Congresswoman Cheri Bustos announced today a bill to pay for State Revolving Funds.
Bustos’ office says the Water Affordability, Transparency, Equity and Reliability Act will funnel federal dollars to funds such as the Drinking Water State Revolving Fund, which is providing the $4 million forgivable loan Galesburg plans to use to replace lead pipes.
In a statement, Bustos says lead service lines are “a problem that affects far too many of our communities, especially small and rural towns with tight budgets and fewer resources to invest in their water infrastructure.”
The WATER Act is designed to tax overseas revenues — largely generated by U.S. multinational corporations — in the year they are earned.
A Bustos news release says the act could raise more than $60 billion a year to benefit U.S water infrastructure.