I 

116TH CONGRESS 

1ST SESSION H. R. 1508 

To amend the Internal Revenue Code of 1986 to provide for Move America 

bonds and Move America credits. 

IN THE HOUSE OF REPRESENTATIVES 

MARCH 5, 2019 

Mr. BLUMENAUER (for himself and Mrs. WALORSKI) introduced the following 

bill; which was referred to the Committee on Ways and Means 

A BILL 

To amend the Internal Revenue Code of 1986 to provide 

for Move America bonds and Move America credits. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Move America Act of 

5 2019’’. 

6 SEC. 2. FINDINGS AND PURPOSE. 

7 (a) FINDINGS.—Congress makes the following find8 ings: 

9 (1) Our Nation’s infrastructure network serves 

10 as a foundation of our economic competitiveness and 


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1 national security. It is imperative that Congress 

2 maintain and revitalize the roads, bridges, ports, 

3 railways, airports, transit systems, water systems, 

4 and information networks of this country, enabling 

5 all industries to achieve the growth and productivity 

6 that make the United States strong and prosperous. 

7 (2) Investing in transportation, water, and in8 formation infrastructure creates long-term capital 

9 assets for the Nation that will improve economic 

10 productivity. 

11 (3) Investment in infrastructure creates jobs 

12 and spurs economic activity to put people back to 

13 work and grow the economy. 

14 (4) The cost to maintain and improve our Na15 tion’s highways, bridges, and other critical transpor16 tation infrastructure significantly exceeds what is 

17 currently being provided by all levels of government. 

18 (5) Investment in our Nation’s infrastructure 

19 must be multi-faceted, both by ensuring that there 

20 is a sustainable long-term funding source for infra21 structure and through using innovative financing 

22 mechanisms. 

23 (6) Areas that are underserved by modern 

24 broadband connections are disadvantaged, and en25 suring that those areas are connected will enable the 


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1 Nation to benefit from the fuller participation of 

2 previously underserved citizens in the national econ3 omy. 

4 (7) Investment in infrastructure is needed 

5 throughout the Nation, and it is essential that infra6 structure legislation, including but not limited to 

7 this legislation, benefit urban and rural areas, and 

8 large and small States. 

9 (b) PURPOSE.—The purpose of this Act is to provide 

10 tools to finance additional transportation, water, and in11 formation infrastructure capital investments, through an 

12 approach that provides assistance for financing of infra13 structure to all States, rural and urban, and large and 

14 small. 

15 SEC. 3. MOVE AMERICA BONDS. 

16 (a) IN GENERAL.— 

17 (1) MOVE AMERICA BONDS.—Subpart A of part 

18 IV of subchapter B of chapter 1 of the Internal Rev19 enue Code of 1986 is amended by inserting after 

20 section 142 the following new section: 

21 ‘‘SEC. 142A. MOVE AMERICA BONDS. 

22 ‘‘(a) IN GENERAL.— 

23 ‘‘(1) TREATMENT AS EXEMPT FACILITY

24 BOND.—Except as otherwise provided in this section, 


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1 a Move America bond shall be treated for purposes 

2 of this part as an exempt facility bond. 

3 ‘‘(2) EXCEPTIONS.— 

4 ‘‘(A) NO GOVERNMENT OWNERSHIP RE5 QUIREMENT.—Paragraph (1) of section 142(b) 

6 shall not apply to any Move America bond. 

7 ‘‘(B) SPECIAL RULES FOR HIGH-SPEED

8 RAIL BONDS.—Paragraphs (2) and (3) of sec9 tion 142(i) shall not apply to any Move America 

10 bond described in subsection (b)(6). 

11 ‘‘(C) SPECIAL RULES FOR HIGHWAY AND

12 SURFACE TRANSPORTATION FACILITIES.—Para13 graphs (2), (3), and (4) of section 142(m) shall 

14 not apply to any Move America bond described 

15 in subsection (b)(7). 

16 ‘‘(b) MOVE AMERICA BOND.—For purposes of this 

17 part, the term ‘Move America bond’ means any bond 

18 issued as part of an issue 95 percent or more of the net 

19 proceeds of which are used to provide— 

20 ‘‘(1) airports, 

21 ‘‘(2) docks and wharves, including— 

22 ‘‘(A) waterborne mooring infrastructure, 

23 ‘‘(B) dredging in connection with a dock or 

24 wharf, and 


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1 ‘‘(C) any associated rail and road infra2 structure for the purpose of integrating modes 

3 of transportation, 

4 ‘‘(3) mass commuting facilities, 

5 ‘‘(4) facilities for the furnishing of water (with6 in the meaning of section 142(e)), 

7 ‘‘(5) sewage facilities, 

8 ‘‘(6) railroads (as defined in section 20102 of 

9 title 49, United States Code) and any associated rail 

10 and road infrastructure for the purpose of inte11 grating modes of transportation, 

12 ‘‘(7) any— 

13 ‘‘(A) surface transportation project which 

14 is eligible for Federal assistance under title 23, 

15 United States Code (as in effect on the date of 

16 the enactment of this section), 

17 ‘‘(B) project for an international bridge or 

18 tunnel for which an international entity author19 ized under Federal or State law is responsible 

20 and which is eligible for Federal assistance 

21 under title 23, United States Code (as so in ef22 fect), or 

23 ‘‘(C) facility for the transfer of freight 

24 from truck to rail or rail to truck (including 

25 any temporary storage facilities directly related 


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1 to such transfers) which is eligible for Federal 

2 assistance under either title 23 or title 49, 

3 United States Code (as so in effect), 

4 ‘‘(8) flood diversions, 

5 ‘‘(9) inland waterways, including construction 

6 and rehabilitation expenditures for navigation on 

7 any inland or intracoastal waterways of the United 

8 States (within the meaning of section 4042(d)(2)), 

9 or 

10 ‘‘(10) rural broadband service infrastructure. 

11 ‘‘(c) DEFINITIONS.—For purposes of this section— 

12 ‘‘(1) FLOOD DIVERSIONS.—The term ‘flood di13 version’ means any flood damage risk reduction 

14 project authorized under any Act for authorizing 

15 water resources development projects. 

16 ‘‘(2) RURAL BROADBAND SERVICE INFRASTRUC17 TURE.—The term ‘rural broadband service infra18 structure’ means the construction, improvement, or 

19 acquisition of facilities and equipment for the provi20 sion of broadband services (as defined in section 601 

21 of the Rural Electrification Act of 1936) which— 

22 ‘‘(A) meet the minimum requirements in 

23 effect under section 601(e) of such Act, and 

24 ‘‘(B) will be provided in an area which— 


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1 ‘‘(i) is a rural area (as defined in sec2 tion 601 of such Act), and 

3 ‘‘(ii) meets the requirements of 

4 clauses (i) and (ii) of section 601(d)(2)(A) 

5 of such Act. 

6 ‘‘(d) MOVE AMERICA VOLUME CAP.— 

7 ‘‘(1) IN GENERAL.—The aggregate face amount 

8 of Move America bonds issued pursuant to an issue, 

9 when added to the aggregate face amount of Move 

10 America bonds previously issued by the issuing au11 thority during the calendar year, shall not exceed 

12 such issuing authority’s Move America volume cap 

13 for such year. 

14 ‘‘(2) MOVE AMERICA VOLUME CAP.—For pur15 poses of this subsection— 

16 ‘‘(A) IN GENERAL.—The Move America 

17 volume cap for any calendar year is an amount 

18 equal to 50 percent of the State ceiling under 

19 section 146(d) for such State for such calendar 

20 year. 

21 ‘‘(B) ALLOCATION OF VOLUME CAP.—Each 

22 State may allocate the Move America volume 

23 cap of such State among governmental units (or 

24 other authorities) in such State having author25 ity to issue private activity bonds. 


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1 ‘‘(3) CARRYFORWARDS.— 

2 ‘‘(A) IN GENERAL.—If— 

3 ‘‘(i) an issuing authority’s Move 

4 America volume cap, exceeds 

5 ‘‘(ii) the aggregate amount of Move 

6 America bonds issued during such calendar 

7 year by such authority, 

8 any Move America bond issued by such author9 ity during the 5-calendar-year period following 

10 such calendar year shall not be taken into ac11 count under paragraph (1) to the extent the 

12 amount of such bonds does not exceed the 

13 amount of such excess. Any excesses arising 

14 under this paragraph shall be used under this 

15 paragraph in the order of calendar years in 

16 which the excesses arose. 

17 ‘‘(B) REALLOCATION OF UNUSED

18 CARRYFORWARDS.— 

19 ‘‘(i) IN GENERAL.—The Move Amer20 ica volume cap under paragraph (2)(A) for 

21 any State for any calendar year shall be 

22 increased by any amount allocated to such 

23 State by the Secretary under clause (ii). 

24 ‘‘(ii) REALLOCATION.—The Secretary 

25 shall allocate to each qualified State for 


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1 any calendar year an amount which bears 

2 the same ratio to the aggregate unused 

3 carryforward amounts of all issuing au4 thorities in all States for such calendar 

5 year as the qualified State’s population for 

6 the calendar year bears to the population 

7 of all qualified States for the calendar 

8 year. For purposes of the preceding sen9 tence, population shall be determined in 

10 accordance with section 146(j). 

11 ‘‘(iii) QUALIFIED STATE.—For pur12 poses of this subparagraph, the term 

13 ‘qualified State’ means, with respect to a 

14 calendar year, any State— 

15 ‘‘(I) which allocated its entire 

16 Move America volume cap for the pre17 ceding calendar year, and 

18 ‘‘(II) for which a request is made 

19 (not later than May 1 of the calendar 

20 year) to receive an allocation under 

21 clause (ii). 

22 ‘‘(iv) UNUSED CARRYFORWARD

23 AMOUNT.—For purposes of this paragraph, 

24 the term ‘unused carryforward amount’ 


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1 means, with respect to any issuing author2 ity for any calendar year, the excess of— 

3 ‘‘(I) the amount of the excess de4 scribed in subparagraph (A) for the 

5 sixth preceding calendar year, over 

6 ‘‘(II) the amount of bonds issued 

7 by such issuing authority to which 

8 subparagraph (A) applied during the 

9 5 preceding calendar years. 

10 ‘‘(4) FACILITY MUST BE LOCATED WITHIN

11 STATE.— 

12 ‘‘(A) IN GENERAL.—No portion of the 

13 Move America volume cap of an issuing author14 ity for any calendar year may be used with re15 spect to financing for a facility located outside 

16 of the authority’s State. 

17 ‘‘(B) EXCEPTION FOR CERTAIN FACILITIES

18 WHERE STATE WILL GET PROPORTIONATE

19 SHARE OF BENEFIT.—Subparagraph (A) shall 

20 not apply to any Move America bond the pro21 ceeds of which are used to provide a facility de22 scribed in paragraph (4) or (5) of subsection 

23 (b) if the issuer establishes that the State’s 

24 share of the use of the facility will equal or exVerDate Sep 11 2014 04:03 Mar 19, 2019 Jkt 089200 PO 00000 Frm 00010 Fmt 6652 Sfmt 6201 E:\BILLS\H1508.IH H1508

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1 ceed the State’s share of the private activity 

2 bonds issued to finance the facility. 

3 ‘‘(e) APPLICABILITY OF CERTAIN FEDERAL LAWS.— 

4 ‘‘(1) IN GENERAL.—An issue shall not be treat5 ed as an issue under subsection (b) unless the facil6 ity for which the proceeds of such issue are used 

7 meets the requirements applicable to construction, 

8 alteration or repair of similar facilities under any 

9 Federal law that would apply if the facility were 

10 funded or financed under any other Federal program 

11 (including under titles 23, 40, and 49, United States 

12 Code) which would otherwise apply to similar facili13 ties. 

14 ‘‘(2) PUBLIC TRANSPORTATION CAPITAL

15 PROJECTS.—In addition to the requirements of 

16 paragraph (1), an issue the proceeds of which are 

17 used to finance a capital project (as defined in sec18 tion 5302(3) of title 49, United States Code) relat19 ing to public transportation (as defined in section 

20 5302(14) of such title) shall not be treated as an 

21 issue under subsection (b) unless such project com22 plies with the requirements of chapter 53 of title 49, 

23 United States Code. 

24 ‘‘(f) SPECIAL RULE FOR ENVIRONMENTAL REMEDI25 ATION COSTS FOR DOCKS AND WHARVES.—For purposes 


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1 of this section, amounts used for working capital expendi2 tures relating to environmental remediation required 

3 under State or Federal law at or near a facility described 

4 in subsection (b)(2) (including environmental remediation 

5 in the riverbed and land within or adjacent to the Federal 

6 navigation channel used to access such facility) shall be 

7 treated as an amount used to provide for such a facility. 

8 ‘‘(g) REGULATIONS.—The Secretary shall prescribe 

9 such regulations as may be necessary to carry out the pur10 poses of this section, including regulations requiring 

11 States to report the amount of Move America volume cap 

12 of the State carried forward for any calendar year under 

13 subsection (d)(3).’’. 

14 (2) CONFORMING AMENDMENT.—The table of 

15 sections for subpart A of part IV of subchapter B 

16 of chapter 1 of such Code is amended by inserting 

17 after the item relating to section 142 the following 

18 new item: 

‘‘Sec. 142A. Move America bonds.’’. 

19 (b) APPLICATION OF OTHER PRIVATE ACTIVITY

20 BOND RULES.— 

21 (1) TREATMENT UNDER PRIVATE ACTIVITY

22 BOND VOLUME CAP.—Subsection (g) of section 146 

23 of the Internal Revenue Code of 1986 is amended by 

24 striking ‘‘and’’ at the end of paragraph (3), by strik25 ing the period at the end of paragraph (4) and inVerDate Sep 11 2014 04:03 Mar 19, 2019 Jkt 089200 PO 00000 Frm 00012 Fmt 6652 Sfmt 6201 E:\BILLS\H1508.IH H1508

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1 serting ‘‘, and’’, and by inserting after paragraph 

2 (4) the following new paragraph: 

3 ‘‘(5) any Move America bond.’’. 

4 (2) SPECIAL RULE ON USE FOR LAND ACQUISI5 TION.—Subparagraph (A) of section 147(c)(1) of 

6 the Internal Revenue Code of 1986 is amended by 

7 inserting ‘‘(50 percent in the case of any issue of 

8 Move America bonds)’’ after ‘‘25 percent’’. 

9 (3) SPECIAL RULES FOR REHABILITATION EX10 PENDITURES.— 

11 (A) INCLUSION OF CERTAIN EXPENDI12 TURES.—Subparagraph (B) of section 

13 147(d)(3) of the Internal Revenue Code of 

14 1986 is amended by inserting ‘‘, except that, in 

15 the case of any Move America bond, such term 

16 shall include any expenditure described in 

17 clause (v) thereof’’ before the period at the end. 

18 (B) PERIOD FOR EXPENDITURES.—Sub19 paragraph (C) of section 147(d)(3) of such 

20 Code is amended by inserting ‘‘(5 years, in the 

21 case of any Move America bond)’’ after ‘‘2 

22 years’’. 

23 (c) TREATMENT UNDER THE ALTERNATIVE MIN24 IMUM TAX.—Subparagraph (C) of section 57(a)(5) of the 


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1 Internal Revenue Code of 1986 is amended by adding at 

2 the end the following new clause: 

3 ‘‘(vii) EXCEPTION FOR MOVE AMERICA

4 BONDS.—For purposes of clause (i), the 

5 term ‘private activity bond’ shall not in6 clude any Move America bond (as defined 

7 in section 142A).’’. 

8 (d) EFFECTIVE DATE.—The amendments made by 

9 this section shall apply to obligations issued in calendar 

10 years beginning after the date of the enactment of this 

11 Act. 

12 SEC. 4. MOVE AMERICA CREDITS. 

13 (a) IN GENERAL.—Subpart D of part IV of sub14 chapter A of chapter 1 of the Internal Revenue Code of 

15 1986 is amended by inserting after the section 42 the fol16 lowing new section: 

17 ‘‘SEC. 42A. MOVE AMERICA CREDITS. 

18 ‘‘(a) MOVE AMERICA EQUITY CREDITS.— 

19 ‘‘(1) IN GENERAL.—For purposes of section 38, 

20 the Move America equity credit for any taxable year 

21 in the credit period is an amount equal to 10 per22 cent of the qualified basis of each qualified facility. 

23 ‘‘(2) DEFINITIONS.—For purposes of this sec24 tion— 

25 ‘‘(A) QUALIFIED BASIS.— 


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1 ‘‘(i) IN GENERAL.—The qualified 

2 basis of any qualified facility is the portion 

3 of the eligible basis of such facility to 

4 which the State has allocated an amount of 

5 the State credit limitation under subsection 

6 (c)(3)(C). 

7 ‘‘(ii) DETERMINATION.—The qualified 

8 basis of a facility for purposes of all tax9 able years in the credit period shall be de10 termined as of the date of the last day of 

11 the calendar year in which the qualified fa12 cility is placed in service. 

13 ‘‘(iii) EXCEPTION.—Notwithstanding 

14 any other provision of this section, the 

15 qualified basis of any qualified facility shall 

16 be zero unless the chief executive officer 

17 (or the equivalent) of the local jurisdiction 

18 in which the qualified facility is located is 

19 provided a reasonable opportunity to com20 ment on the qualified facility. 

21 ‘‘(B) QUALIFIED FACILITY.—The term 

22 ‘qualified facility’ means a facility described in 

23 section 142A(b), but only if such facility— 

24 ‘‘(i) meets the requirements applicable 

25 to construction, alteration or repair of 


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1 similar facilities under any Federal law 

2 that would apply if the facility were funded 

3 or financed under any other Federal pro4 gram (including titles 23, 40, and 49, 

5 United States Code), 

6 ‘‘(ii) complies with the requirements 

7 of chapter 53 of title 49, United States 

8 Code, in the case of a capital project (as 

9 defined in section 5302(3) of title 49, 

10 United States Code) relating to public 

11 transportation (as defined in section 

12 5302(14) of such title), and 

13 ‘‘(iii) will be generally available for 

14 public use throughout the credit period. 

15 ‘‘(C) CREDIT PERIOD.— 

16 ‘‘(i) IN GENERAL.—Except as pro17 vided in clause (ii), the credit period with 

18 respect to any qualified facility is the pe19 riod of 10 taxable years beginning with the 

20 first taxable year beginning in the calendar 

21 year in which the facility is placed in serv22 ice. 

23 ‘‘(ii) EARLY TERMINATION.—If at any 

24 time during the 10-taxable-year period de25 scribed in clause (i) a facility ceases to be 


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1 a qualified facility, or ceases and then re2 commences to be a qualified facility, the 

3 credit period with respect to such facility 

4 shall include only the taxable years in such 

5 10-year-period in which the facility was a 

6 qualified facility for the entire taxable 

7 year. 

8 ‘‘(iii) DISPOSITIONS OF PROPERTY OR

9 INTEREST RELATING TO QUALIFIED FACIL10 ITY.—A facility shall not cease to be a 

11 qualified facility solely by reason of the 

12 disposition of the facility (or an interest 

13 therein) if it is reasonably expected that 

14 such facility will otherwise continue to be 

15 a qualified facility. 

16 ‘‘(iv) TREATMENT OF CREDIT IN CASE

17 OF DISPOSITION.—If at any time during 

18 the 10-taxable-year period described in 

19 clause (i) a qualified facility (or an interest 

20 therein) is disposed of— 

21 ‘‘(I) the credit under paragraph 

22 (1) for any year in such period begin23 ning after the date of the disposal 

24 shall be allowed to the acquiring perVerDate Sep 11 2014 04:03 Mar 19, 2019 Jkt 089200 PO 00000 Frm 00017 Fmt 6652 Sfmt 6201 E:\BILLS\H1508.IH H1508

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1 son, and not to the person disposing 

2 of the facility (or interest), and 

3 ‘‘(II) the credit under paragraph 

4 (1) for the year of the disposal shall 

5 be allocated between such persons on 

6 the basis of the number of days dur7 ing such year the facility (or interest) 

8 was held by each. 

9 ‘‘(3) REALLOCATION.— 

10 ‘‘(A) IN GENERAL.—If any qualified facil11 ity is not placed in service within 3 years of the 

12 date of the allocation under subsection (c)(3), 

13 the State shall rescind the allocation under sub14 section (c)(3)(C). Any allocation so rescinded 

15 may be reallocated by the State under sub16 section (c) (including to qualified infrastructure 

17 funds for purposes of the credit under sub18 section (b)) within the calendar year in which 

19 it is so rescinded. 

20 ‘‘(B) REVERSION.—Any rescinded alloca21 tion which is not reallocated under subpara22 graph (A) by the last day of the calendar year 

23 in which it is so rescinded shall revert to inclu24 sion in the State’s Move America volume cap 


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1 under section 142A(d) as if it had never been 

2 exchanged under subsection (c)(1). 

3 ‘‘(C) NO MULTIPLE REALLOCATIONS.— 

4 Any rescinded allocation which is reallocated 

5 under subparagraph (A) and is subsequently re6 scinded shall not be further reallocated and 

7 shall immediately revert to inclusion in the 

8 Move America volume cap as provided in sub9 paragraph (B). 

10 ‘‘(4) COORDINATION WITH DEDUCTION FOR DE11 PRECIATION, ETC.—The basis of any property taken 

12 into account in determining the qualified basis of a 

13 qualified facility with respect to which a credit is al14 lowed under this section shall be reduced by the ag15 gregate amount of the credit allowable under this 

16 section during all taxable years in the credit period 

17 which is properly allocable to the cost basis of such 

18 property. The Secretary shall provide for adjust19 ments to basis in cases where the taxpayer is not al20 lowed a full credit for all years in the credit period. 

21 ‘‘(b) MOVE AMERICA INFRASTRUCTURE FUND CRED22 ITS.— 

23 ‘‘(1) ALLOWANCE OF CREDIT.— 

24 ‘‘(A) IN GENERAL.—For purposes of sec25 tion 38, in the case of a taxpayer who holds a 


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1 Move America investment on a credit allowance 

2 date of such investment which occurs during 

3 the taxable year, the Move America infrastruc4 ture fund credit for such taxable year is an 

5 amount equal to 5 percent of the amount paid 

6 to the qualified infrastructure fund for such in7 vestment at its original issue. 

8 ‘‘(B) CREDIT ALLOWANCE DATE.—For 

9 purposes of subparagraph (A), except as pro10 vided in paragraph (3), the term ‘credit allow11 ance date’ means with respect to any Move 

12 America investment— 

13 ‘‘(i) the date on which such invest14 ment is initially made, and 

15 ‘‘(ii) each of the 9 anniversary dates 

16 of such date thereafter. 

17 ‘‘(2) DEFINITIONS.—For purposes of this sec18 tion— 

19 ‘‘(A) MOVE AMERICA INVESTMENT.— 

20 ‘‘(i) IN GENERAL.—The term ‘Move 

21 America investment’ means any equity in22 vestment in a qualified infrastructure fund, 

23 if— 


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1 ‘‘(I) such investment is acquired 

2 by the taxpayer at its original issue 

3 solely in exchange for cash, 

4 ‘‘(II) substantially all of such 

5 cash is used by the qualified infra6 structure fund to make qualified in7 vestments, and 

8 ‘‘(III) such investment is des9 ignated for purposes of this subsection 

10 by the qualified infrastructure fund, 

11 including a designation of the quali12 fied investment which will be made 

13 with such investment. 

14 ‘‘(ii) LIMITATION.— 

15 ‘‘(I) IN GENERAL.—The max16 imum amount of equity investments 

17 issued by a qualified infrastructure 

18 fund in a calendar year which may be 

19 designated under clause (i)(III) by 

20 such fund shall not exceed 200 per21 cent of the portion of the State credit 

22 limitation allocated under subsection 

23 (c)(3)(A)(ii) to such fund in such cal24 endar year. 


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1 ‘‘(II) EXPIRATION.—If the limi2 tation determined under subclause (I) 

3 with respect to an infrastructure fund 

4 for a calendar year exceeds the 

5 amount of equity investments des6 ignated under clause (i)(III) by such 

7 fund in such year, the State shall re8 scind such excess allocation. Any allo9 cation so rescinded may be reallocated 

10 by the State under subsection (c) (in11 cluding to qualified facilities for pur12 poses of the credit under subsection 

13 (a)) within the immediately suc14 ceeding calendar year. 

15 ‘‘(III) REVERSION.—Any re16 scinded allocation which is not reallo17 cated under subclause (II) by the last 

18 day of such immediately succeeding 

19 calendar year shall revert to inclusion 

20 in the State’s Move America volume 

21 cap under section 142A(d) as if it had 

22 never been exchanged under sub23 section (c)(1). 

24 ‘‘(IV) NO MULTIPLE REALLOCA25 TIONS.—Any rescinded allocation 


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1 which is reallocated under subclause 

2 (II) and is subsequently rescinded 

3 shall not be further reallocated and 

4 shall immediately revert to inclusion 

5 in the Move America volume cap as 

6 provided in subclause (III). 

7 ‘‘(iii) SAFE HARBOR FOR DETER8 MINING USE OF CASH.—The requirement 

9 of clause (i)(II) shall be treated as met if 

10 at least 95 percent of the aggregate gross 

11 assets of the qualified infrastructure fund 

12 (determined without regard to any cash re13 ceived under clause (i)(I) that has not been 

14 invested in any other asset before the date 

15 that is 3 years after the date such cash is 

16 received) are invested in qualified invest17 ments. 

18 ‘‘(iv) TREATMENT OF SUBSEQUENT

19 PURCHASERS.—The term ‘Move America 

20 investment’ includes any equity investment 

21 which would (but for clause (i)(I)) be a 

22 Move America investment in the hands of 

23 the taxpayer if such investment was a 

24 Move America investment in the hands of 

25 a prior holder. 


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1 ‘‘(B) QUALIFIED INFRASTRUCTURE

2 FUND.—The term ‘qualified infrastructure 

3 fund’ means— 

4 ‘‘(i) a State infrastructure bank estab5 lished under section 610 of title 23, United 

6 States Code, 

7 ‘‘(ii) a water pollution control revolv8 ing fund established under title VI of the 

9 Federal Water Pollution Control Act (33 

10 U.S.C. 1381 et seq.), 

11 ‘‘(iii) a drinking water treatment re12 volving loan fund established under section 

13 1452 of the Safe Drinking Water Act (42 

14 U.S.C. 300j–12), or 

15 ‘‘(iv) an equivalent fund established or 

16 designated by the State or any instrumen17 tality thereof and certified by the Secretary 

18 as having a primary purpose of financing 

19 qualified facilities. 

20 In the case of a fund described in clause (ii) or 

21 (iii), the amount of any Move America invest22 ment shall not be included in determining the 

23 amount of State or other non-Federal contribu24 tions to such fund. 


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1 ‘‘(C) QUALIFIED INVESTMENT.—The term 

2 ‘qualified investment’ means an investment 

3 (whether by loan, loan guarantee, or equity in4 vestment) in— 

5 ‘‘(i) qualified facilities, or 

6 ‘‘(ii) in the case of a fund described in 

7 clause (i), (ii), or (iii) of subparagraph (B), 

8 projects and activities for which such funds 

9 are authorized to be used under any other 

10 provision of law. 

11 The term ‘qualified investment’ does not include 

12 any investment with respect to a project or ac13 tivity that is not in compliance with applicable 

14 requirements of titles 23 and 49, United States 

15 Code, the Federal Water Pollution Control Act 

16 (33 U.S.C. 1251 et seq.), and the Safe Drink17 ing Water Act (42 U.S.C. 300 et seq.). 

18 ‘‘(3) EARLY TERMINATION.— 

19 ‘‘(A) IN GENERAL.—If at any time during 

20 the compliance period the fund which issued a 

21 Move America investment ceases to be a quali22 fied infrastructure fund, or ceases and then re23 commences to be a qualified infrastructure 

24 fund, any date described in paragraph (1)(B) 


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1 (including the date described in clause (i) there2 of) occurring in— 

3 ‘‘(i) the taxable year in which the 

4 fund ceased to be a qualified infrastructure 

5 fund, or 

6 ‘‘(ii) any other taxable year in such 

7 period in which the fund is not a qualified 

8 infrastructure fund for the entire taxable 

9 year, 

10 shall not be treated as a credit allowance date 

11 for purposes of paragraph (1). 

12 ‘‘(B) COMPLIANCE PERIOD.—For purposes 

13 of subparagraph (A), the term ‘compliance pe14 riod’ means the 10-taxable-year period begin15 ning with the taxable year that includes the 

16 date of the original issue of the Move America 

17 investment. 

18 ‘‘(C) LOSS OF QUALIFICATION.—A fund 

19 shall cease to be a qualified infrastructure fund 

20 as of the date more than 5 percent of the in21 vestments made by the fund are not qualified 

22 investments. For purposes of the preceding sen23 tence, the amount of any cash received under 

24 subparagraph (A)(i)(I) that has not been in25 vested in any other asset before the date that 


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1 is 3 years after the date such cash is received 

2 shall not be taken into account in determining 

3 investments made by the fund. 

4 ‘‘(D) EXPIRATION OF CREDIT.—If sub5 stantially all of the cash paid for any Move 

6 America investment is not used to make quali7 fied investments designated under paragraph 

8 (2)(A)(i)(III) within 3 years of the date of 

9 original issue of such investment, any date de10 scribed in paragraph (1)(B) occurring in a tax11 able year which ends after the date which is 3 

12 years after such date of original issue shall not 

13 be treated as a credit allowance date for pur14 poses of paragraph (1). 

15 ‘‘(c) MOVE AMERICA CREDIT ALLOCATION.— 

16 ‘‘(1) EXCHANGE OF MOVE AMERICA BOND VOL17 UME CAP.— 

18 ‘‘(A) IN GENERAL.—If a State has in ef19 fect a qualified allocation plan for a calendar 

20 year, the State may exchange (in such manner 

21 as the Secretary may prescribe) all or a portion 

22 of the State’s Move America volume cap under 

23 section 142A(d) for such year for a State credit 

24 limitation. 


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1 ‘‘(B) LIMITATION.—The amount of a 

2 State’s Move America volume cap for a cal3 endar year which may be exchanged under sub4 paragraph (A) shall not include any portion of 

5 such cap which is attributable to an amount of 

6 State credit limitation which has reverted under 

7 paragraph (3)(D) or subsection (a)(3)(B) or 

8 (b)(2)(A)(iv). 

9 ‘‘(2) STATE CREDIT LIMITATION.—For pur10 poses of this section, the State credit limitation with 

11 respect to any State for a calendar year is a dollar 

12 amount equal to 25 percent of the Move America 

13 volume cap exchanged under paragraph (1) for such 

14 calendar year. 

15 ‘‘(3) ALLOCATION.— 

16 ‘‘(A) IN GENERAL.—A State may allocate 

17 the State credit limitation, according to the 

18 qualified allocation plan, for any calendar year 

19 among— 

20 ‘‘(i) qualified facilities in the State for 

21 purposes of the Move America equity cred22 it under subsection (a), and 

23 ‘‘(ii) qualified infrastructure funds in 

24 the State for purposes of the Move AmerVerDate Sep 11 2014 04:03 Mar 19, 2019 Jkt 089200 PO 00000 Frm 00028 Fmt 6652 Sfmt 6201 E:\BILLS\H1508.IH H1508

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1 ica infrastructure fund credit under sub2 section (b). 

3 ‘‘(B) QUALIFIED ALLOCATION PLAN.— 

4 ‘‘(i) IN GENERAL.—For purposes of 

5 this subsection, the term ‘qualified alloca6 tion plan’ means any plan— 

7 ‘‘(I) which sets forth selection 

8 criteria to be used in determining in9 frastructure priorities of the State 

10 and allocating the State credit limita11 tion among facilities (in accordance 

12 with clause (ii)) and infrastructure 

13 funds in the State, and 

14 ‘‘(II) which provides a procedure 

15 that the State (or an agent or other 

16 private contractor of the State) will 

17 follow in monitoring for noncompli18 ance with the provisions of this sec19 tion and in notifying the Internal Rev20 enue Service of such noncompliance. 

21 ‘‘(ii) LIMITATION BASED ON FACILITY

22 FEASIBILITY FOR MOVE AMERICA EQUITY

23 CREDITS.— 

24 ‘‘(I) IN GENERAL.—In the case 

25 of an allocation with respect to any 


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1 qualified facility for purposes of the 

2 Move America equity credit under 

3 subsection (a), such allocation shall 

4 not exceed the minimum amount 

5 which the State transportation au6 thority or other applicable agency de7 termines is required for the financial 

8 feasibility of the facility and its viabil9 ity for completion and availability for 

10 public use throughout the credit pe11 riod. 

12 ‘‘(II) MINIMUM FEASIBILITY DE13 TERMINATION.—In making the deter14 mination under subclause (I), such 

15 entity shall consider the sources and 

16 uses of funds and the total financing 

17 planned for the facility, any proceeds 

18 or receipts expected to be generated 

19 by reason of tax benefits, the reason20 ableness of the developmental and 

21 operational costs of the facility over 

22 the full expected operational life of the 

23 facility, ancillary costs (including 

24 right-of-way and procurement costs), 


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1 financing costs, and retained and 

2 transferred risk. 

3 ‘‘(C) SPECIAL RULES RELATING TO MOVE

4 AMERICA EQUITY CREDIT.— 

5 ‘‘(i) LIMITATION.—The amount allo6 cated to a qualified facility under subpara7 graph (A)(i) shall not exceed the eligible 

8 basis of such facility. 

9 ‘‘(ii) ELIGIBLE BASIS.—For purposes 

10 of this section, except as provided in clause 

11 (iii), the eligible basis of any qualified fa12 cility is the lesser of— 

13 ‘‘(I) the portion of the basis of 

14 such facility which is attributable to 

15 the aggregate amount of equity in16 vestment of all taxpayers in the costs 

17 of the facility which are subject to the 

18 allowance for depreciation (determined 

19 as of the last day of the calendar year 

20 in which the facility is placed in serv21 ice), or 

22 ‘‘(II) 20 percent of the costs of 

23 the facility which are subject to the 

24 allowance for depreciation (determined 

25 as of the last day of the calendar year 


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1 in which the facility is placed in serv2 ice). 

3 ‘‘(iii) EXCLUSION OF GOVERNMENT

4 ASSISTANCE.—Eligible basis shall not in5 clude any portion of the basis of such facil6 ity which is attributable to any assistance 

7 or financing provided by a Federal, State, 

8 or local government (determined as of the 

9 last day of the calendar year in which the 

10 facility is placed in service). 

11 ‘‘(D) REVERSION OF UNALLOCATED LIMI12 TATION.—Any portion of the State credit limi13 tation for any calendar year which remains 

14 unallocated as of the last day of such calendar 

15 year shall revert to inclusion in the State’s 

16 Move America volume cap under section 

17 142A(d) as if it had never been exchanged 

18 under paragraph (1).’’. 

19 (b) CREDITS MADE PART OF GENERAL BUSINESS

20 CREDIT.—Subsection (b) of section 38 of the Internal 

21 Revenue Code of 1986 is amended— 

22 (1) by striking ‘‘plus’’ at the end of paragraph 

23 (31); 

24 (2) by striking the period at the end of para25 graph (32) and inserting a comma; and 


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1 (3) by adding at the end the following new 

2 paragraphs: 

3 ‘‘(33) the Move America equity credit under 

4 section 42A(a)(1), plus 

5 ‘‘(34) the Move America infrastructure fund 

6 credit under section 42A(b)(1).’’. 

7 (c) TREATMENT UNDER ALTERNATIVE MINIMUM

8 TAX AND BASE EROSION TAX.— 

9 (1) ALTERNATIVE MINIMUM TAX.—Section 

10 38(c)(4)(B) of the Internal Revenue Code of 1986 is 

11 amended by redesignating clauses (iv) through (xii) 

12 as clauses (vi) through (xiv), respectively, and by in13 serting after clause (iii) the following new clauses: 

14 ‘‘(iv) the credit determined under sec15 tion 42A(a)(1), 

16 ‘‘(v) the credit determined under sec17 tion 42A(b)(1),’’. 

18 (2) BASE EROSION TAX.—Section 

19 59A(b)(1)(B)(ii) of such Code is amended by strik20 ing ‘‘plus’’ at the end of subclause (I), by redesig21 nating subclause (II) as subclause (III), and by in22 serting after subclause (I) the following new sub23 clause: 

24 ‘‘(II) the credit allowed under 

25 section 38 for the taxable year which 


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1 is properly allocable to the sum of the 

2 Move America equity credit under sec3 tion 42A(a)(1) and the Move America 

4 infrastructure fund credit under sec5 tion 42A(b)(1), plus’’. 

6 (d) CLERICAL AMENDMENT.—The table of sections 

7 for subpart D of part IV of subchapter A of chapter 1 

8 of the Internal Revenue Code of 1986 is amended by in9 serting after the item relating to section 42 the following 

10 new item: 

‘‘Sec. 42A. Move America credits.’’. 

11 (e) EFFECTIVE DATE.—The amendments made by 

12 this section shall apply to taxable years beginning after 

13 the date of the enactment of this Act. 

14 (f) REPORTING.—A State shall, at such time and in 

15 such manner as the Secretary of the Treasury shall re16 quire, report— 

17 (1) to the Secretary of the Treasury— 

18 (A) the amount of the Move America vol19 ume cap of the State for the calendar year 

20 which is exchanged under section 42A(c)(1) of 

21 the Internal Revenue Code of 1986 for a State 

22 credit limitation; 

23 (B) the amount (if any) of the State credit 

24 limitation allocated under section 

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1 ties, the amount so allocated to each such facil2 ity, and the taxpayer with respect to such facil3 ity (including the name of the taxpayer and any 

4 other identifying information as the Secretary 

5 of the Treasury shall require); and 

6 (C) the amount (if any) of the State credit 

7 limitation allocated under section 

8 42A(c)(3)(A)(ii) of such Code to qualified infra9 structure funds, the amount so allocated to 

10 each such fund, and each taxpayer holding any 

11 Move America investment with respect to any 

12 such fund (including the name of the taxpayer 

13 and any other identifying information as the 

14 Secretary of the Treasury shall require); 

15 (2) to the Secretary of the Treasury and any 

16 taxpayer who is the sponsor of a qualified facility re17 ceiving an allocation under section 42A(c)(3)(A)(i) 

18 of such Code, the date on which the qualified facility 

19 is placed in service; and 

20 (3) to the Secretary of the Treasury and any 

21 taxpayer holding a Move America investment, a cer22 tification that the entity which issued the investment 

23 is a qualified infrastructure fund and that the in24 vestment will be used to make qualified investments 

25 designated for purposes of section 


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1 42A(b)(2)(A)(i)(III) of the Internal Revenue Code of 

2 1986. 

3 For purposes of this subsection, any term used in this sub4 section that is also used in section 42A or 142A of such 

5 Code has the same meaning as when used in such section. 

Æ 


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