25 May BPC Action Statement on Move America Act in Infrastructure
Washington, D.C. – Today Senators Ron Wyden (D-OR) and John Hoeven (R-ND) re-introduced the Move America Act, which would authorize a new type of private activity bonds for qualified infrastructure projects and exempt the interest from the Alternative Minimum Tax. The legislation goes a step further in promoting the use of private finance to meet some of our nation’s infrastructure needs by authorizing states to convert the bond into a tax credit in order to attract additional equity investments.
The legislation is consistent with the goals of BPC’s Executive Council on Infrastructure which call for the use of various mechanisms to increase private investment in public infrastructure. It is estimated that the United States faces a $3 trillion infrastructure gap. Public private partnerships facilitated through means like tax credits and private activity bonds are a critical part of addressing that gap. According to the Joint Tax Committee, the Wyden-Hoeven bill would leverage an $8 billion taxpayer investment to achieve a total of $226 billion worth of infrastructure investments.
During the last Congress, Senators Wyden and Hoeven spoke about their bill at the BPC.