II 

114TH CONGRESS 

1ST SESSION S. 1186 

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

bonds and to allow such bonds to be converted into tax credits to 

support public-private partnerships. 

IN THE SENATE OF THE UNITED STATES 

MAY 4, 2015 

Mr. WYDEN (for himself and Mr. HOEVEN) introduced the following bill; 

which was read twice and referred to the Committee on Finance 

A BILL 

To amend the Internal Revenue Code of 1986 to provide 

for Move America bonds and to allow such bonds to 

be converted into tax credits to support public-private 

partnerships. 

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 2015’’. 

6 SEC. 2. MOVE AMERICA BOND. 

7 (a) IN GENERAL.— 


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

2 IV of subchapter B of chapter 1 of the Internal Rev3 enue Code of 1986 is amended by inserting after 

4 section 142 the following new section: 

5 ‘‘SEC. 142A. MOVE AMERICA BONDS. 

6 ‘‘(a) IN GENERAL.— 

7 ‘‘(1) TREATMENT AS EXEMPT FACILITY

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

9 a Move America bond shall be treated for purposes 

10 of this part as an exempt facility bond. 

11 ‘‘(2) EXCEPTIONS.— 

12 ‘‘(A) NO GOVERNMENT OWNERSHIP RE13 QUIREMENT.—Paragraph (1) of section 142(b) 

14 shall not apply to any Move America bond. 

15 ‘‘(B) SPECIAL RULES FOR HIGH-SPEED

16 RAIL BONDS.—Paragraphs (2) and (3) of sec17 tion 142(i) shall not apply to any Move America 

18 bond described in subsection (b)(4). 

19 ‘‘(C) SPECIAL RULES FOR HIGHWAY AND

20 SURFACE TRANSPORTATION FACILITIES.—Para21 graphs (2), (3), and (4) of section 142(m) shall 

22 not apply to any Move America bond described 

23 in subsection (b)(5). 

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

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


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

2 proceeds of which are used to provide— 

3 ‘‘(1) airports, 

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

5 ‘‘(A) waterborne mooring infrastructure, 

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

7 wharf, and 

8 ‘‘(C) any associated rail and road infra9 structure for the purpose of integrating modes 

10 of transportation, 

11 ‘‘(3) mass commuting facilities, 

12 ‘‘(4) railroads (as defined in section 20102 of 

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

14 and road infrastructure for the purpose of inte15 grating modes of transportation, 

16 ‘‘(5) any— 

17 ‘‘(A) surface transportation project which 

18 is eligible for Federal assistance under title 23, 

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

20 the enactment of this section), 

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

22 tunnel for which an international entity author23 ized under Federal or State law is responsible 

24 and which is eligible Federal assistance under 


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1 title 23, United States Code (as so in effect), 

2 or 

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

4 from truck to rail or rail to truck (including 

5 any temporary storage facilities directly related 

6 to such transfers) which is eligible for Federal 

7 assistance under either title 23 or title 49, 

8 United States Code (as so in effect), 

9 ‘‘(6) flood diversions, or 

10 ‘‘(7) inland waterways, including construction 

11 and rehabilitation expenditures for navigation on 

12 any inland or intracoastal waterways of the United 

13 States (within the meaning of section 4042(d)(2)). 

14 ‘‘(c) FLOOD DIVERSIONS.—For purposes of this sec15 tion, the term ‘flood diversion’ means any flood damage 

16 risk reduction project authorized under any Act for au17 thorizing water resources development projects. 

18 ‘‘(d) MOVE AMERICA VOLUME CAP.— 

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

20 of Move America bonds issued pursuant to an issue, 

21 when added to the aggregate face amount of Move 

22 America bonds previously issued by the issuing au23 thority during the calendar year, shall not exceed 

24 such issuing authority’s Move America volume cap 

25 for such year. 


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1 ‘‘(2) MOVE AMERICA VOLUME CAP.—For pur2 poses of this subsection— 

3 ‘‘(A) IN GENERAL.—The Move America 

4 volume cap shall be 50 percent of the State ceil5 ing under section 146(d) for such State for 

6 such year. 

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

8 State may allocate the Move America volume 

9 cap of such State among governmental units (or 

10 other authorities) in such State having author11 ity to issue private activity bonds. 

12 ‘‘(3) CARRYFORWARDS.— 

13 ‘‘(A) IN GENERAL.—If— 

14 ‘‘(i) an issuing authority’s Move 

15 America volume cap, exceeds 

16 ‘‘(ii) the aggregate amount of Move 

17 America bonds issued during such calendar 

18 year by such authority, 

19 any Move America bond issued by such author20 ity during the 3-calendar-year period following 

21 such calendar year shall not be taken into ac22 count under paragraph (1) to the extent the 

23 amount of such bonds does not exceed the 

24 amount of such excess. Any excesses arising 

25 under this paragraph shall be used under this 


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1 paragraph in the order of calendar years in 

2 which the excesses arose. 

3 ‘‘(B) REALLOCATION OF UNUSED

4 CARRYFORWARDS.— 

5 ‘‘(i) IN GENERAL.—The Move Amer6 ica volume cap under paragraph (2)(A) for 

7 any State for any calendar year shall be 

8 increased by any amount allocated to such 

9 State by the Secretary under clause (ii). 

10 ‘‘(ii) REALLOCATION.—The Secretary 

11 shall allocate to each qualified State for 

12 any calendar year an amount which bears 

13 the same ratio to the aggregate unused 

14 carryforward amounts of all issuing au15 thorities in all States for such calendar 

16 year as the qualified State’s population for 

17 the calendar year bears to the population 

18 of all qualified States for the calendar 

19 year. For purposes of the preceding sen20 tence, population shall be determined in 

21 accordance with section 146(j). 

22 ‘‘(iii) QUALIFIED STATE.—For pur23 poses of this subparagraph, the term 

24 ‘qualified State’ means, with respect to a 

25 calendar year, any State— 


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1 ‘‘(I) which allocated its entire 

2 Move America volume cap for the pre3 ceding calendar year, and 

4 ‘‘(II) for which a request is made 

5 (not later than May 1 of the calendar 

6 year) to receive an allocation under 

7 clause (ii). 

8 ‘‘(iv) UNUSED CARRYFORWARD

9 AMOUNT.—For purposes of this paragraph, 

10 the term ‘unused carryforward amount’ 

11 means, with respect to any issuing author12 ity for any calendar year, the excess of— 

13 ‘‘(I) the amount of the excess de14 scribed in subparagraph (A) for the 

15 fourth preceding calendar year, over 

16 ‘‘(II) the amount of bonds issued 

17 by such issuing authority to which 

18 subparagraph (A) applied during the 

19 3 preceding calendar years. 

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

21 An issue shall not be treated as an issue under subsection 

22 (b) unless the facility for which the proceeds of such issue 

23 are used would be subject to the requirements of any Fed24 eral law (including titles 23, 40, and 49 of the United 


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1 States Code) which would otherwise apply to similar 

2 projects. 

3 ‘‘(f) SPECIAL RULE FOR ENVIRONMENTAL REMEDI4 ATION COSTS FOR DOCKS AND WHARVES.—For purposes 

5 of this section, amounts used for working capital expendi6 tures relating to environmental remediation required 

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

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

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

10 navigation channel used to access such facility) shall be 

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

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

13 such regulations as may be necessary to carry out the pur14 poses of this section, including regulations requiring 

15 States to report the amount of Move America volume cap 

16 of the State carried forward for any calendar year under 

17 subsection (d)(3).’’. 

18 (2) CONFORMING AMENDMENT.—The table of 

19 sections for subpart A of part IV of subchapter B 

20 of chapter 1 of such Code is amended by inserting 

21 after the item relating to section 142 the following 

22 new item: 

‘‘Sec. 142A. Move America bonds.’’. 

23 (b) APPLICATION OF OTHER PRIVATE ACTIVITY

24 BOND RULES.— 


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1 (1) TREATMENT UNDER PRIVATE ACTIVITY

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

3 of the Internal Revenue Code of 1986 is amended by 

4 striking ‘‘and’’ at the end of paragraph (3), by strik5 ing the period at the end of paragraph (4) and in6 serting ‘‘, and’’, and by inserting after paragraph 

7 (4) the following new paragraph: 

8 ‘‘(5) any Move America bond.’’. 

9 (2) RULE FOR FACILITIES LOCATED OUTSIDE

10 THE STATE.—Paragraph (2) of section 146(k) of the 

11 Internal Revenue Code of 1986 is amended by in12 serting ‘‘or to any Move America bond’’ after ‘‘sec13 tion 142(a)’’. 

14 (3) SPECIAL RULE ON USE FOR LAND ACQUISI15 TION.—Subparagraph (A) of section 147(c)(1) of 

16 the Internal Revenue Code of 1986 is amended by 

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

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

19 (4) SPECIAL RULES FOR REHABILITATION EX20 PENDITURES.— 

21 (A) INCLUSION OF CERTAIN EXPENDI22 TURES.—Subparagraph (B) of section 

23 147(d)(3) of the Internal Revenue Code of 

24 1986 is amended by inserting ‘‘, except that, in 

25 the case of any Move America bond, such term 


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1 shall include any expenditure described in 

2 clause (iii) or (v) thereof’’ before the period at 

3 the end. 

4 (B) PERIOD FOR EXPENDITURES.—Sub5 paragraph (C) of section 147(d)(3) of such 

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

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

8 years’’. 

9 (c) TREATMENT UNDER THE ALTERNATIVE MIN10 IMUM TAX.—Subparagraph (C) of section 57(a)(5) of the 

11 Internal Revenue Code of 1986 is amended by adding at 

12 the end the following new clause: 

13 ‘‘(vii) EXCEPTION FOR MOVE AMERICA

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

15 term ‘private activity bond’ shall not in16 clude any Move America bond (as defined 

17 in section 142A).’’. 

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

19 this section shall apply to obligations issued in calendar 

20 years beginning after the date of the enactment of this 

21 Act. 

22 SEC. 3. MOVE AMERICA TAX CREDITS. 

23 (a) IN GENERAL.—Subpart B of part IV of sub24 chapter A of chapter 1 of the Internal Revenue Code of 


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1 1986 is amended by adding at the end the following new 

2 section: 

3 ‘‘SEC. 30E. MOVE AMERICA CREDIT. 

4 ‘‘(a) ALLOWANCE OF CREDIT.—In the case of a Move 

5 America credit certificate purchased by the taxpayer, there 

6 shall be allowed as a credit against the tax imposed by 

7 this chapter for any taxable year in the credit period an 

8 amount equal to 10 percent of the value of such certificate. 

9 ‘‘(b) CREDIT PERIOD.—For purposes of this section, 

10 the term ‘credit period’ means, with respect to any Move 

11 America credit certificate, the period of 10 taxable years 

12 beginning with the first taxable year that begins in the 

13 calendar year in which the qualified project to which such 

14 certificate relates is placed in service. 

15 ‘‘(c) MOVE AMERICA CREDIT CERTIFICATE.—For 

16 purposes of this section— 

17 ‘‘(1) MOVE AMERICA CREDIT CERTIFICATE.— 

18 The term ‘Move America credit certificate’ means 

19 any certificate that— 

20 ‘‘(A) is sold to the taxpayer under a quali21 fied Move America credit program by a State or 

22 by a project sponsor to whom the State has al23 located such certificate for sale under para24 graph (2)(B)(ii)(I), 


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1 ‘‘(B) is designated by the State as relating 

2 to a qualified project, 

3 ‘‘(C) the proceeds of the sale of which are 

4 used to finance the qualified project designated 

5 under subparagraph (B), 

6 ‘‘(D) specifies— 

7 ‘‘(i) the value of the certificate and 

8 the purchase price, and 

9 ‘‘(ii) the qualified project to which it 

10 relates, 

11 ‘‘(E) is sold no later than the end of the 

12 calendar year in which the project is placed in 

13 service, and 

14 ‘‘(F) is in such form as the Secretary may 

15 prescribe. 

16 ‘‘(2) QUALIFIED MOVE AMERICA CREDIT PRO17 GRAM.— 

18 ‘‘(A) IN GENERAL.—The term ‘qualified 

19 Move America credit program’ means any pro20 gram— 

21 ‘‘(i) which is established by a State 

22 for any calendar year for which it is au23 thorized to issue Move America bonds (as 

24 defined in section 145A), 


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1 ‘‘(ii) under which the State exchanges 

2 (in such manner as the Secretary may pre3 scribe) an amount of the Move America 

4 bonds (as so defined) which it may other5 wise issue during such calendar year for 

6 the ability to sell Move America credit cer7 tificates, and 

8 ‘‘(iii) under which the State is obli9 gated to repay to the Secretary an amount 

10 equal to the recapture amount, if applica11 ble, with respect to any Move America 

12 credit certificate. 

13 ‘‘(B) ALLOCATION OF CERTIFICATES TO

14 PROJECT SPONSORS.— 

15 ‘‘(i) IN GENERAL.—A State that has 

16 established a qualified Move America credit 

17 program under subparagraph (A) may allo18 cate any Move America credit certificate 

19 that is eligible to be sold by such State to 

20 the project sponsor of the qualified project 

21 to which such certificate relates. 

22 ‘‘(ii) SALE OR USE.—A project spon23 sor to whom any Move America certificate 

24 is allocated under clause (i) may— 

25 ‘‘(I) sell such certificate, or 


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1 ‘‘(II) claim the credit under this 

2 section with respect to such certificate 

3 as if the project sponsor had pur4 chased the certificate from the State. 

5 ‘‘(3) VALUE.— 

6 ‘‘(A) IN GENERAL.—The aggregate value 

7 of the Move America credit certificates sold or 

8 allocated by a State in a calendar year shall 

9 equal 25 percent of the value of Move America 

10 bonds exchanged by the State under paragraph 

11 (2)(A)(ii). 

12 ‘‘(B) LIMITATION RELATING TO QUALIFIED

13 PROJECT COST.—The aggregate value of the 

14 Move America credit certificates sold or allo15 cated by a State and designated by the State as 

16 relating to any qualified project shall not exceed 

17 the lesser of— 

18 ‘‘(i) 20 percent of the estimated cost 

19 of the project, or 

20 ‘‘(ii) 50 percent of the total amount of 

21 private equity invested in the project. 

22 ‘‘(4) CERTIFICATE NONTRANSFERABLE.—A 

23 Move America credit certificate, once purchased 

24 from a State or a project sponsor to whom the State 

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1 graph (2)(B)(ii)(I), may not be sold or transferred 

2 to any other person. 

3 ‘‘(d) DEFINITIONS AND SPECIAL RULES.—For pur4 poses of this section— 

5 ‘‘(1) QUALIFIED PROJECT.—The term ‘qualified 

6 project’ means a project which— 

7 ‘‘(A) would be subject to the same require8 ments of any Federal law (including titles 23, 

9 40, and 49 of the United States Code) which 

10 would otherwise apply to similar projects, and 

11 ‘‘(B) is for the construction of a facility 

12 described in section 142A(b), but only if such 

13 project, upon completion, will be generally avail14 able for public use. 

15 ‘‘(2) RECAPTURE AMOUNT.— 

16 ‘‘(A) IN GENERAL.—In the case of any 

17 Move America credit certificate, if the project to 

18 which the certificate is designated under sub19 section (c)(1)(B) as relating— 

20 ‘‘(i) is never placed in service, or 

21 ‘‘(ii) ceases to be a qualified project at 

22 any time during the credit period, 

23 the recapture amount is the amount determined 

24 under subparagraph (B). 


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1 ‘‘(B) AMOUNT DETERMINED.—The 

2 amount determined under this subparagraph 

3 is— 

4 ‘‘(i) in the case of a project to which 

5 subparagraph (A)(i) applies, the value of 

6 the Move America credit certificate, and 

7 ‘‘(ii) in the case of a project to which 

8 subparagraph (A)(ii) applies, the product 

9 of— 

10 ‘‘(I) an amount equal to 10 per11 cent of the value of the Move America 

12 credit certificate, and 

13 ‘‘(II) the number of calendar 

14 years in the credit period beginning 

15 with the calendar year in which the 

16 project ceases to be a qualified 

17 project. 

18 ‘‘(3) SPECIAL RULE FOR PROJECTS NOT

19 PLACED IN SERVICE.—For purposes of subsection 

20 (a), if the project to which a Move America credit 

21 certificate is designated under subsection (c)(1)(B) 

22 as relating is never placed in service, the first tax23 able year that begins in the calendar year in which 

24 the State certifies (at such time and in such manner 

25 as may be prescribed by the Secretary) that the 


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1 project will not be placed in service shall be treated 

2 as the year in which the project was placed in serv3 ice. 

4 ‘‘(e) APPLICATION WITH OTHER CREDITS.— 

5 ‘‘(1) BUSINESS CREDIT TREATED AS PART OF

6 GENERAL BUSINESS CREDIT.—Except as provided in 

7 paragraph (2), the credit which would be allowed 

8 under subsection (a) for any taxable year (deter9 mined without regard to this subsection) shall be 

10 treated as a credit listed in section 38(b) for such 

11 taxable year (and not allowed under subsection (a)). 

12 ‘‘(2) PERSONAL CREDIT.—For purposes of this 

13 title, in the case of an individual, the credit allowed 

14 under subsection (a) for any taxable year shall be 

15 treated as a credit allowable under subpart A for 

16 such taxable year.’’. 

17 (b) CREDIT MADE PART OF GENERAL BUSINESS

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

19 Revenue Code of 1986 is amended— 

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

21 (35), 

22 (2) by striking the period at the end of para23 graph (36) and inserting ‘‘, plus’’, and 

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

25 paragraph: 


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1 ‘‘(37) the portion of the Move America credit to 

2 which section 30E(e)(1) applies.’’. 

3 (c) CLERICAL AMENDMENT.—The table of sections 

4 for subpart B of part IV of subchapter A of chapter 1 

5 of the Internal Revenue Code of 1986 is amended by add6 ing at the end the following new item: 

‘‘Sec. 30E. Move America credit.’’. 

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

8 this section shall apply to taxable years beginning after 

9 the date of the enactment of this Act. 

10 (e) REPORTING.—A State that sells any Move Amer11 ica credit certificate shall report, at such time and in such 

12 manner as the Secretary of the Treasury shall require— 

13 (1) to the Secretary of the Treasury— 

14 (A) the value of the Move America bonds 

15 otherwise allowed to be issued by the State 

16 which are exchanged under section 

17 30E(c)(2)(A)(ii) of the Internal Revenue Code 

18 of 1986 for the ability to sell such Move Amer19 ica credit certificates, and 

20 (B) the number of Move America credit 

21 certificates sold by the State or allocated to 

22 project sponsors, the value of each such certifi23 cate, and to whom it was sold (including the 

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1 fying information as the Secretary of the Treas2 ury shall require), and 

3 (2) to the Secretary of the Treasury and the 

4 purchaser of any Move America credit certificate— 

5 (A) the placed in service date of the quali6 fied project to which the certificate is des7 ignated under section 30E(c)(1)(B) of the In8 ternal Revenue Code of 1986 as relating, or 

9 (B) that the State has made a certification 

10 under section 30E(d)(3) of such Code that such 

11 project will not be placed in service. 

12 For purposes of this subsection, any term used in this sub13 section that is also used in section 30E or 142A of the 

14 Internal Revenue Code of 1986 has the same meaning as 

15 when used in such section. 

Æ 


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