Environmental Infrastructure Act of 1991

Summary

Environmental Infrastructure Act of 1991 - Amends the Internal Revenue Code to establish infrastructure bonds as a category of tax-exempt bond. Includes within this new category 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. Revises arbitrage rebate provisions. 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.

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Timeline

1. 14 January 1991

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 14 January 1991

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 12 June 1991

   Committee

   Subcommittee on Taxation. Hearings held. Hearings printed: S.Hrg. 102-412.

   Source: Committee

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 · 14 January 1991

  Open at official source

Sponsors

• Sen. Domenici, Pete V. [R-NM] · R · Sponsor
• Sen. Boren, David L. [D-OK] · D · Sponsor
• Sen. Symms, Steven D. [R-ID] · R · Sponsor
• Sen. Burns, Conrad R. [R-MT] · R · Cosponsor
• Sen. Stevens, Ted [R-AK] · R · Cosponsor
• Sen. Cochran, Thad [R-MS] · R · Cosponsor
• · ssfi00 · Standing

Related records

• related to → Environmental Infrastructure Act of 1991