Senators Hoeven, Wyden Reintroduce Legislation to Spur Investment in Nation’s Infrastructure

On January 16, 2019, Senators John Hoeven (R-ND) and Ron Wyden (D-OR) announced that they have introduced legislation entitled, Move America Act of 2019,  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. The Act should leverage $8 billion of federal investment into $226 billion of bond authority or up to $56 billion in tax credit over 10 years. Click here for an overview of the Act and click here for a section-by-section summary. The Senators previously introduced similar legislation in 2015 and 2017.

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