H.R.3452 - To amend the Internal Revenue Code of 1986 to allow a credit with respect to clean renewable water supply bonds.110th Congress (2007-2008)
|Sponsor:||Rep. Becerra, Xavier [D-CA-31] (Introduced 08/04/2007)|
|Committees:||House - Ways and Means|
|Latest Action:||08/04/2007 Referred to the House Committee on Ways and Means. (All Actions)|
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Summary: H.R.3452 — 110th Congress (2007-2008)All Bill Information (Except Text)
Introduced in House (08/04/2007)
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.