Maloney Joins Bipartisan Coalition to Introduce Legislation to Boost Infrastructure Investment
WASHINGTON – Representative Sean Patrick Maloney (NY-18) joined Reps. Jackie Walorski (R-Ind.), Earl Blumenauer (D-Ore.), and Brian Fitzpatrick (R-Pa) to introduce legislation which will strengthen public-private partnerships and boost investment in America’s infrastructure. The Move America Act will expand private activity bonds and infrastructure tax credits, which will attract billions of dollars in capital and give state and local governments greater flexibility to fund critical infrastructure projects.
“This bipartisan bill will help jumpstart our local economies and create a ton of good-paying jobs for people all across the country,” said Representative Sean Patrick Maloney (NY-18), a member of the House Transportation and Infrastructure Committee. “It will help make real investments in our aging infrastructure and allow us to get a lot done by teaming up with the private sector and that’s just good sense.”
“A strong American economy depends on a modern infrastructure built for the 21st century,” said Congresswoman Walorski. “Public-private partnerships are among the most cost-effective ways to revitalize our aging infrastructure and invest in our nation’s future. The bipartisan Move America Act will give state and local governments the tools and flexibility they need to leverage private dollars for the infrastructure projects most important to our communities.”
“American infrastructure is falling apart and we’re falling behind. It is critical that we consider every approach to fixing our crumbling infrastructure,” said Congressman Blumenauer. “The Move America Act will support billions of dollars in much-needed investment to help rebuild and renew our country.”
The Move America Act would allow states to issue tax-exempt Move America Bonds to expand public-private partnerships and lower borrowing costs. Incentives for state and local governments to offer these bonds include flexible ownership and management arrangements, favorable tax treatment, and up to five years of unused bond carry-over. They would be allocated to states based on population.
The bill would also create Move America Tax Credits to leverage additional private investment by enabling smaller states to trade in some or all of their bond allocation for tax credits at a 25 percent rate. Credits could be attached to direct investment in a project or used to capitalize state infrastructure banks or revolving funds.
Eligible infrastructure projects include roads, bridges, airports, rail, transit, ports, freight transfer facilities, waterways, sewers, and broadband internet. The Move America Act would leverage $8 billion in federal funding into an estimated $226 billion worth of bond authority or $56 billion in tax credits over the next decade.