Clean Air And Water Investment Act Of 2009

* Ms. LINDA T. SÁNCHEZ of California. Madam Speaker, I rise today to introduce the Clean Air and Water Investment Act of 2009. This legislation will restore tax exempt bonding for air and water pollution control facilities.

* Prior to the 1986 revision to the tax code, state authorized agencies and political subdivisions were permitted to administer tax exempt bonds to finance ``air and water pollution control facilities.'' The program proved so effective that even facilities that were grandfathered, and not subject to clean air standards, were proactive participants, providing cleaner air and water for our communities.

* As we continue to look for ways to assist businesses and local governments in their efforts to reduce pollution, these bonds provide an affordable solution that will put people to work while providing cleaner and healthier communities. This bill would restore a proven incentive for industry to invest in cleaner air and water. Importantly, because it falls under a pre-existing spending cap, this legislation will present no new liability to the U.S. Treasury.

* Members on opposite sides of the aisle frequently may differ on many issues before this body, but this is not one of them. I am pleased to be working on this bill with Congressman KEVIN BRADY of Texas, a fellow Congressional baseball aficionado. Congressman BRADY has been working on this issue for many years now, and I look forward to collaborating with him and seeing this bill signed into law.

* I urge my colleagues to consider support this important legislation.

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