To amend the Internal Revenue Code of 1986 to allow a credit with respect to clean renewable water supply bonds.

Summary

Amends the Internal Revenue Code to allow holders of clean renewable water supply bonds a tax credit of 25% of the annual credit amount as determined by the Secretary of the Treasury. Defines "clean renewable water supply bond" as any bond issued by a governmental body or an entity qualified to issue tax-exempt bonds that is used for capital expenditures for projects involving a qualified desalination facility, a recycled water facility, or a groundwater remediation facility. Sets forth rules for maturity limitations, arbitrage, and expenditures, including a requirement that 95% of the proceeds of a bond issue be spent on one or more clean renewable water supply projects within five years from the date of a bond issuance.

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 4 August 2007

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• Introduced in House (PDF)

  Introduced in House · EN · 4 August 2007

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• Introduced in House

  summary · EN · 4 August 2007

  Open at official source

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