The bill's modifications mean that proceeds from certain bonds can be directed to replace privately-owned portions of lead service lines connected to public water systems without being classified as private business use. This essentially allows for more flexible financing options for municipalities looking to replace hazardous infrastructure without facing regulatory impediments. The effective date of these amendments will apply to obligations issued after December 31, 2022, implying a forward-looking approach to legislative change regarding public health and safety.
Summary
House Bill 1407, referred to as the 'Financing Lead Out of Water Act,' aims to address the issue of lead service lines in public water systems. The legislation seeks to amend the Internal Revenue Code of 1986, specifically by modifying the private business use requirements for bonds that are issued to finance lead service line replacement projects. This bill recognizes the crucial public health implications of lead in drinking water and aims to facilitate compliance with national drinking water regulations related to lead.
Contention
While the bill garnered bipartisan support due to its focus on public health and environmental safety, there may be points of contention surrounding funding allocations and the responsibility of private property owners. Some stakeholders might argue that the financial burden of replacing lead service lines should not fall solely on public funds, raising questions about equity and accountability in water infrastructure investment. Additionally, debates may arise over the effectiveness of such measures in achieving compliance with health standards, and whether the modifications adequately address the underlying issues affecting lead contamination.
Lower Energy Costs Act This bill provides for the exploration, development, importation, and exportation of energy resources (e.g., oil, gas, and minerals). For example, it sets forth provisions to (1) expedite energy projects, (2) eliminate or reduce certain fees related to the development of federal energy resources, and (3) eliminate certain funds that provide incentives to decrease emissions of greenhouse gases. The bill expedites the development, importation, and exportation of energy resources, including by waiving environmental review requirements and other specified requirements under certain environmental laws, eliminating certain restrictions on the import and export of oil and natural gas, prohibiting the President from declaring a moratorium on the use of hydraulic fracturing (a type of process used to extract underground energy resources), directing the Department of the Interior to conduct sales for the leasing of oil and gas resources on federal lands and waters as specified by the bill, and limiting the authority of the President and executive agencies to restrict or delay the development of energy on federal land. In addition, the bill reduces royalties for oil and gas development on federal land and eliminates charges on methane emissions. It also eliminates a variety of funds, such as funds for energy efficiency improvements in buildings as well as the greenhouse gas reduction fund.