Wyden’s Move America Bill Could Bring Billions to Infrastructure Investment

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Monday, May 04, 2015

Kirsten Nicolaisen, GoLocalPDX Content Manager

Today, Senator Ron Wyden, D-Ore., and Senator John Hoeven, R-N.D., introduced a bill that would bring billions of dollars to state and local government to help grow and repair America’s infrastructure. The bill, the “Move America Act of 2015,” would expand tax-exempt private activity bonds and create a new infrastructure tax credit, allowing states greater flexibility to pursue badly needed construction projects across the country.

“To get the American economy moving again, Congress needs to pursue every avenue it can to take on the growing infrastructure crisis,” Wyden said. “Move America will turbocharge investment and give states and localities the flexibility they need to quickly and efficiently break ground on projects. An injection of private capital, in addition to sustainable funding for transportation programs, will help get America’s economic engine running at full speed.”

“Move America bonds and tax credits are an effective way to leverage private-sector dollars to build the infrastructure we need across the country to grow America’s economy and create jobs,” Hoeven said. “We have bipartisan support for this effort and seek to do it in a way that incentivizes private investment, leverages the P3 program and is fully paid for so that it doesn’t increase the deficit.”

The Move America Act 2015 program is designed to leverage additional private investment in public infrastructure. The program creates Move America Bonds, to expand tax-exempt financing for public-private partnerships, and Move America Credits, to leverage additional private equity investment at a lower cost for states. Through cheaper and more flexible access to debt and equity, Move America gives states the tools they need to expand investment in roads, bridges, ports, rail, and airports.

According to the American Society of Civil Engineers (ASCE) the U.S. needs over $3.6 trillion of additional infrastructure investment by 2020. 

 An overview of the bill, with statements of support from transportation, business, and financial stakeholders, can be found here. 

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