[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3042 Introduced in House (IH)]







108th CONGRESS
  1st Session
                                H. R. 3042

 To amend the Internal Revenue Code of l986 to permit the issuance of 
tax-exempt bonds for certain air and water pollution control facilities 
and to provide that the volume cap for private activity bonds shall not 
  apply to bonds for such air and water pollution control facilities, 
     facilities for the furnishing of water, and sewage facilities.


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                    IN THE HOUSE OF REPRESENTATIVES

                           September 9, 2003

 Mr. Brady of Texas (for himself, Mr. Sandlin, Mr. Green of Texas, Mr. 
  Hinojosa, Mr. Sessions, Mr. Carter, and Ms. Granger) introduced the 
 following bill; which was referred to the Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
 To amend the Internal Revenue Code of l986 to permit the issuance of 
tax-exempt bonds for certain air and water pollution control facilities 
and to provide that the volume cap for private activity bonds shall not 
  apply to bonds for such air and water pollution control facilities, 
     facilities for the furnishing of water, and sewage 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 and Water Investment and 
Infrastructure Security Act of 2003''.

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 (12), by striking the period at 
the end of paragraph (13) and inserting ``, or'', and by adding at the 
end the following new paragraph:
            ``(14) 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 For Air and Water Pollution Control Facilities and For 
Water and Sewage Facilities Exempt From Volume Cap on Private Activity 
Bonds.--Paragraph (3) of section 146(g) of such Code is amended to read 
as follows:
            ``(3) any exempt facility bond issued as part of an issue 
        described in paragraph (1), (2), (4), (5), (12), (13), or (14) 
        of section 142(a) (relating to airports, docks and wharves, 
        facilities for the furnishing of water, sewage facilities, 
        environmental enhancements of hydroelectric generating 
        facilities, qualified public educational facilities, and air 
        and water pollution control facilities), and''.
    (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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