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National Association of Water Companies Applauds House Passage of Small Business and Infrastructure Jobs Tax Act of 2010

03/23/2010

WASHINGTON — The National Association of Water Companies applauds the U.S. House of Representatives for passing the Small Business and Infrastructure Jobs Tax Act of 2010 (HR 4849) today, and urges that the Senate pass this bill that will stimulate the economy through a number of important initiatives, including investment in our nation’s aging water infrastructure.

The bill provides incentives for small business investment, relief for overburdened small business owners, and expanded opportunity for infrastructure investment by states and localities in part through the removal of state volume caps on private activity bonds (PABs) for water and wastewater financing.

“Following the lead of Representative Bill Pascrell (D-NJ), the House took a major stride today towards putting Americans back to work and addressing our aging infrastructure,” said Michael Deane, executive director of the National Association of Water Companies. “This provision will provide communities with an important tool when dealing with the challenges of maintaining or improving essential water infrastructure.”

A removal on bond caps for water projects will bring funding for this piece of the nation’s critical infrastructure in line with airports, high-speed rail and solid waste disposal, which are all currently exempt from existing caps. PAB issuance is one of the fastest forms of federal assistance when applied to water and wastewater projects, with only 90–120 days needed to complete the process, from approval to sale, and get Americans to work.

“The National Association of Water Companies strongly urges Senate leadership to follow the lead of their colleagues in the House and quickly pass the Small Business and Infrastructure Jobs Tax Act of 2010,” said Deane.

Providing opportunities for public water providers to leverage private sector investment in water and wastewater infrastructure, the bill will also generate significant tax revenue for states and communities across the country. Each $1 billion invested in water infrastructure yields an increase of $82.4 million in state and local tax revenue. The portion of the bill addressing PABs for water infrastructure investment could support more than 57,000 jobs this year.

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