Infrastructure Bond, Tax Credit Bill Introduced in House
A bipartisan group of four members of Congress introduced the Move America Act (H.R. 3912) this week to expand private activity bonds and infrastructure tax credits to give state and local governments billions of dollars to fund infrastructure projects. The bill, whose companion was introduced in the Senate in May (S. 1229), would create Move America Bonds, which would be allocated to states based on population. It would also create Move America Tax Credits to leverage private investment by enabling smaller states to trade in some or all of their bond allocation for tax credits at a 25 percent rate. The Joint Committee on Taxation says the bill would leverage $8 billion in federal investments into $226 billion in bond authority over 10 years–or up to $56 billion in tax credits over the same 10 years. The bill is sponsored by Reps. Jackie Walorski, R-Ind., Brian Fitzpatrick, R-Pa., Earl Blumenauer, D-Ore., and Sean Patrick Maloney, D-N.Y.