P3 Act
- Last Action
- 5/14/2019
Actions
- 2019-05-14Referred to the House Committee on Ways and Means.
- 2019-05-14Introduced in House
- 2019-05-14Introduced in House
CRS Summary
As of 2019-05-14 (00)
Preventing Pollution through Partnerships Act or the P3 Act
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.
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.
"Green infrastructure" is infrastructure that preserves, enhances, or mimics natural infiltration, evapotranspiration, or capture of storm water.
Cosponsors (1)
- Denny Heck (D-WA)
Subjects
- Building construction
- Environmental technology
- Income tax exclusion
- Infrastructure development
- Securities
- State and local finance
- Water quality
- Water use and supply
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.