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National Infrastructure Development Act of 2007

Introduced: October 18, 2007 Introduced by: DeLauro, Rosa L. Democratic · Connecticut See on congress.gov
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 Everywhere this bill has been 8 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Oct 19, 2007
Referred to the Subcommittee on Water Resources and Environment.
Oct 19, 2007
Referred to the Subcommittee on Railroads, Pipelines, and Hazardous Materials.
Oct 19, 2007
Referred to the Subcommittee on Highways and Transit.
Oct 19, 2007
Referred to the Subcommittee on Economic Development, Public Buildings and Emergency Management.
Oct 19, 2007
Referred to the Subcommittee on Coast Guard and Maritime Transportation.
Oct 19, 2007
Referred to the Subcommittee on Aviation.
Oct 18, 2007
Referred to the Committee on Transportation and Infrastructure, and in addition to the Committees on Financial Services, and Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Oct 18, 2007
Introduced in House
 Plain-English summary Congressional Research Service

National Infrastructure Development Act of 2007 - Establishes the National Infrastructure Development Corporation and the National Infrastructure Insurance Corporation as wholly owned Government corporations that shall conduct their respective businesses as self-supporting entities.

Empowers the National Infrastructure Development Corporation to: (1) make senior and subordinated loans and purchase senior and subordinated debt securities and equity securities; (2) enter into commitments to make any such loan or security purchases, on such terms as the Corporation may (in its discretion) determine to be appropriate, the proceeds of which are to be used to finance or refinance development of infrastructure facilities; and (3) provide preconstruction phase assistance.

Empowers the National Infrastructure Insurance Corporation to insure and reinsure bonds, debentures, notes, debt instruments, loans, and any interest thereon, the proceeds of which are to be used to finance or refinance development of infrastructure facilities.

Declares that: (1) obligations of either Corporation, and obligations insured by any such corporation shall not be obligations of, or guaranteed as to principal or interest by, the United States or any federal agency; and (2) assistance from the NIC shall not be treated as a direct or indirect guarantee of any payment by the United States of principal or interest on any security.

Amends the Internal Revenue Code to prescribe guidelines for the tax treatment of distributions from qualified retirement plans investing in public benefit bonds (defined as any obligation issued after the date of the enactment of this Act if: (1) 95% or more of the net proceeds of such obligation are used in connection with the financing or refinancing of infrastructure facilities; (2) such obligation has received a published rating, and (3) development of such infrastructure facilities is undertaken by a governmental entity or public-private partnership).

What's happening now October 19, 2007

Referred to the Subcommittee on Water Resources and Environment.

 Committees of jurisdiction 9
 Cosponsors 6
All 6 Democratic 6