Environmental Infrastructure Act of 1990

Environmental Infrastructure Act of 1990 - Amends the Internal Revenue Code to provide for infrastructure bonds as a new category of tax-exempt bond. Includes within the definition of such bonds any State or local bond issued as part of an issue 95 percent or more of whose proceeds are to be used to provide facilities to achieve compliance with Federal environmental law.

Modifies arbitrage rebate provisions.

Classifies infrastructure facilities as seven-year property for purposes of the accelerated cost recovery system associated with the depreciation deduction. Designates a ten-year class life to such facilities under the alternative depreciation system.

Exempts infrastructure facility property from restrictions relating to property leased to a tax-exempt entity.