIVITY BONDS.
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(a) IN GENERAL.—Subpart A of part IV of sub-
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chapter B of chapter 1 of the Internal Revenue Code of
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•HR 2718 IH
1986 is amended by adding at the end the following new
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section:
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‘‘SEC. 148. QUALIFIED GREEN INFRASTRUCTURE BOND.
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‘‘For purposes of this part—
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‘‘(1)
QUALIFIED
GREEN
INFRASTRUCTURE
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BOND
DEFINED.—The term ‘green infrastructure
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bond’ means any bond issued as part of an issue 95
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percent or more of the net proceeds of which are to
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be used to develop, carry out, or certify approved
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green infrastructure projects.
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‘‘(2)
APPROVED
GREEN
INFRASTRUCTURE
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PROJECT.—The term ‘approved green infrastructure
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project’ means a project to construct, rehabilitate,
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maintain, or repair green infrastructure that has
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been certified by the State in which such project is
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located as effectively addressing nonpoint source pol-
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lution (as such term is used in the Federal Water
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Pollution Control Act).
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‘‘(3) GREEN INFRASTRUCTURE DEFINED.—The
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term ‘green infrastructure’ means infrastructure
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that preserves, enhances, or mimics natural infiltra-
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tion, evapotranspiration, or capture of storm
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water.’’.
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(b) NO VOLUME CAP.—Section 146(g) of the Inter-
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nal Revenue Code of 1986 is amended by striking ‘‘and’’
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•HR 2718 IH
at the end of paragraph (3), by striking the period at the
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end of paragraph (4) and inserting ‘‘, and’’, and by insert-
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ing after paragraph (4) the following new paragraph:
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‘‘(5) any green infrastructure bond.’’.
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(c) CONFORMING AMENDMENTS.—
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(1) Section 141(e)(1) of the Internal Revenue
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Code of 1986 is amended by striking ‘‘or’’ at the
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end of subparagraph (F), by striking the period at
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the end of subparagraph (G), and by adding at the
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end the following new subparagraph:
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‘‘(H) a qualified green infrastructure
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bond.’’.
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(2) The table of sections for subpart A of part
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IV of subchapter B of chapter 1 of the Internal Rev-
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enue Code of 1986 is amended by adding at the end
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the following new item:
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‘‘Sec. 148. Qualified green infrastructure bond.’’.
(d) EFFECTIVE DATE.—The amendments made by
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this section shall apply to obligations issued after the date
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of the enactment of this Act.
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