117 S4921 IS: Financing Lead Out of Water Act of 2022 U.S. Senate 2022-09-22 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

II117th CONGRESS2d SessionS. 4921IN THE SENATE OF THE UNITED STATESSeptember 22, 2022Mr. Bennet (for himself, Mr. Cardin, Mr. Booker, Mr. Brown, Ms. Klobuchar, Mrs. Feinstein, and Mr. Van Hollen) introduced the following bill; which was read twice and referred to the Committee on FinanceA BILLTo amend the Internal Revenue Code of 1986 to modify the private business use requirements for bonds issued for lead service line replacement projects.

1.

Short title

This Act may be cited as the Financing Lead Out of Water Act of 2022.

2.

Modification of private business use requirements for certain bonds

(a)

In general

Section 141(b)(6) of the Internal Revenue Code of 1986 is amended by adding at the end the following new subparagraph:(D)

Clarification relating to qualified lead service line replacement use

(i)

In general

For purposes of this subsection, qualified lead service line replacement use shall not constitute private business use.(ii)

Definitions

For purposes of this subparagraph—(I)

Qualified lead service line replacement use

The term qualified lead service line replacement use means, with respect to any public water system, use of the proceeds of an issue to replace any privately-owned portion of a lead service line connected to such system to facilitate, achieve or maintain compliance with a national primary drinking water regulation for lead.(II)

Lead service line

The term lead service line has the meaning given such term in section 1459B(a)(4) of the Safe Drinking Water Act.(III)

National primary drinking water regulation for lead

The term national primary drinking water regulation for lead means a national primary drinking water regulation for lead promulgated under section 1412 of such Act.(IV)

Public water system

The term public water system has the meaning given such term in section 1401(4) of such Act..(b)

Effective date

The amendments made by this section shall apply to obligations issued after December 31, 2022.