US SB146 | 2019-2020 | 116th Congress

Status

Spectrum: Bipartisan Bill
Status: Introduced on January 16 2019 - 25% progression
Action: 2019-01-16 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]

Summary

Move America Act of 2019 This bill allows tax-exempt Move America bonds and Move America tax credits to be used for certain infrastructure projects. A Move America bond is treated as a tax-exempt private facility bond with certain exceptions. At least 95% of the net proceeds from the issuance of the bond must be used for infrastructure projects, including airports; docks and wharves; mass commuting facilities; facilities for the furnishing of water; sewage facilities; railroads; certain surface transportation projects eligible for federal assistance, projects for an international bridge or tunnel, or facilities for transferring freight from truck to rail or rail to truck; flood diversions; inland waterways; or rural broadband service infrastructure. The bill specifies exceptions and modifications to existing rules for bonds regarding land acquisition, government ownership, rehabilitation expenditures, and the alternative minimum tax. The bonds are subject to a volume cap equal to 50% of a state's current private activity bond volume cap. States may exchange all or a portion of the volume cap for Move America tax credits to be allocated to taxpayers. The credits include (1) an equity credit for a portion of the basis of each qualified facility; and (2) an infrastructure fund credit for investments in qualified infrastructure funds, including a state infrastructure bank, a water pollution control revolving fund, or a drinking water treatment revolving loan fund.

Tracking Information

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Title

Move America Act of 2019

Sponsors


History

DateChamberAction
2019-01-16SenateRead twice and referred to the Committee on Finance.

Same As/Similar To

HB1508 (Related) 2019-03-05 - Referred to the House Committee on Ways and Means.

Subjects


US Congress State Sources


Bill Comments

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