[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1427 Introduced in House (IH)]







107th CONGRESS
  1st Session
                                H. R. 1427

 To amend the Internal Revenue Code of 1986 to permit the issuance of 
     tax-exempt bonds for certain air and water pollution control 
                              facilities.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 4, 2001

    Mr. Bentsen (for himself and Mr. Brady of Texas) 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 permit the issuance of 
     tax-exempt bonds for certain air and water pollution control 
                              facilities.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Clean Air Investment Act''.

SEC. 2. TAX-EXEMPT BONDS FOR AIR AND WATER POLLUTION CONTROL 
              FACILITIES.

    (a) In General.--Subsection (a) of section 142 of the Internal 
Revenue Code of 1986 (defining exempt facility bond) is amended by 
striking ``or'' at the end of paragraph (11), by striking the period at 
the end of paragraph (12) and inserting ``, or'', and by adding at the 
end the following new paragraph:
            ``(13) air or water pollution control facilities (within 
        the meaning of section 103 as in effect before the enactment of 
        the Tax Reform Act of 1986).''
    (b) Bonds in Nonattainment Areas Not Subject to Volume Cap.--
Subsection (g) of section 146 of such Code 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 exempt facility bond issued during 2003, 2004, 
        2005, 2006, or 2007 as part of an issue described in paragraph 
        (13) of section 142(a) (relating to air or water pollution 
        control facilities), but only if any facility which the 
        proceeds of such bond are to be used to provide is located 
        within a nonattainment area (as defined by section 171(2) of 
        the Clean Air Act (42 U.S.C. 7501(2).''.
    (c) Effective Date.--The amendments made by this section shall 
apply to obligations issued after the date of the enactment of this 
Act.
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