Private Activity Bonds Legislation Progressing in Senate

On April 27, Sen. Robert Menendez (D-N.J.) and cosponsors Kit Bond (R-Mo.), Mike Crapo (D-Idaho), and John Kerry (D-Mass.) introduced the Sustainable Water Infrastructure Investment Act (S. 3262). The legislation will remove state volume caps on private activity bonds for water and wastewater projects and lead to the investment of billions of dollars in private money flowing into our nation's water infrastructure. AGC and coalition partners are working to garner additional support for the Senate bill and include it in broader tax legislation. Based on water and financial industry estimates, the bill would facilitate at least $2 billion worth of private water investment in 2010 and up to $5 billion or more annually as the market matures. S. 3262 is the Senate companion to H.R. 537, a bill authored by Congressman Bill Pascrell (D-N.J.) that passed the House in March as part of the Small Business and Infrastructure Tax Act.  AGC, along with the National Association of Water Companies and American Water, led the coalition effort in seeking the introduction of the Senate bill. To learn more about this legislation, visit the AGC Legislative Action Center. For additional information please contact Perry L. Fowler at fowlerp@agc.org or (703)837-5321.