II 

116TH CONGRESS 

1ST SESSION S. 146 

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

bonds and Move America credits. 

IN THE SENATE OF THE UNITED STATES 

JANUARY 16, 2019 

Mr. HOEVEN (for himself and Mr. WYDEN) 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 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 

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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 would be subject to the requirements of any Federal 

8 law (including titles 23, 40, and 49, United States 

9 Code) which would otherwise apply to similar facili10 ties. 

11 ‘‘(2) PUBLIC TRANSPORTATION CAPITAL

12 PROJECTS.—In addition to the requirements of 

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

14 used to finance a capital project (as defined in sec15 tion 5302(3) of title 49, United States Code) relat16 ing to public transportation (as defined in section 

17 5302(14) of such title) shall not be treated as an 

18 issue under subsection (b) unless such project com19 plies with the requirements of chapter 53 of title 49, 

20 United States Code. 

21 ‘‘(f) SPECIAL RULE FOR ENVIRONMENTAL REMEDI22 ATION COSTS FOR DOCKS AND WHARVES.—For purposes 

23 of this section, amounts used for working capital expendi24 tures relating to environmental remediation required 

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


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

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

3 navigation channel used to access such facility) shall be 

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

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

6 such regulations as may be necessary to carry out the pur7 poses of this section, including regulations requiring 

8 States to report the amount of Move America volume cap 

9 of the State carried forward for any calendar year under 

10 subsection (d)(3).’’. 

11 (2) CONFORMING AMENDMENT.—The table of 

12 sections for subpart A of part IV of subchapter B 

13 of chapter 1 of such Code is amended by inserting 

14 after the item relating to section 142 the following 

15 new item: 

‘‘Sec. 142A. Move America bonds.’’. 

16 (b) APPLICATION OF OTHER PRIVATE ACTIVITY

17 BOND RULES.— 

18 (1) TREATMENT UNDER PRIVATE ACTIVITY

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

20 of the Internal Revenue Code of 1986 is amended by 

21 striking ‘‘and’’ at the end of paragraph (3), by strik22 ing the period at the end of paragraph (4) and in23 serting ‘‘, and’’, and by inserting after paragraph 

24 (4) the following new paragraph: 

25 ‘‘(5) any Move America bond.’’. 


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1 (2) SPECIAL RULE ON USE FOR LAND ACQUISI2 TION.—Subparagraph (A) of section 147(c)(1) of 

3 the Internal Revenue Code of 1986 is amended by 

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

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

6 (3) SPECIAL RULES FOR REHABILITATION EX7 PENDITURES.— 

8 (A) INCLUSION OF CERTAIN EXPENDI9 TURES.—Subparagraph (B) of section 

10 147(d)(3) of the Internal Revenue Code of 

11 1986 is amended by inserting ‘‘, except that, in 

12 the case of any Move America bond, such term 

13 shall include any expenditure described in 

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

15 (B) PERIOD FOR EXPENDITURES.—Sub16 paragraph (C) of section 147(d)(3) of such 

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

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

19 years’’. 

20 (c) TREATMENT UNDER THE ALTERNATIVE MIN21 IMUM TAX.—Subparagraph (C) of section 57(a)(5) of the 

22 Internal Revenue Code of 1986 is amended by adding at 

23 the end the following new clause: 

24 ‘‘(vii) EXCEPTION FOR MOVE AMERICA

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


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1 term ‘private activity bond’ shall not in2 clude any Move America bond (as defined 

3 in section 142A).’’. 

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

5 this section shall apply to obligations issued in calendar 

6 years beginning after the date of the enactment of this 

7 Act. 

8 SEC. 4. MOVE AMERICA CREDITS. 

9 (a) IN GENERAL.—Subpart D of part IV of sub10 chapter A of chapter 1 of the Internal Revenue Code of 

11 1986 is amended by inserting after the section 42 the fol12 lowing new section: 

13 ‘‘SEC. 42A. MOVE AMERICA CREDITS. 

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

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

16 the Move America equity credit for any taxable year 

17 in the credit period is an amount equal to 10 per18 cent of the qualified basis of each qualified facility. 

19 ‘‘(2) DEFINITIONS.—For purposes of this sec20 tion— 

21 ‘‘(A) QUALIFIED BASIS.— 

22 ‘‘(i) IN GENERAL.—The qualified 

23 basis of any qualified facility is the portion 

24 of the eligible basis of such facility to 

25 which the State has allocated an amount of 


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1 the State credit limitation under subsection 

2 (c)(3)(C)(i). 

3 ‘‘(ii) DETERMINATION.—The qualified 

4 basis of a facility for purposes of all tax5 able years in the credit period shall be de6 termined as of the date of the last day of 

7 the calendar year in which the qualified fa8 cility is placed in service. 

9 ‘‘(iii) EXCEPTION.—Notwithstanding 

10 any other provision of this section, the 

11 qualified basis of any qualified facility shall 

12 be zero unless the chief executive officer 

13 (or the equivalent) of the local jurisdiction 

14 in which the qualified facility is located is 

15 provided a reasonable opportunity to com16 ment on the qualified facility. 

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

18 ‘qualified facility’ means a facility described in 

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

20 ‘‘(i) meets the requirements applicable 

21 to similar facilities under any Federal law 

22 which would apply if the facility were fi23 nanced under any other Federal program 

24 (including titles 23, 40, and 49, United 

25 States Code), 


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1 ‘‘(ii) complies with the requirements 

2 of chapter 53 of title 49, United States 

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

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

5 United States Code) relating to public 

6 transportation (as defined in section 

7 5302(14) of such title), and 

8 ‘‘(iii) will be generally available for 

9 public use throughout the credit period. 

10 ‘‘(C) CREDIT PERIOD.— 

11 ‘‘(i) IN GENERAL.—Except as pro12 vided in clause (ii), the credit period with 

13 respect to any qualified facility is the pe14 riod of 10 taxable years beginning with the 

15 first taxable year beginning in the calendar 

16 year in which the facility is placed in serv17 ice. 

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

19 time during the 10-taxable-year period de20 scribed in clause (i) a facility ceases to be 

21 a qualified facility, or ceases and then re22 commences to be a qualified facility, the 

23 credit period with respect to such facility 

24 shall include only the taxable years in such 

25 10-year-period in which the facility was a 


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1 qualified facility for the entire taxable 

2 year. 

3 ‘‘(iii) DISPOSITIONS OF PROPERTY OR

4 INTEREST RELATING TO QUALIFIED FACIL5 ITY.—A facility shall not cease to be a 

6 qualified facility solely by reason of the 

7 disposition of the facility (or an interest 

8 therein) if it is reasonably expected that 

9 such facility will otherwise continue to be 

10 a qualified facility. 

11 ‘‘(iv) TREATMENT OF CREDIT IN CASE

12 OF DISPOSITION.—If at any time during 

13 the 10-taxable-year period described in 

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

15 therein) is disposed of— 

16 ‘‘(I) the credit under paragraph 

17 (1) for any year in such period begin18 ning after the date of the disposal 

19 shall be allowed to the acquiring per20 son, and not to the person disposing 

21 of the facility (or interest), and 

22 ‘‘(II) the credit under paragraph 

23 (1) for the year of the disposal shall 

24 be allocated between such persons on 

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1 ing such year the facility (or interest) 

2 was held by each. 

3 ‘‘(3) REALLOCATION.— 

4 ‘‘(A) IN GENERAL.—If any qualified facil5 ity is not placed in service within 3 years of the 

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

7 the State shall rescind the allocation under sub8 section (c)(3)(C)(i). Any allocation so rescinded 

9 may be reallocated by the State under sub10 section (c) (including to qualified infrastructure 

11 funds for purposes of the credit under sub12 section (b)) within the calendar year in which 

13 it is so rescinded. 

14 ‘‘(B) REVERSION.—Any rescinded alloca15 tion which is not reallocated under subpara16 graph (A) by the last day of the calendar year 

17 in which it is so rescinded shall revert to inclu18 sion in the State’s Move America volume cap 

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

20 exchanged under subsection (c)(1). 

21 ‘‘(C) NO MULTIPLE REALLOCATIONS.— 

22 Any rescinded allocation which is reallocated 

23 under subparagraph (A) and is subsequently re24 scinded shall not be further reallocated and 

25 shall immediately revert to inclusion in the 


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1 Move America volume cap as provided in sub2 paragraph (B). 

3 ‘‘(4) COORDINATION WITH DEDUCTION FOR DE4 PRECIATION, ETC.—The basis of any property taken 

5 into account in determining the qualified basis of a 

6 qualified facility with respect to which a credit is al7 lowed under this section shall be reduced by the ag8 gregate amount of the credit allowable under this 

9 section during all taxable years in the credit period 

10 which is properly allocable to the cost basis of such 

11 property. The Secretary shall provide for adjust12 ments to basis in cases where the taxpayer is not al13 lowed a full credit for all years in the credit period. 

14 ‘‘(b) MOVE AMERICA INFRASTRUCTURE FUND CRED15 ITS.— 

16 ‘‘(1) ALLOWANCE OF CREDIT.— 

17 ‘‘(A) IN GENERAL.—For purposes of sec18 tion 38, in the case of a taxpayer who holds a 

19 Move America investment on a credit allowance 

20 date of such investment which occurs during 

21 the taxable year, the Move America infrastruc22 ture fund credit for such taxable year is an 

23 amount equal to 5 percent of the amount paid 

24 to the qualified infrastructure fund for such in25 vestment at its original issue. 


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1 ‘‘(B) CREDIT ALLOWANCE DATE.—For 

2 purposes of subparagraph (A), except as pro3 vided in paragraph (3), the term ‘credit allow4 ance date’ means with respect to any Move 

5 America investment— 

6 ‘‘(i) the date on which such invest7 ment is initially made, and 

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

9 of such date thereafter. 

10 ‘‘(2) DEFINITIONS.—For purposes of this sec11 tion— 

12 ‘‘(A) MOVE AMERICA INVESTMENT.— 

13 ‘‘(i) IN GENERAL.—The term ‘Move 

14 America investment’ means any equity in15 vestment in a qualified infrastructure fund, 

16 if— 

17 ‘‘(I) such investment is acquired 

18 by the taxpayer at its original issue 

19 solely in exchange for cash, 

20 ‘‘(II) substantially all of such 

21 cash is used by the qualified infra22 structure fund to make qualified in23 vestments, and 

24 ‘‘(III) such investment is des25 ignated for purposes of this subsection 


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1 by the qualified infrastructure fund, 

2 including a designation of the quali3 fied investment which will be made 

4 with such investment. 

5 ‘‘(ii) LIMITATION.— 

6 ‘‘(I) IN GENERAL.—The max7 imum amount of equity investments 

8 issued by a qualified infrastructure 

9 fund in a calendar year which may be 

10 designated under clause (i)(III) by 

11 such fund shall not exceed 200 per12 cent of the portion of the State credit 

13 limitation allocated under subsection 

14 (c)(3)(A)(ii) to such fund in such cal15 endar year. 

16 ‘‘(II) EXPIRATION.—If the limi17 tation determined under subclause (I) 

18 with respect to an infrastructure fund 

19 for a calendar year exceeds the 

20 amount of equity investments des21 ignated under clause (i)(III) by such 

22 fund in such year, the State shall re23 scind such excess allocation. Any allo24 cation so rescinded may be reallocated 

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1 cluding to qualified facilities for pur2 poses of the credit under subsection 

3 (a)) within the immediately suc4 ceeding calendar year. 

5 ‘‘(III) REVERSION.—Any re6 scinded allocation which is not reallo7 cated under subclause (II) by the last 

8 day of such immediately succeeding 

9 calendar year shall revert to inclusion 

10 in the State’s Move America volume 

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

12 never been exchanged under sub13 section (c)(1). 

14 ‘‘(IV) NO MULTIPLE REALLOCA15 TIONS.—Any rescinded allocation 

16 which is reallocated under subclause 

17 (II) and is subsequently rescinded 

18 shall not be further reallocated and 

19 shall immediately revert to inclusion 

20 in the Move America volume cap as 

21 provided in subclause (III). 

22 ‘‘(iii) SAFE HARBOR FOR DETER23 MINING USE OF CASH.—The requirement 

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

25 at least 95 percent of the aggregate gross 


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1 assets of the qualified infrastructure fund 

2 (determined without regard to any cash re3 ceived under clause (i)(I) that has not been 

4 invested in any other asset before the date 

5 that is 3 years after the date such cash is 

6 received) are invested in qualified invest7 ments. 

8 ‘‘(iv) TREATMENT OF SUBSEQUENT

9 PURCHASERS.—The term ‘Move America 

10 investment’ includes any equity investment 

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

12 Move America investment in the hands of 

13 the taxpayer if such investment was a 

14 Move America investment in the hands of 

15 a prior holder. 

16 ‘‘(B) QUALIFIED INFRASTRUCTURE

17 FUND.—The term ‘qualified infrastructure 

18 fund’ means— 

19 ‘‘(i) a State infrastructure bank estab20 lished under section 610 of title 23, United 

21 States Code, 

22 ‘‘(ii) a water pollution control revolv23 ing fund established under title VI of the 

24 Federal Water Pollution Control Act (33 

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


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1 ‘‘(iii) a drinking water treatment re2 volving loan fund established under section 

3 1452 of the Safe Drinking Water Act (42 

4 U.S.C. 300j–12), or 

5 ‘‘(iv) an equivalent fund established or 

6 designated by the State or any instrumen7 tality thereof and certified by the Secretary 

8 as having a primary purpose of financing 

9 qualified facilities. 

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

11 (iii), the amount of any Move America invest12 ment shall not be included in determining the 

13 amount of State or other non-Federal contribu14 tions to such fund. 

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

16 ‘qualified investment’ means an investment 

17 (whether by loan, loan guarantee, or equity in18 vestment) in— 

19 ‘‘(i) qualified facilities, or 

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

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

22 projects and activities for which such funds 

23 are authorized to be used under any other 

24 provision of law. 

25 ‘‘(3) EARLY TERMINATION.— 


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

2 the compliance period the fund which issued a 

3 Move America investment ceases to be a quali4 fied infrastructure fund, or ceases and then re5 commences to be a qualified infrastructure 

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

7 (including the date described in clause (i) there8 of) occurring in— 

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

10 fund ceased to be a qualified infrastructure 

11 fund, or 

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

13 period in which the fund is not a qualified 

14 infrastructure fund for the entire taxable 

15 year, 

16 shall not be treated as a credit allowance date 

17 for purposes of paragraph (1). 

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

19 of subparagraph (A), the term ‘compliance pe20 riod’ means the 10-taxable-year period begin21 ning with the taxable year that includes the 

22 date of the original issue of the Move America 

23 investment. 

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

25 shall cease to be a qualified infrastructure fund 


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1 as of the date more than 5 percent of the in2 vestments made by the fund are not qualified 

3 investments. For purposes of the preceding sen4 tence, the amount of any cash received under 

5 subparagraph (A)(i)(I) that has not been in6 vested in any other asset before the date that 

7 is 3 years after the date such cash is received 

8 shall not be taken into account in determining 

9 investments made by the fund. 

10 ‘‘(D) EXPIRATION OF CREDIT.—If sub11 stantially all of the cash paid for any Move 

12 America investment is not used to make quali13 fied investments designated under paragraph 

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

15 original issue of such investment, any date de16 scribed in paragraph (1)(B) occurring in a tax17 able year which ends after the date which is 3 

18 years after such date of original issue shall not 

19 be treated as a credit allowance date for pur20 poses of paragraph (1). 

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

22 ‘‘(1) EXCHANGE OF MOVE AMERICA BOND VOL23 UME CAP.— 

24 ‘‘(A) IN GENERAL.—If a State has in ef25 fect a qualified allocation plan for a calendar 


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1 year, the State may exchange (in such manner 

2 as the Secretary may prescribe) all or a portion 

3 of the State’s Move America volume cap under 

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

5 limitation. 

6 ‘‘(B) LIMITATION.—The amount of a 

7 State’s Move America volume cap for a cal8 endar year which may be exchanged under sub9 paragraph (A) shall not include any portion of 

10 such cap which is attributable to an amount of 

11 State credit limitation which has reverted under 

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

13 (b)(2)(A)(iv). 

14 ‘‘(2) STATE CREDIT LIMITATION.—For pur15 poses of this section, the State credit limitation with 

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

17 amount equal to 25 percent of the Move America 

18 volume cap exchanged under paragraph (1) for such 

19 calendar year. 

20 ‘‘(3) ALLOCATION.— 

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

22 the State credit limitation, according to the 

23 qualified allocation plan, for any calendar year 

24 among— 


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

2 purposes of the Move America equity cred3 it under subsection (a), and 

4 ‘‘(ii) qualified infrastructure funds in 

5 the State for purposes of the Move Amer6 ica infrastructure fund credit under sub7 section (b). 

8 ‘‘(B) QUALIFIED ALLOCATION PLAN.— 

9 ‘‘(i) IN GENERAL.—For purposes of 

10 this subsection, the term ‘qualified alloca11 tion plan’ means any plan— 

12 ‘‘(I) which sets forth selection 

13 criteria to be used in determining in14 frastructure priorities of the State 

15 and allocating the State credit limita16 tion among facilities (in accordance 

17 with clause (ii)) and infrastructure 

18 funds in the State, and 

19 ‘‘(II) which provides a procedure 

20 that the State (or an agent or other 

21 private contractor of the State) will 

22 follow in monitoring for noncompli23 ance with the provisions of this sec24 tion and in notifying the Internal Rev25 enue Service of such noncompliance. 


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1 ‘‘(ii) LIMITATION BASED ON FACILITY

2 FEASIBILITY FOR MOVE AMERICA EQUITY

3 CREDITS.— 

4 ‘‘(I) IN GENERAL.—In the case 

5 of an allocation with respect to any 

6 qualified facility for purposes of the 

7 Move America equity credit under 

8 subsection (a), such allocation shall 

9 not exceed the minimum amount 

10 which the State transportation au11 thority or other applicable agency de12 termines is required for the financial 

13 feasibility of the facility and its viabil14 ity for completion and availability for 

15 public use throughout the credit pe16 riod. 

17 ‘‘(II) MINIMUM FEASIBILITY DE18 TERMINATION.—In making the deter19 mination under subclause (I), such 

20 entity shall consider the sources and 

21 uses of funds and the total financing 

22 planned for the facility, any proceeds 

23 or receipts expected to be generated 

24 by reason of tax benefits, the reason25 ableness of the developmental and 


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1 operational costs of the facility over 

2 the full expected operational life of the 

3 facility, ancillary costs (including 

4 right-of-way and procurement costs), 

5 financing costs, and retained and 

6 transferred risk. 

7 ‘‘(C) SPECIAL RULES RELATING TO MOVE

8 AMERICA EQUITY CREDIT.— 

9 ‘‘(i) LIMITATION.—The amount allo10 cated to a qualified facility under subpara11 graph (A)(i) shall not exceed the eligible 

12 basis of such facility. 

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

14 of this section, except as provided in clause 

15 (iii), the eligible basis of any qualified fa16 cility is the lesser of— 

17 ‘‘(I) the portion of the basis of 

18 such facility which is attributable to 

19 the aggregate amount of equity in20 vestment of all taxpayers in the costs 

21 of the facility which are subject to the 

22 allowance for depreciation (determined 

23 as of the last day of the calendar year 

24 in which the facility is placed in serv25 ice), or 


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1 ‘‘(II) 20 percent of the costs of 

2 the facility which are subject to the 

3 allowance for depreciation (determined 

4 as of the last day of the calendar year 

5 in which the facility is placed in serv6 ice). 

7 ‘‘(iii) EXCLUSION OF GOVERNMENT

8 ASSISTANCE.—Eligible basis shall not in9 clude any portion of the basis of such facil10 ity which is attributable to any assistance 

11 or financing provided by a Federal, State, 

12 or local government (determined as of the 

13 last day of the calendar year in which the 

14 facility is placed in service). 

15 ‘‘(D) REVERSION OF UNALLOCATED LIMI16 TATION.—Any portion of the State credit limi17 tation for any calendar year which remains 

18 unallocated as of the last day of such calendar 

19 year shall revert to inclusion in the State’s 

20 Move America volume cap under section 

21 142A(d) as if it had never been exchanged 

22 under paragraph (1).’’. 

23 (b) CREDITS MADE PART OF GENERAL BUSINESS

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

25 Revenue Code of 1986 is amended— 


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

2 (31); 

3 (2) by striking the period at the end of para4 graph (32) and inserting a comma; and 

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

6 paragraphs: 

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

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

9 ‘‘(34) the Move America infrastructure fund 

10 credit under section 42A(b)(1).’’. 

11 (c) TREATMENT UNDER ALTERNATIVE MINIMUM

12 TAX AND BASE EROSION TAX.— 

13 (1) ALTERNATIVE MINIMUM TAX.—Section 

14 38(c)(4)(B) of the Internal Revenue Code of 1986 is 

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

16 as clauses (vi) through (xiv), respectively, and by in17 serting after clause (ii) the following new clauses: 

18 ‘‘(iii) the credit determined under sec19 tion 42A(a)(1), 

20 ‘‘(iv) the credit determined under sec21 tion 42A(b)(1),’’. 

22 (2) BASE EROSION TAX.—Section 

23 59A(b)(1)(B)(ii) of such Code is amended by strik24 ing ‘‘plus’’ at the end of subclause (I), by redesig25 nating subclause (II) as subclause (III), and by inVerDate Sep 11 2014 00:23 Jan 24, 2019 Jkt 089200 PO 00000 Frm 00032 Fmt 6652 Sfmt 6201 E:\BILLS\S146.IS S146

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1 serting after subclause (I) the following new sub2 clause: 

3 ‘‘(II) the credit allowed under 

4 section 38 for the taxable year which 

5 is properly allocable to the sum of the 

6 Move America equity credit under sec7 tion 42A(a)(1) and the Move America 

8 infrastructure fund credit under sec9 tion 42A(b)(1), plus’’. 

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

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

12 of the Internal Revenue Code of 1986 is amended by in13 serting after the item relating to section 42 the following 

14 new item: 

‘‘Sec. 42A. Move America credits.’’. 

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

16 this section shall apply to taxable years beginning after 

17 the date of the enactment of this Act. 

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

19 such manner as the Secretary of the Treasury shall re20 quire, report— 

21 (1) to the Secretary of the Treasury— 

22 (A) the amount of the Move America vol23 ume cap of the State for the calendar year 

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


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1 the Internal Revenue Code of 1986 for a State 

2 credit limitation; 

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

4 limitation allocated under section 

5 42A(c)(3)(A)(i) of such Code to qualified facili6 ties, the amount so allocated to each such facil7 ity, and the taxpayer with respect to such facil8 ity (including the name of the taxpayer and any 

9 other identifying information as the Secretary 

10 of the Treasury shall require); and 

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

12 limitation allocated under section 

13 42A(c)(3)(A)(ii) of such Code to qualified infra14 structure funds, the amount so allocated to 

15 each such fund, and each taxpayer holding any 

16 Move America investment with respect to any 

17 such fund (including the name of the taxpayer 

18 and any other identifying information as the 

19 Secretary of the Treasury shall require); 

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

21 taxpayer who is the sponsor of a qualified facility re22 ceiving an allocation under section 42A(c)(3)(A)(i) 

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

24 is placed in service; and 


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

2 taxpayer holding a Move America investment, a cer3 tification that the entity which issued the investment 

4 is a qualified infrastructure fund and that the in5 vestment will be used to make qualified investments 

6 designated for purposes of section 

7 42A(b)(2)(A)(i)(III) of the Internal Revenue Code of 

8 1986. 

9 For purposes of this subsection, any term used in this sub10 section that is also used in section 42A or 142A of such 

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

Æ 


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