Last week House Democrats released a $760 billion infrastructure framework, which calls for strengthening existing infrastructure financing tools, like LIHTC, the New Markets Tax Credit (NMTC) and the Historic Tax Credit (HTC). Specifically, the Moving America and the Environment Framework calls for expanding the three tax credits, as well as expanding the national volume cap for private activity bonds (PAB). The framework also includes $86 billion over five years to pay for the deployment of high-speed broadband in unserved and underserved communities, low-interest financing for broadband deployment and digital equity activities.
In his opening statement, House Ways and Means Committee Chairman Richard Neal (D-MA) said, “We must continue to re-invest in both urban and rural neighborhoods through successful programs like the Low-Income Housing Tax Credit, the New Markets Tax Credit and the Historic Tax Credit. I have been a long-time supporter of these programs because they have a real, positive impact on our communities. So many of us represent communities that are in distress, and we should work together to do all we can to help them.”
In his opening statement, House Ways and Means Committee Ranking Member Kevin Brady (R-TX) said, “Why aren’t we dedicating more of our private activity bonds to complete regional infrastructure projects – which they were originally created for but today are an afterthought.” The full Ways and Means Committee hearing on Paving the Way for Funding and Financing Infrastructure Investments can be viewed here.
