U.S. Sen. John Hoeven (R-ND) on April 28 reintroduced the bipartisan Move America Act of 2021, which would authorize billions of dollars in federal funds to ensure the solvency of the nation’s trust funds for highways, airports, ports, and waterways by leveraging greater private investment in infrastructure.
“As we continue to work on addressing our nation’s critical infrastructure needs,” Sen. Hoeven said, “we should advance bipartisan efforts like this, which will help us support a growing economy, improve our quality of life and ensure our country remains competitive for years to come.”
Sen. Hoeven sponsored S. 1403 with cosponsor U.S. Sen. Ron Wyden (D-OR) to amend the Internal Revenue Code of 1986 to provide for Move America bonds and Move America credits.
Specifically, S. 1403 would expand tax-exempt private activity bonds and create a new infrastructure tax credit, helping fund infrastructure projects through public-private partnerships, according to a bill summary provided by Sen. Hoeven’s office.
“The Move America Act offers innovative and flexible solutions to address our nation’s infrastructure needs,” said Sen. Hoeven. “The bonds and tax credits authorized by our legislation would serve as an important complement to federal funding, providing cost-effective options that help taxpayer dollars go further.”
If enacted, S. 1403 would permit each state to receive a bond allocation, based on population size, according to the summary, and would allow smaller states to trade in some or all of their bond allocation for federal tax credits at a 25 percent rate, among other provisions. Such tools would help 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, according to the Joint Committee on Taxation.
The legislation is supported by several organizations, including the U.S. Chamber of Commerce, the American Road and Transportation Builders Association, Associated General Contractors, the American Association of State Highway and Transportation Officials, and the Securities Industry and Financial Markets Association, among others.