S.1229 - Move America Act of 2017115th Congress (2017-2018)
|Sponsor:||Sen. Hoeven, John [R-ND] (Introduced 05/25/2017)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 05/25/2017 Read twice and referred to the Committee on Finance. (All Actions)|
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Summary: S.1229 — 115th Congress (2017-2018)All Information (Except Text)
Introduced in Senate (05/25/2017)
Move America Act of 2017
This bill amends the Internal Revenue Code to allow tax-exempt Move America bonds and 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:
- docks and wharves;
- mass commuting facilities;
- facilities for the furnishing of water;
- sewage facilities;
- 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) a project credit for a portion of the basis of each qualified project; 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.
States must report specified details to the Department of the Treasury regarding the amount of the volume cap exchanged and credits allocated.