Move America Act of 2021

Hoeven, John

Move America Act of 2021 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 <ul> <li> airports; </li> <li> docks and wharves; </li> <li>mass commuting facilities; </li> <li> facilities for the furnishing of water; </li> <li> sewage facilities; </li> <li> railroads; </li> <li>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;</li> <li> flood diversions; </li> <li> inland waterways; or </li> <li> rural broadband service infrastructure. </li> </ul> 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.