This week, the Sustainable Water Infrastructure Coalition (SWIC) joined with New Jersey lawmakers, led by Representative Bill Pascrell and Senator Bob Menendez as they reintroduced the Sustainable Water Infrastructure Act. The legislation is designed to spur much-needed investment in water infrastructure in our communities.
The Sustainable Water Infrastructure Act would stimulate private-sector investment to fund critical repairs by modifying the federal tax code to remove caps on the issuances of government private activity bonds (PAB) for water and wastewater projects. Currently, annual volume cap exemptions exist for PAB financing of airports, seaports and certain inter-city rail projects.
As Senator Bob Menendez said, “it seems like every week a pipe bursts somewhere in New Jersey, destroying property and disrupting lives. We’ve under-invested in our infrastructure, certainly we’ve under-invested in water systems, and now we’re paying the price. These systems are old and badly degraded. Many of them are waiting to fail, and they need to be fixed.”
As a result of mounting state and local government budget deficits, capital investment for such projects has been challenging to keep up with investment needs. Communities across the country face major challenges over the next 20 years to replace their nearly century-old water and wastewater infrastructure.
As a member of SWIC, ASA has long supported this endeavor and appreciates the leadership of Representative Pascrell and Senator Menendez. We look forward to working with other industry and water infrastructure stakeholders and lawmakers to advance this critical legislation, bringing jobs, growth and opportunity to the water infrastructure supply chain.
To see our letter of support, click here.
To learn more about ASA's positions on Legislative & Regulatory issues affecting the industry or if you would like to know how to get involved with ASA PAC, visit our Advocacy page or contact Dan Hilton, email@example.com, Director of Government Affairs.