To amend the Internal Revenue Code of 1986 to modify the treatment of use of public infrastructure property for the private business use test for private activity bonds, and for other purposes.

Strengthening Pensions through Investment in Infrastructure Act This bill modifies the criteria for private activity bonds to specify that the use of public infrastructure property by a public pension fund is not considered a private business use. (The private business use test is one of the tests used to determine if a bond is a taxable private activity bond rather than a tax-exempt bond.) The bill also specifies that public infrastructure property is not considered investment-type property for the purpose of determining whether a bond is a taxable arbitrage bond. (Taxable arbitrage bonds are used to acquire higher yielding investments, or to replace funds which were used directly or indirectly to acquire higher yielding investments.)