May 4, 2015 12:00 PM, EDT

Senators Introduce Bill to Create New Financing Options For Infrastructure Projects

Republican and Democratic senators have introduced a bill that would expand the tax-exempt private activity bond program and create a new infrastructure tax credit in order to expand states' options for pursing infrastructure projects.

The “Move America Act of 2015” was introduced May 3 by Sen. Ron Wyden (D-Ore.), ranking member on the Finance Committee; and Sen. John Hoeven (R-N.D.), a member of the Appropriations Committee.

Move America “is designed to leverage additional private investment in our public infrastructure,” the senators said in a statement.

The bill would create 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,” they said.

“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.”

“To get the American economy moving again, Congress needs to pursue every avenue it can to take on the growing infrastructure crisis,” Wyden said.

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.”