Bipartisan legislation introduced on Friday by Sens. Roy Blunt (R-Mo.) and Michael Bennet (D-Colo.) would establish a $50 billion fund to promote job creation and enhance the nation's ability to maintain and update its infrastructure.
The Partnership to Build America Act would create the American Infrastructure Fund to help finance priority infrastructure projects across the nation. Transportation, energy, communication, water and education infrastructure projects funded by the legislation would improve U.S. competitiveness around the world and create jobs.
"Washington needs to pass policies to help jump-start private sector job creation," Blunt said. "American farmers, ranchers, manufacturers and workers are greatly reliant on our nation's infrastructure to move goods and services as quickly as possible. I'm proud to support this bipartisan bill, which will help communities in Missouri and across America improve infrastructure and compete in a global economy."
The American Infrastructure Fund would have the ability to support hundreds of billions of dollars in loan guarantees and financing authority for local and state governments.
The measure would also encourage companies to purchase bonds by permitting them to exclude a portion of overseas earnings from taxation. A competitive auction would determine the amount companies are allowed to repatriate for each dollar of bond purchases.
"In Colorado, we do our best with limited resources to keep things in working order and to break ground on critical new projects like the Arkansas Valley Conduit and the ongoing expansion of public transit in the Denver metro area," Bennet said. "This bill will help us improve and expand the infrastructure we need to compete in the 21st century."
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