Hoeven to DOT Secretary: Move America Act Will Help States Fund Infrastructure Projects
WASHINGTON – In a meeting this week, Senator John Hoeven, a member of the Senate Transportation Appropriations Committee, outlined to U.S. Department of Transportation (DOT) Secretary Elaine Chao his Move America Act, which helps empower states to build and repair infrastructure by expanding tax-exempt funding for public-private partnerships. Hoeven is working to re-introduce the Move America Act in the current Congress.
“Secretary Chao and I discussed the need to invest in infrastructure throughout our nation and North Dakota,” said Hoeven. “I outlined how the Move America Act would help states finance infrastructure projects by leveraging private-sector dollars. We need to build and repair infrastructure around our country, and the Move America Act could help finance these important projects.”
The Move America Act would help states fund infrastructure projects through tax-exempt bonds and tax credits to leverage additional private equity investment at a lower cost to states. States would be able to issue tax-exempt Move America bonds in partnership with private entities, lowering their overall borrowing cost. Move America tax credits would allow states hesitant to issue more debt the ability to trade in some or all of their bond allocation for federal tax credits at a 25 percent rate, allowing for greater flexibility on non-revenue projects.
As a member of the Senate Appropriations Committee, Hoeven is committed to allocating sufficient funding to support our nation’s infrastructure.
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