[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 2007 Introduced in Senate (IS)]
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119th CONGRESS
1st Session
S. 2007
To amend the Internal Revenue Code of 1986 to modify the private
business use requirements for bonds issued for lead service line
replacement projects.
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IN THE SENATE OF THE UNITED STATES
June 10, 2025
Mr. Bennet (for himself and Mr. Justice) introduced the following bill;
which was read twice and referred to the Committee on Finance
_______________________________________________________________________
A BILL
To amend the Internal Revenue Code of 1986 to modify the private
business use requirements for bonds issued for lead service line
replacement projects.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Financing Lead Out of Water Act of
2025''.
SEC. 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, 2025.
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