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Amendment to Senate Version of Highway Bill Contains Water Infrastructure Bonding Provision
February 10, 2012
During the markup of the Senate Finance Committee’s portion of the Surface Transportation bill, Sen. Menendez (D-NJ) offered a version of the AGC-supported legislation exempting water and wastewater infrastructure from the private activity bond volume cap as an amendment. The amendment was accepted on a voice vote, because it wasn’t controversial enough to require a roll call vote and AGC is hopeful that the bill will pass. The Menendez amendment lifts the volume cap – the amount of tax-exempt financing available for certain projects – on private activity bonds for water and wastewater projects and permits Indian tribes to issue tax-exempt private activity bonds for water infrastructure. This move is projected to open up $2-5 billion annually in private capital for water infrastructure projects, often in the form of public-private partnerships. AGC supports this policy as a critical element in securing access to all available funding for water infrastructure.
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