Section 1 Short title
This Act may be cited as the “Preventing Pollution through Partnerships Act” or as the “P3 Act”.
Preventing Pollution through Partnerships Act
A BILL
To amend the Internal Revenue Code of 1986 to include green infrastructure bonds in the definition of qualified private activity bonds.
Sec. 2 Green infrastructure bonds as qualified private activity bonds
In general— Subpart A of part IV of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new section:
“148. Qualified green infrastructure bond
“For purposes of this part—
“(1) Qualified green infrastructure bond defined—The term green infrastructure bond means any bond issued as part of an issue 95 percent or more of the net proceeds of which are to be used to develop, carry out, or certify approved green infrastructure projects.
“(2) Approved green infrastructure project—The term approved green infrastructure project means a project to construct, rehabilitate, maintain, or repair green infrastructure that has been certified by the State in which such project is located as effectively addressing nonpoint source pollution (as such term is used in the Federal Water Pollution Control Act).
“(3) Green infrastructure defined—The term green infrastructure means infrastructure that preserves, enhances, or mimics natural infiltration, evapotranspiration, or capture of storm water.”
No volume cap— Section 146(g) of the Internal Revenue Code of 1986 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 green infrastructure bond.”
Conforming amendments—
Section 141(e)(1) of the Internal Revenue Code of 1986 is amended by striking “or” at the end of subparagraph (F), by striking the period at the end of subparagraph (G), and by adding at the end the following new subparagraph:
“(H) a qualified green infrastructure bond.”
The table of sections for subpart A of part IV of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new item:
Effective date— The amendments made by this section shall apply to obligations issued after the date of the enactment of this Act.