Clean Air and Water Investment Act of 2009 - Amends the Internal Revenue Code to include air and water pollution control facilities among the projects for which tax-exempt facility bonds may be issued.
Defines such facilities as any property: (1) to be used to abate or control water or atmospheric pollution or contamination by removing, altering, disposing, or storing pollutants, contaminants, wastes, or heat; (2) which is either land or of a character subject to the allowance for depreciation; and (3) that a federal, state, or local agency has certified is designed for abating or controlling atmospheric or water pollution or for meeting local requirements for controlling such pollution. Provides that a water pollution control facility includes the necessary intercepting sewers, pumping, power, and other equipment, and their appurtenances.
Makes this Act applicable to bonds issued after December 31, 2008.