Senators Re-Introduce Legislation to Create Infrastructure Bonds, Tax Credits
Sens. John Hoeven, R-N.D., and Ron Wyden, D-Ore., today introduced the Move America Act of 2019, legislation that would expand tax-exempt private activity bonds and create a federal infrastructure tax credit to fund infrastructure projects through public-private partnerships. The legislation would allow states to issue tax-exempt bonds in partnership with private entities, with each state receiving a bond allocation based on population size. Move America tax credits would allow smaller states to trade in some or all of their bond allocation for federal tax credits at a 25 percent rate. A press release about the legislation says that the Move America Act would leverage $8 billion of federal investment into $226 billion of bond authority or up to $56 billion in tax credit over 10 years. Hoeven and Wyden, who also released an overview and a section-by-section summary, introduced similar legislation in 2015 and 2017.