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The "Infrastructure Investment and Employment Act" (HR 3684) (the Act) passed by the House of Representatives on November 6, 2021 created two new types of tax-exempt bonds: "Qualified Broadband Projects" and "Carbon Dioxide Capture Facilities." In addition to granting many infrastructure spending authorizations under the Internal Revenue Code (IRC) and expanding the categories of eligible private activity bonds, the bill also increased the national transaction volume cap for eligible road or ground freight facility bonds from US$15 billion to US$30 billion . President Joe Biden announced that he will sign the bill this week.
"Qualified broadband projects" generally include broadband services in which at least 50% of households in rural areas cannot access fixed services, and projects that aim to provide higher-speed broadband services to areas that are unserviced or currently unserviced. Services are below certain minimum requirements. Eligible broadband project bonds will be exempted from the 75% upper limit, while government-owned broadband projects will not be subject to the upper limit. The amendment will take effect in 2022 and will apply to all bonds issued after December 31, 2021.
"Qualified carbon dioxide capture facility" is another new type of exempt facility bond stipulated in Article 142 of the IRC. It is either an independent facility that captures carbon dioxide from the ambient air or equipment installed on certain industrial facilities that emit carbon dioxide. As a result of its operation, the equipment captures and processes carbon dioxide, or is part of the process of producing synthesis gas consisting mainly of carbon dioxide and hydrogen. Carbon and direct air capture devices remove carbon dioxide and other “toxic chemicals” from the facility’s emissions and help clean up the facility’s emissions stream. Qualified carbon dioxide capture facilities will also be exempted from the 75% volume limit. The amendment will also take effect in 2022 and will apply to all bonds issued after December 31, 2021.
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