Senators John Hoeven (R-ND) and Ron Wyden (D-OR) reintroduced the Move America Act, which is substantially similar to legislation the pair introduced in the 114th and 115th Congresses.
The Move America Act would expand tax-exempt private activity bonds (PAB) and create a new infrastructure tax credit (Move America Equity Credits), to help fund infrastructure projects through private-public partnerships. The bill would provide additional tax-exempt bond authority, to be allocated to states based on population size. Smaller states would be given the ability to trade in some or all of their bond allocation for federal tax credits at a 25 percent rate. Qualified projects would include roads, bridges, transit, ports, rail, airports, water and sewer facilities and broadband.
According the Joint Committee on Taxation, the bill would leverage $8 billion in federal investment into $226 billion worth of bond authority over the next 10 years or up to $56 billion over 10 years in tax credits. Sens. Hoeven and Wyden also released an overview and a section-by-section summary.
The bill has the support of the: U.S. Chamber of Commerce, American Society of Civil Engineers, American Road and Transportation Builders Association, Associated General Contractors, American Association of Port Authorities, Airports Council International, Laborers International Union of North America, International Union of Operating Engineers, Association of Equipment Manufacturers and American Council of Engineering Companies.
