Detailed Summary

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.

Status of the Legislation

Latest Major Action: 8/4/2007: Referred to House committee. Status: Referred to the House Committee on Ways and Means.

Points in Favor

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Points Against

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