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. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Move America Act of 
2019’’. 
SEC. 2. FINDINGS AND PURPOSE. 
(a) FINDINGS.—Congress makes the following find-
ings: 
(1) Our Nation’s infrastructure network serves 
as a foundation of our economic competitiveness and 
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national security. It is imperative that Congress 
maintain and revitalize the roads, bridges, ports, 
railways, airports, transit systems, water systems, 
and information networks of this country, enabling 
all industries to achieve the growth and productivity 
that make the United States strong and prosperous. 
(2) Investing in transportation, water, and in-
formation infrastructure creates long-term capital 
assets for the Nation that will improve economic 
productivity. 
(3) Investment in infrastructure creates jobs 
and spurs economic activity to put people back to 
work and grow the economy. 
(4) The cost to maintain and improve our Na-
tion’s highways, bridges, and other critical transpor-
tation infrastructure significantly exceeds what is 
currently being provided by all levels of government. 
(5) Investment in our Nation’s infrastructure 
must be multi-faceted, both by ensuring that there 
is a sustainable long-term funding source for infra-
structure and through using innovative financing 
mechanisms. 
(6) Areas that are underserved by modern 
broadband connections are disadvantaged, and en-
suring that those areas are connected will enable the 
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Nation to benefit from the fuller participation of 
previously underserved citizens in the national econ-
omy. 
(7) Investment in infrastructure is needed 
throughout the Nation, and it is essential that infra-
structure legislation, including but not limited to 
this legislation, benefit urban and rural areas, and 
large and small States. 
(b) PURPOSE.—The purpose of this Act is to provide 
tools to finance additional transportation, water, and in-
formation infrastructure capital investments, through an 
approach that provides assistance for financing of infra-
structure to all States, rural and urban, and large and 
small. 
SEC. 3. MOVE AMERICA BONDS. 
(a) IN GENERAL.— 
(1) MOVE AMERICA BONDS.—Subpart A of part 
IV of subchapter B of chapter 1 of the Internal Rev-
enue Code of 1986 is amended by inserting after 
section 142 the following new section: 
‘‘SEC. 142A. MOVE AMERICA BONDS. 
‘‘(a) IN GENERAL.— 
‘‘(1) 
TREATMENT
AS
EXEMPT
FACILITY 
BOND.—Except as otherwise provided in this section, 
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a Move America bond shall be treated for purposes 
of this part as an exempt facility bond. 
‘‘(2) EXCEPTIONS.— 
‘‘(A) NO
GOVERNMENT
OWNERSHIP
RE-
QUIREMENT.—Paragraph (1) of section 142(b) 
shall not apply to any Move America bond. 
‘‘(B) SPECIAL
RULES
FOR
HIGH-SPEED 
RAIL BONDS.—Paragraphs (2) and (3) of sec-
tion 142(i) shall not apply to any Move America 
bond described in subsection (b)(6). 
‘‘(C) SPECIAL RULES FOR HIGHWAY AND 
SURFACE TRANSPORTATION FACILITIES.—Para-
graphs (2), (3), and (4) of section 142(m) shall 
not apply to any Move America bond described 
in subsection (b)(7). 
‘‘(b) MOVE AMERICA BOND.—For purposes of this 
part, the term ‘Move America bond’ means any bond 
issued as part of an issue 95 percent or more of the net 
proceeds of which are used to provide— 
‘‘(1) airports, 
‘‘(2) docks and wharves, including— 
‘‘(A) waterborne mooring infrastructure, 
‘‘(B) dredging in connection with a dock or 
wharf, and 
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‘‘(C) any associated rail and road infra-
structure for the purpose of integrating modes 
of transportation, 
‘‘(3) mass commuting facilities, 
‘‘(4) facilities for the furnishing of water (with-
in the meaning of section 142(e)), 
‘‘(5) sewage facilities, 
‘‘(6) railroads (as defined in section 20102 of 
title 49, United States Code) and any associated rail 
and road infrastructure for the purpose of inte-
grating modes of transportation, 
‘‘(7) any— 
‘‘(A) surface transportation project which 
is eligible for Federal assistance under title 23, 
United States Code (as in effect on the date of 
the enactment of this section), 
‘‘(B) project for an international bridge or 
tunnel for which an international entity author-
ized under Federal or State law is responsible 
and which is eligible for Federal assistance 
under title 23, United States Code (as so in ef-
fect), or 
‘‘(C) facility for the transfer of freight 
from truck to rail or rail to truck (including 
any temporary storage facilities directly related 
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to such transfers) which is eligible for Federal 
assistance under either title 23 or title 49, 
United States Code (as so in effect), 
‘‘(8) flood diversions, 
‘‘(9) inland waterways, including construction 
and rehabilitation expenditures for navigation on 
any inland or intracoastal waterways of the United 
States (within the meaning of section 4042(d)(2)), 
or 
‘‘(10) rural broadband service infrastructure. 
‘‘(c) DEFINITIONS.—For purposes of this section— 
‘‘(1) FLOOD DIVERSIONS.—The term ‘flood di-
version’ means any flood damage risk reduction 
project authorized under any Act for authorizing 
water resources development projects. 
‘‘(2) RURAL BROADBAND SERVICE INFRASTRUC-
TURE.—The term ‘rural broadband service infra-
structure’ means the construction, improvement, or 
acquisition of facilities and equipment for the provi-
sion of broadband services (as defined in section 601 
of the Rural Electrification Act of 1936) which— 
‘‘(A) meet the minimum requirements in 
effect under section 601(e) of such Act, and 
‘‘(B) will be provided in an area which— 
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‘‘(i) is a rural area (as defined in sec-
tion 601 of such Act), and 
‘‘(ii) 
meets 
the 
requirements 
of 
clauses (i) and (ii) of section 601(d)(2)(A) 
of such Act. 
‘‘(d) MOVE AMERICA VOLUME CAP.— 
‘‘(1) IN GENERAL.—The aggregate face amount 
of Move America bonds issued pursuant to an issue, 
when added to the aggregate face amount of Move 
America bonds previously issued by the issuing au-
thority during the calendar year, shall not exceed 
such issuing authority’s Move America volume cap 
for such year. 
‘‘(2) MOVE AMERICA VOLUME CAP.—For pur-
poses of this subsection— 
‘‘(A) IN
GENERAL.—The Move America 
volume cap for any calendar year is an amount 
equal to 50 percent of the State ceiling under 
section 146(d) for such State for such calendar 
year. 
‘‘(B) ALLOCATION OF VOLUME CAP.—Each 
State may allocate the Move America volume 
cap of such State among governmental units (or 
other authorities) in such State having author-
ity to issue private activity bonds. 
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‘‘(3) CARRYFORWARDS.— 
‘‘(A) IN GENERAL.—If— 
‘‘(i) an issuing authority’s Move 
America volume cap, exceeds 
‘‘(ii) the aggregate amount of Move 
America bonds issued during such calendar 
year by such authority, 
any Move America bond issued by such author-
ity during the 5-calendar-year period following 
such calendar year shall not be taken into ac-
count under paragraph (1) to the extent the 
amount of such bonds does not exceed the 
amount of such excess. Any excesses arising 
under this paragraph shall be used under this 
paragraph in the order of calendar years in 
which the excesses arose. 
‘‘(B) 
REALLOCATION
OF
UNUSED 
CARRYFORWARDS.— 
‘‘(i) IN GENERAL.—The Move Amer-
ica volume cap under paragraph (2)(A) for 
any State for any calendar year shall be 
increased by any amount allocated to such 
State by the Secretary under clause (ii). 
‘‘(ii) REALLOCATION.—The Secretary 
shall allocate to each qualified State for 
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any calendar year an amount which bears 
the same ratio to the aggregate unused 
carryforward amounts of all issuing au-
thorities in all States for such calendar 
year as the qualified State’s population for 
the calendar year bears to the population 
of all qualified States for the calendar 
year. For purposes of the preceding sen-
tence, population shall be determined in 
accordance with section 146(j). 
‘‘(iii) QUALIFIED
STATE.—For pur-
poses of this subparagraph, the term 
‘qualified State’ means, with respect to a 
calendar year, any State— 
‘‘(I) which allocated its entire 
Move America volume cap for the pre-
ceding calendar year, and 
‘‘(II) for which a request is made 
(not later than May 1 of the calendar 
year) to receive an allocation under 
clause (ii). 
‘‘(iv) 
UNUSED
CARRYFORWARD 
AMOUNT.—For purposes of this paragraph, 
the term ‘unused carryforward amount’ 
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means, with respect to any issuing author-
ity for any calendar year, the excess of— 
‘‘(I) the amount of the excess de-
scribed in subparagraph (A) for the 
sixth preceding calendar year, over 
‘‘(II) the amount of bonds issued 
by such issuing authority to which 
subparagraph (A) applied during the 
5 preceding calendar years. 
‘‘(4) FACILITY
MUST
BE
LOCATED
WITHIN 
STATE.— 
‘‘(A) IN
GENERAL.—No portion of the 
Move America volume cap of an issuing author-
ity for any calendar year may be used with re-
spect to financing for a facility located outside 
of the authority’s State. 
‘‘(B) EXCEPTION FOR CERTAIN FACILITIES 
WHERE
STATE
WILL
GET
PROPORTIONATE 
SHARE OF BENEFIT.—Subparagraph (A) shall 
not apply to any Move America bond the pro-
ceeds of which are used to provide a facility de-
scribed in paragraph (4) or (5) of subsection 
(b) if the issuer establishes that the State’s 
share of the use of the facility will equal or ex-
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ceed the State’s share of the private activity 
bonds issued to finance the facility. 
‘‘(e) APPLICABILITY OF CERTAIN FEDERAL LAWS.— 
‘‘(1) IN GENERAL.—An issue shall not be treat-
ed as an issue under subsection (b) unless the facil-
ity for which the proceeds of such issue are used 
meets the requirements applicable to construction, 
alteration or repair of similar facilities under any 
Federal law that would apply if the facility were 
funded or financed under any other Federal program 
(including under titles 23, 40, and 49, United States 
Code) which would otherwise apply to similar facili-
ties. 
‘‘(2) 
PUBLIC
TRANSPORTATION
CAPITAL 
PROJECTS.—In addition to the requirements of 
paragraph (1), an issue the proceeds of which are 
used to finance a capital project (as defined in sec-
tion 5302(3) of title 49, United States Code) relat-
ing to public transportation (as defined in section 
5302(14) of such title) shall not be treated as an 
issue under subsection (b) unless such project com-
plies with the requirements of chapter 53 of title 49, 
United States Code. 
‘‘(f) SPECIAL RULE FOR ENVIRONMENTAL REMEDI-
ATION COSTS FOR DOCKS AND WHARVES.—For purposes 
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of this section, amounts used for working capital expendi-
tures relating to environmental remediation required 
under State or Federal law at or near a facility described 
in subsection (b)(2) (including environmental remediation 
in the riverbed and land within or adjacent to the Federal 
navigation channel used to access such facility) shall be 
treated as an amount used to provide for such a facility. 
‘‘(g) REGULATIONS.—The Secretary shall prescribe 
such regulations as may be necessary to carry out the pur-
poses of this section, including regulations requiring 
States to report the amount of Move America volume cap 
of the State carried forward for any calendar year under 
subsection (d)(3).’’. 
(2) CONFORMING AMENDMENT.—The table of 
sections for subpart A of part IV of subchapter B 
of chapter 1 of such Code is amended by inserting 
after the item relating to section 142 the following 
new item: 
‘‘Sec. 142A. Move America bonds.’’. 
(b) APPLICATION
OF OTHER PRIVATE ACTIVITY 
BOND RULES.— 
(1) TREATMENT
UNDER
PRIVATE
ACTIVITY 
BOND VOLUME CAP.—Subsection (g) of section 146 
of the Internal Revenue Code of 1986 is amended by 
striking ‘‘and’’ at the end of paragraph (3), by strik-
ing the period at the end of paragraph (4) and in-
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serting ‘‘, and’’, and by inserting after paragraph 
(4) the following new paragraph: 
‘‘(5) any Move America bond.’’. 
(2) SPECIAL RULE ON USE FOR LAND ACQUISI-
TION.—Subparagraph (A) of section 147(c)(1) of 
the Internal Revenue Code of 1986 is amended by 
inserting ‘‘(50 percent in the case of any issue of 
Move America bonds)’’ after ‘‘25 percent’’. 
(3) SPECIAL RULES FOR REHABILITATION EX-
PENDITURES.— 
(A) INCLUSION
OF
CERTAIN
EXPENDI-
TURES.—Subparagraph 
(B) 
of 
section 
147(d)(3) of the Internal Revenue Code of 
1986 is amended by inserting ‘‘, except that, in 
the case of any Move America bond, such term 
shall include any expenditure described in 
clause (v) thereof’’ before the period at the end. 
(B) PERIOD
FOR
EXPENDITURES.—Sub-
paragraph (C) of section 147(d)(3) of such 
Code is amended by inserting ‘‘(5 years, in the 
case of any Move America bond)’’ after ‘‘2 
years’’. 
(c) TREATMENT UNDER THE ALTERNATIVE MIN-
IMUM TAX.—Subparagraph (C) of section 57(a)(5) of the 
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Internal Revenue Code of 1986 is amended by adding at 
the end the following new clause: 
‘‘(vii) EXCEPTION FOR MOVE AMERICA 
BONDS.—For purposes of clause (i), the 
term ‘private activity bond’ shall not in-
clude any Move America bond (as defined 
in section 142A).’’. 
(d) EFFECTIVE DATE.—The amendments made by 
this section shall apply to obligations issued in calendar 
years beginning after the date of the enactment of this 
Act. 
SEC. 4. MOVE AMERICA CREDITS. 
(a) IN GENERAL.—Subpart D of part IV of sub-
chapter A of chapter 1 of the Internal Revenue Code of 
1986 is amended by inserting after the section 42 the fol-
lowing new section: 
‘‘SEC. 42A. MOVE AMERICA CREDITS. 
‘‘(a) MOVE AMERICA EQUITY CREDITS.— 
‘‘(1) IN GENERAL.—For purposes of section 38, 
the Move America equity credit for any taxable year 
in the credit period is an amount equal to 10 per-
cent of the qualified basis of each qualified facility. 
‘‘(2) DEFINITIONS.—For purposes of this sec-
tion— 
‘‘(A) QUALIFIED BASIS.— 
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‘‘(i) 
IN
GENERAL.—The 
qualified 
basis of any qualified facility is the portion 
of the eligible basis of such facility to 
which the State has allocated an amount of 
the State credit limitation under subsection 
(c)(3)(C). 
‘‘(ii) DETERMINATION.—The qualified 
basis of a facility for purposes of all tax-
able years in the credit period shall be de-
termined as of the date of the last day of 
the calendar year in which the qualified fa-
cility is placed in service. 
‘‘(iii) EXCEPTION.—Notwithstanding 
any other provision of this section, the 
qualified basis of any qualified facility shall 
be zero unless the chief executive officer 
(or the equivalent) of the local jurisdiction 
in which the qualified facility is located is 
provided a reasonable opportunity to com-
ment on the qualified facility. 
‘‘(B) QUALIFIED
FACILITY.—The term 
‘qualified facility’ means a facility described in 
section 142A(b), but only if such facility— 
‘‘(i) meets the requirements applicable 
to construction, alteration or repair of 
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similar facilities under any Federal law 
that would apply if the facility were funded 
or financed under any other Federal pro-
gram (including titles 23, 40, and 49, 
United States Code), 
‘‘(ii) complies with the requirements 
of chapter 53 of title 49, United States 
Code, in the case of a capital project (as 
defined in section 5302(3) of title 49, 
United States Code) relating to public 
transportation 
(as 
defined 
in 
section 
5302(14) of such title), and 
‘‘(iii) will be generally available for 
public use throughout the credit period. 
‘‘(C) CREDIT PERIOD.— 
‘‘(i) IN
GENERAL.—Except as pro-
vided in clause (ii), the credit period with 
respect to any qualified facility is the pe-
riod of 10 taxable years beginning with the 
first taxable year beginning in the calendar 
year in which the facility is placed in serv-
ice. 
‘‘(ii) EARLY TERMINATION.—If at any 
time during the 10-taxable-year period de-
scribed in clause (i) a facility ceases to be 
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a qualified facility, or ceases and then re-
commences to be a qualified facility, the 
credit period with respect to such facility 
shall include only the taxable years in such 
10-year-period in which the facility was a 
qualified facility for the entire taxable 
year. 
‘‘(iii) DISPOSITIONS OF PROPERTY OR 
INTEREST RELATING TO QUALIFIED FACIL-
ITY.—A facility shall not cease to be a 
qualified facility solely by reason of the 
disposition of the facility (or an interest 
therein) if it is reasonably expected that 
such facility will otherwise continue to be 
a qualified facility. 
‘‘(iv) TREATMENT OF CREDIT IN CASE 
OF DISPOSITION.—If at any time during 
the 10-taxable-year period described in 
clause (i) a qualified facility (or an interest 
therein) is disposed of— 
‘‘(I) the credit under paragraph 
(1) for any year in such period begin-
ning after the date of the disposal 
shall be allowed to the acquiring per-
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son, and not to the person disposing 
of the facility (or interest), and 
‘‘(II) the credit under paragraph 
(1) for the year of the disposal shall 
be allocated between such persons on 
the basis of the number of days dur-
ing such year the facility (or interest) 
was held by each. 
‘‘(3) REALLOCATION.— 
‘‘(A) IN GENERAL.—If any qualified facil-
ity is not placed in service within 3 years of the 
date of the allocation under subsection (c)(3), 
the State shall rescind the allocation under sub-
section (c)(3)(C). Any allocation so rescinded 
may be reallocated by the State under sub-
section (c) (including to qualified infrastructure 
funds for purposes of the credit under sub-
section (b)) within the calendar year in which 
it is so rescinded. 
‘‘(B) REVERSION.—Any rescinded alloca-
tion which is not reallocated under subpara-
graph (A) by the last day of the calendar year 
in which it is so rescinded shall revert to inclu-
sion in the State’s Move America volume cap 
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under section 142A(d) as if it had never been 
exchanged under subsection (c)(1). 
‘‘(C) NO
MULTIPLE
REALLOCATIONS.— 
Any rescinded allocation which is reallocated 
under subparagraph (A) and is subsequently re-
scinded shall not be further reallocated and 
shall immediately revert to inclusion in the 
Move America volume cap as provided in sub-
paragraph (B). 
‘‘(4) COORDINATION WITH DEDUCTION FOR DE-
PRECIATION, ETC.—The basis of any property taken 
into account in determining the qualified basis of a 
qualified facility with respect to which a credit is al-
lowed under this section shall be reduced by the ag-
gregate amount of the credit allowable under this 
section during all taxable years in the credit period 
which is properly allocable to the cost basis of such 
property. The Secretary shall provide for adjust-
ments to basis in cases where the taxpayer is not al-
lowed a full credit for all years in the credit period. 
‘‘(b) MOVE AMERICA INFRASTRUCTURE FUND CRED-
ITS.— 
‘‘(1) ALLOWANCE OF CREDIT.— 
‘‘(A) IN GENERAL.—For purposes of sec-
tion 38, in the case of a taxpayer who holds a 
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Move America investment on a credit allowance 
date of such investment which occurs during 
the taxable year, the Move America infrastruc-
ture fund credit for such taxable year is an 
amount equal to 5 percent of the amount paid 
to the qualified infrastructure fund for such in-
vestment at its original issue. 
‘‘(B) CREDIT
ALLOWANCE
DATE.—For 
purposes of subparagraph (A), except as pro-
vided in paragraph (3), the term ‘credit allow-
ance date’ means with respect to any Move 
America investment— 
‘‘(i) the date on which such invest-
ment is initially made, and 
‘‘(ii) each of the 9 anniversary dates 
of such date thereafter. 
‘‘(2) DEFINITIONS.—For purposes of this sec-
tion— 
‘‘(A) MOVE AMERICA INVESTMENT.— 
‘‘(i) IN GENERAL.—The term ‘Move 
America investment’ means any equity in-
vestment in a qualified infrastructure fund, 
if— 
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‘‘(I) such investment is acquired 
by the taxpayer at its original issue 
solely in exchange for cash, 
‘‘(II) substantially all of such 
cash is used by the qualified infra-
structure fund to make qualified in-
vestments, and 
‘‘(III) such investment is des-
ignated for purposes of this subsection 
by the qualified infrastructure fund, 
including a designation of the quali-
fied investment which will be made 
with such investment. 
‘‘(ii) LIMITATION.— 
‘‘(I) IN
GENERAL.—The max-
imum amount of equity investments 
issued by a qualified infrastructure 
fund in a calendar year which may be 
designated under clause (i)(III) by 
such fund shall not exceed 200 per-
cent of the portion of the State credit 
limitation allocated under subsection 
(c)(3)(A)(ii) to such fund in such cal-
endar year. 
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‘‘(II) EXPIRATION.—If the limi-
tation determined under subclause (I) 
with respect to an infrastructure fund 
for a calendar year exceeds the 
amount of equity investments des-
ignated under clause (i)(III) by such 
fund in such year, the State shall re-
scind such excess allocation. Any allo-
cation so rescinded may be reallocated 
by the State under subsection (c) (in-
cluding to qualified facilities for pur-
poses of the credit under subsection 
(a)) within the immediately suc-
ceeding calendar year. 
‘‘(III) 
REVERSION.—Any 
re-
scinded allocation which is not reallo-
cated under subclause (II) by the last 
day of such immediately succeeding 
calendar year shall revert to inclusion 
in the State’s Move America volume 
cap under section 142A(d) as if it had 
never been exchanged under sub-
section (c)(1). 
‘‘(IV) NO MULTIPLE REALLOCA-
TIONS.—Any 
rescinded 
allocation 
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which is reallocated under subclause 
(II) and is subsequently rescinded 
shall not be further reallocated and 
shall immediately revert to inclusion 
in the Move America volume cap as 
provided in subclause (III). 
‘‘(iii) SAFE
HARBOR
FOR
DETER-
MINING USE OF CASH.—The requirement 
of clause (i)(II) shall be treated as met if 
at least 95 percent of the aggregate gross 
assets of the qualified infrastructure fund 
(determined without regard to any cash re-
ceived under clause (i)(I) that has not been 
invested in any other asset before the date 
that is 3 years after the date such cash is 
received) are invested in qualified invest-
ments. 
‘‘(iv) TREATMENT
OF
SUBSEQUENT 
PURCHASERS.—The term ‘Move America 
investment’ includes any equity investment 
which would (but for clause (i)(I)) be a 
Move America investment in the hands of 
the taxpayer if such investment was a 
Move America investment in the hands of 
a prior holder. 
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‘‘(B) 
QUALIFIED
INFRASTRUCTURE 
FUND.—The 
term 
‘qualified 
infrastructure 
fund’ means— 
‘‘(i) a State infrastructure bank estab-
lished under section 610 of title 23, United 
States Code, 
‘‘(ii) a water pollution control revolv-
ing fund established under title VI of the 
Federal Water Pollution Control Act (33 
U.S.C. 1381 et seq.), 
‘‘(iii) a drinking water treatment re-
volving loan fund established under section 
1452 of the Safe Drinking Water Act (42 
U.S.C. 300j–12), or 
‘‘(iv) an equivalent fund established or 
designated by the State or any instrumen-
tality thereof and certified by the Secretary 
as having a primary purpose of financing 
qualified facilities. 
In the case of a fund described in clause (ii) or 
(iii), the amount of any Move America invest-
ment shall not be included in determining the 
amount of State or other non-Federal contribu-
tions to such fund. 
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‘‘(C) QUALIFIED INVESTMENT.—The term 
‘qualified investment’ means an investment 
(whether by loan, loan guarantee, or equity in-
vestment) in— 
‘‘(i) qualified facilities, or 
‘‘(ii) in the case of a fund described in 
clause (i), (ii), or (iii) of subparagraph (B), 
projects and activities for which such funds 
are authorized to be used under any other 
provision of law. 
The term ‘qualified investment’ does not include 
any investment with respect to a project or ac-
tivity that is not in compliance with applicable 
requirements of titles 23 and 49, United States 
Code, the Federal Water Pollution Control Act 
(33 U.S.C. 1251 et seq.), and the Safe Drink-
ing Water Act (42 U.S.C. 300 et seq.). 
‘‘(3) EARLY TERMINATION.— 
‘‘(A) IN GENERAL.—If at any time during 
the compliance period the fund which issued a 
Move America investment ceases to be a quali-
fied infrastructure fund, or ceases and then re-
commences to be a qualified infrastructure 
fund, any date described in paragraph (1)(B) 
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(including the date described in clause (i) there-
of) occurring in— 
‘‘(i) the taxable year in which the 
fund ceased to be a qualified infrastructure 
fund, or 
‘‘(ii) any other taxable year in such 
period in which the fund is not a qualified 
infrastructure fund for the entire taxable 
year, 
shall not be treated as a credit allowance date 
for purposes of paragraph (1). 
‘‘(B) COMPLIANCE PERIOD.—For purposes 
of subparagraph (A), the term ‘compliance pe-
riod’ means the 10-taxable-year period begin-
ning with the taxable year that includes the 
date of the original issue of the Move America 
investment. 
‘‘(C) LOSS
OF
QUALIFICATION.—A fund 
shall cease to be a qualified infrastructure fund 
as of the date more than 5 percent of the in-
vestments made by the fund are not qualified 
investments. For purposes of the preceding sen-
tence, the amount of any cash received under 
subparagraph (A)(i)(I) that has not been in-
vested in any other asset before the date that 
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is 3 years after the date such cash is received 
shall not be taken into account in determining 
investments made by the fund. 
‘‘(D) EXPIRATION
OF
CREDIT.—If sub-
stantially all of the cash paid for any Move 
America investment is not used to make quali-
fied investments designated under paragraph 
(2)(A)(i)(III) within 3 years of the date of 
original issue of such investment, any date de-
scribed in paragraph (1)(B) occurring in a tax-
able year which ends after the date which is 3 
years after such date of original issue shall not 
be treated as a credit allowance date for pur-
poses of paragraph (1). 
‘‘(c) MOVE AMERICA CREDIT ALLOCATION.— 
‘‘(1) EXCHANGE OF MOVE AMERICA BOND VOL-
UME CAP.— 
‘‘(A) IN GENERAL.—If a State has in ef-
fect a qualified allocation plan for a calendar 
year, the State may exchange (in such manner 
as the Secretary may prescribe) all or a portion 
of the State’s Move America volume cap under 
section 142A(d) for such year for a State credit 
limitation. 
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‘‘(B) LIMITATION.—The amount of a 
State’s Move America volume cap for a cal-
endar year which may be exchanged under sub-
paragraph (A) shall not include any portion of 
such cap which is attributable to an amount of 
State credit limitation which has reverted under 
paragraph (3)(D) or subsection (a)(3)(B) or 
(b)(2)(A)(iv). 
‘‘(2) STATE
CREDIT
LIMITATION.—For pur-
poses of this section, the State credit limitation with 
respect to any State for a calendar year is a dollar 
amount equal to 25 percent of the Move America 
volume cap exchanged under paragraph (1) for such 
calendar year. 
‘‘(3) ALLOCATION.— 
‘‘(A) IN GENERAL.—A State may allocate 
the State credit limitation, according to the 
qualified allocation plan, for any calendar year 
among— 
‘‘(i) qualified facilities in the State for 
purposes of the Move America equity cred-
it under subsection (a), and 
‘‘(ii) qualified infrastructure funds in 
the State for purposes of the Move Amer-
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ica infrastructure fund credit under sub-
section (b). 
‘‘(B) QUALIFIED ALLOCATION PLAN.— 
‘‘(i) IN
GENERAL.—For purposes of 
this subsection, the term ‘qualified alloca-
tion plan’ means any plan— 
‘‘(I) which sets forth selection 
criteria to be used in determining in-
frastructure priorities of the State 
and allocating the State credit limita-
tion among facilities (in accordance 
with clause (ii)) and infrastructure 
funds in the State, and 
‘‘(II) which provides a procedure 
that the State (or an agent or other 
private contractor of the State) will 
follow in monitoring for noncompli-
ance with the provisions of this sec-
tion and in notifying the Internal Rev-
enue Service of such noncompliance. 
‘‘(ii) LIMITATION BASED ON FACILITY 
FEASIBILITY FOR MOVE AMERICA EQUITY 
CREDITS.— 
‘‘(I) IN GENERAL.—In the case 
of an allocation with respect to any 
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qualified facility for purposes of the 
Move America equity credit under 
subsection (a), such allocation shall 
not exceed the minimum amount 
which the State transportation au-
thority or other applicable agency de-
termines is required for the financial 
feasibility of the facility and its viabil-
ity for completion and availability for 
public use throughout the credit pe-
riod. 
‘‘(II) MINIMUM FEASIBILITY DE-
TERMINATION.—In making the deter-
mination under subclause (I), such 
entity shall consider the sources and 
uses of funds and the total financing 
planned for the facility, any proceeds 
or receipts expected to be generated 
by reason of tax benefits, the reason-
ableness of the developmental and 
operational costs of the facility over 
the full expected operational life of the 
facility, 
ancillary 
costs 
(including 
right-of-way and procurement costs), 
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financing costs, and retained and 
transferred risk. 
‘‘(C) SPECIAL RULES RELATING TO MOVE 
AMERICA EQUITY CREDIT.— 
‘‘(i) LIMITATION.—The amount allo-
cated to a qualified facility under subpara-
graph (A)(i) shall not exceed the eligible 
basis of such facility. 
‘‘(ii) ELIGIBLE BASIS.—For purposes 
of this section, except as provided in clause 
(iii), the eligible basis of any qualified fa-
cility is the lesser of— 
‘‘(I) the portion of the basis of 
such facility which is attributable to 
the aggregate amount of equity in-
vestment of all taxpayers in the costs 
of the facility which are subject to the 
allowance for depreciation (determined 
as of the last day of the calendar year 
in which the facility is placed in serv-
ice), or 
‘‘(II) 20 percent of the costs of 
the facility which are subject to the 
allowance for depreciation (determined 
as of the last day of the calendar year 
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in which the facility is placed in serv-
ice). 
‘‘(iii) EXCLUSION
OF
GOVERNMENT 
ASSISTANCE.—Eligible basis shall not in-
clude any portion of the basis of such facil-
ity which is attributable to any assistance 
or financing provided by a Federal, State, 
or local government (determined as of the 
last day of the calendar year in which the 
facility is placed in service). 
‘‘(D) REVERSION OF UNALLOCATED LIMI-
TATION.—Any portion of the State credit limi-
tation for any calendar year which remains 
unallocated as of the last day of such calendar 
year shall revert to inclusion in the State’s 
Move America volume cap under section 
142A(d) as if it had never been exchanged 
under paragraph (1).’’. 
(b) CREDITS MADE PART OF GENERAL BUSINESS 
CREDIT.—Subsection (b) of section 38 of the Internal 
Revenue Code of 1986 is amended— 
(1) by striking ‘‘plus’’ at the end of paragraph 
(31); 
(2) by striking the period at the end of para-
graph (32) and inserting a comma; and 
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(3) by adding at the end the following new 
paragraphs: 
‘‘(33) the Move America equity credit under 
section 42A(a)(1), plus 
‘‘(34) the Move America infrastructure fund 
credit under section 42A(b)(1).’’. 
(c) TREATMENT UNDER ALTERNATIVE MINIMUM 
TAX AND BASE EROSION TAX.— 
(1) 
ALTERNATIVE
MINIMUM
TAX.—Section 
38(c)(4)(B) of the Internal Revenue Code of 1986 is 
amended by redesignating clauses (iv) through (xii) 
as clauses (vi) through (xiv), respectively, and by in-
serting after clause (iii) the following new clauses: 
‘‘(iv) the credit determined under sec-
tion 42A(a)(1), 
‘‘(v) the credit determined under sec-
tion 42A(b)(1),’’. 
(2) 
BASE
EROSION
TAX.—Section 
59A(b)(1)(B)(ii) of such Code is amended by strik-
ing ‘‘plus’’ at the end of subclause (I), by redesig-
nating subclause (II) as subclause (III), and by in-
serting after subclause (I) the following new sub-
clause: 
‘‘(II) the credit allowed under 
section 38 for the taxable year which 
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