Hoeven, Wyden Introduce Infrastructure Legislation that Includes Bonds, Tax Credits
Sen. John Hoeven, R-North Dakota, and Sen. Ron Wyden, D-Oregon, this week reintroduced the Move America Act to bring billions of dollars to grow and repair infrastructure through an expansion of private activity bonds and the creation of an infrastructure tax credit. S. 1403 would allocate Move America Bonds to states, based on population size. The legislation would allow smaller states the ability to trade in some or all of their bond allocation for federal tax credits at a 25% exchange rate. The Move America Act would leverage $8 billion in federal investment into $226 billion of bond authority or up to $56 billion in tax credits over 10 years, according to the Joint Committee on Taxation. This is the fourth consecutive session of Congress in which the legislation has been introduced. Hoeven also released a summary, section-by-section summary and press release announcing the legislation.
Novogradac is monitoring this legislation and will continue to update members of the Novogradac Federal Infrastructure Tax Credit Working Group as the proposal progresses. More information about the working group, which was created to provide input on the design and implementation of the federal infrastructure tax credit, and additional information about the Move America Act and related proposals, can be found at www.InfrastructureTaxIncentives.com.