Environmental Infrastructure Act of 1988

Summary

Environmental Infrastructure Act of 1988 - Amends the Internal Revenue Code to provide for infrastructure bonds as a new category of tax-exempt bond. Includes within the definition of such bonds any State or local bond issued as part of an issue 95 percent or more of whose proceeds are to be used to provide public sewage facilities, solid or hazardous waste disposal facilities, water supply systems, or other facilities acquired, constructed, or renovated to achieve compliance with Federal environmental law. Amends arbitrage rebate provisions to: (1) exclude funds deposited in a reasonably required reserve or replacement fund from amounts that must be spent in order to avoid the required rebate to the United States; and (2) extend the temporary period during which unlimited arbitrage earnings are permitted with respect to governmental bonds. Classifies infrastructure facilities as seven-year property for purposes of the accelerated cost recovery system associated with the depreciation deduction. Designates a ten-year class life to such facilities under the alternative depreciation system. Exempts infrastructure facility property from restrictions relating to property leased to a tax-exempt entity.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in Senate

  summary · EN · 22 April 1988

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.