119-s2007

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 2007 Introduced in Senate

    (IS) ]

<DOC>

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.

_______________________________________________________________________

 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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