I 
115TH CONGRESS 
1ST SESSION H. R. 3912 
To amend the Internal Revenue Code of 1986 to provide for Move America 
bonds and Move America credits. 
IN THE HOUSE OF REPRESENTATIVES 
OCTOBER 2, 2017 
Mrs. WALORSKI (for herself, Mr. BLUMENAUER, Mr. FITZPATRICK, and Mr. 
SEAN PATRICK MALONEY of New York) 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 
2017’’. 
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 
VerDate Sep 11 2014 
22:23 Oct 04, 2017
Jkt 079200
PO 00000
Frm 00001
Fmt 6652
Sfmt 6201
E:\BILLS\H3912.IH
H3912
sradovich on DSK3GMQ082PROD with BILLS
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 
VerDate Sep 11 2014 
22:23 Oct 04, 2017
Jkt 079200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6201
E:\BILLS\H3912.IH
H3912
sradovich on DSK3GMQ082PROD with BILLS
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 BOND. 
(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, 
VerDate Sep 11 2014 
22:23 Oct 04, 2017
Jkt 079200
PO 00000
Frm 00003
Fmt 6652
Sfmt 6201
E:\BILLS\H3912.IH
H3912
sradovich on DSK3GMQ082PROD with BILLS
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)(4). 
‘‘(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)(5). 
‘‘(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 
VerDate Sep 11 2014 
22:23 Oct 04, 2017
Jkt 079200
PO 00000
Frm 00004
Fmt 6652
Sfmt 6201
E:\BILLS\H3912.IH
H3912
sradovich on DSK3GMQ082PROD with BILLS
‘‘(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 
VerDate Sep 11 2014 
22:23 Oct 04, 2017
Jkt 079200
PO 00000
Frm 00005
Fmt 6652
Sfmt 6201
E:\BILLS\H3912.IH
H3912
sradovich on DSK3GMQ082PROD with BILLS
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— 
VerDate Sep 11 2014 
22:23 Oct 04, 2017
Jkt 079200
PO 00000
Frm 00006
Fmt 6652
Sfmt 6201
E:\BILLS\H3912.IH
H3912
sradovich on DSK3GMQ082PROD with BILLS
‘‘(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. 
VerDate Sep 11 2014 
22:23 Oct 04, 2017
Jkt 079200
PO 00000
Frm 00007
Fmt 6652
Sfmt 6201
E:\BILLS\H3912.IH
H3912
sradovich on DSK3GMQ082PROD with BILLS
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’ 
VerDate Sep 11 2014 
22:23 Oct 04, 2017
Jkt 079200
PO 00000
Frm 00009
Fmt 6652
Sfmt 6201
E:\BILLS\H3912.IH
H3912
sradovich on DSK3GMQ082PROD with BILLS
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 section 
142A(b) if the issuer establishes that the 
State’s share of the use of the facility will equal 
VerDate Sep 11 2014 
22:23 Oct 04, 2017
Jkt 079200
PO 00000
Frm 00010
Fmt 6652
Sfmt 6201
E:\BILLS\H3912.IH
H3912
sradovich on DSK3GMQ082PROD with BILLS
or exceed the State’s share of the private activ-
ity 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 
would be subject to the requirements of any Federal 
law (including titles 23, 40, and 49, United States 
Code) which would otherwise apply to similar 
projects. 
‘‘(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 
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 
VerDate Sep 11 2014 
22:23 Oct 04, 2017
Jkt 079200
PO 00000
Frm 00011
Fmt 6652
Sfmt 6201
E:\BILLS\H3912.IH
H3912
sradovich on DSK3GMQ082PROD with BILLS
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-
serting ‘‘, and’’, and by inserting after paragraph 
(4) the following new paragraph: 
‘‘(5) any Move America bond.’’. 
VerDate Sep 11 2014 
22:23 Oct 04, 2017
Jkt 079200
PO 00000
Frm 00012
Fmt 6652
Sfmt 6201
E:\BILLS\H3912.IH
H3912
sradovich on DSK3GMQ082PROD with BILLS
(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 
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 
VerDate Sep 11 2014 
22:23 Oct 04, 2017
Jkt 079200
PO 00000
Frm 00013
Fmt 6652
Sfmt 6201
E:\BILLS\H3912.IH
H3912
sradovich on DSK3GMQ082PROD with BILLS
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 relating 
to section 42 the following new section: 
‘‘SEC. 42A. MOVE AMERICA CREDITS. 
‘‘(a) MOVE AMERICA PROJECT CREDITS.— 
‘‘(1) IN GENERAL.—For purposes of section 38, 
the Move America project credit for any taxable year 
in the credit period is an amount equal to 10 per-
cent of the qualified basis of each qualified project. 
‘‘(2) DEFINITIONS.—For purposes of this sec-
tion— 
‘‘(A) QUALIFIED BASIS.— 
‘‘(i) 
IN
GENERAL.—The 
qualified 
basis of any qualified project is the portion 
of the eligible basis of such project to 
which the State has allocated an amount of 
VerDate Sep 11 2014 
22:23 Oct 04, 2017
Jkt 079200
PO 00000
Frm 00014
Fmt 6652
Sfmt 6201
E:\BILLS\H3912.IH
H3912
sradovich on DSK3GMQ082PROD with BILLS
the State credit limitation under subsection 
(c)(3)(C)(i). 
‘‘(ii) DETERMINATION.—The qualified 
basis of a project shall be determined as of 
the date of the allocation for purposes of 
all taxable years in the credit period. 
‘‘(B) QUALIFIED
PROJECT.—The term 
‘qualified project’ means a project which is for 
the construction of a facility described in sec-
tion 142A(b), but only if such project— 
‘‘(i) meets the requirements applicable 
to similar projects under any Federal law 
which would apply if the project were fi-
nanced under any other Federal program 
(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. 
VerDate Sep 11 2014 
22:23 Oct 04, 2017
Jkt 079200
PO 00000
Frm 00015
Fmt 6652
Sfmt 6201
E:\BILLS\H3912.IH
H3912
sradovich on DSK3GMQ082PROD with BILLS
‘‘(C) CREDIT PERIOD.— 
‘‘(i) IN
GENERAL.—Except as pro-
vided in clause (ii), the credit period with 
respect to any qualified project is the pe-
riod of 10 taxable years beginning with the 
first taxable year beginning in the calendar 
year in which the project is placed in serv-
ice. 
‘‘(ii) EARLY TERMINATION.—If at any 
time during the 10-taxable-year period de-
scribed in clause (i) a project ceases to be 
a qualified project, or ceases and then re-
commences to be a qualified project, the 
credit period with respect to such project 
shall include only the taxable years in such 
10-year-period in which the project was a 
qualified project for the entire taxable 
year. 
‘‘(iii) DISPOSITIONS OF PROPERTY OR 
INTEREST
RELATING
TO
QUALIFIED 
PROJECT.—A project shall not cease to be 
a qualified project solely by reason of the 
disposition of the project (or an interest 
therein) if it is reasonably expected that 
VerDate Sep 11 2014 
22:23 Oct 04, 2017
Jkt 079200
PO 00000
Frm 00016
Fmt 6652
Sfmt 6201
E:\BILLS\H3912.IH
H3912
sradovich on DSK3GMQ082PROD with BILLS
such project will otherwise continue to be 
a qualified project. 
‘‘(iv) TREATMENT OF CREDIT IN CASE 
OF DISPOSITION.—If at any time during 
the 10-taxable-year period described in 
clause (i) a qualified project (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-
son, and not to the person disposing 
of the project (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 project (or interest) 
was held by each. 
‘‘(3) REALLOCATION.— 
‘‘(A) 
IN
GENERAL.—If 
any 
qualified 
project 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 subsection (c)(3)(C)(i). Any allocation so 
VerDate Sep 11 2014 
22:23 Oct 04, 2017
Jkt 079200
PO 00000
Frm 00017
Fmt 6652
Sfmt 6201
E:\BILLS\H3912.IH
H3912
sradovich on DSK3GMQ082PROD with BILLS
rescinded may be reallocated by the State under 
subsection (c) (including to qualified infrastruc-
ture 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 
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.— 
‘‘(A) IN
GENERAL.—In the case of any 
taxable year in the credit period with respect to 
a qualified project, the total deduction allowable 
to the taxpayer for depreciation for the taxable 
VerDate Sep 11 2014 
22:23 Oct 04, 2017
Jkt 079200
PO 00000
Frm 00018
Fmt 6652
Sfmt 6201
E:\BILLS\H3912.IH
H3912
sradovich on DSK3GMQ082PROD with BILLS
year with respect to property which is part of 
such project shall be reduced (but not below 
zero) by the amount of the credit allowed under 
paragraph (1) for such taxable year. 
‘‘(B) NO ADJUSTMENT TO BASIS.—No re-
duction or adjustment in basis shall be made as 
a result of the application of subparagraph (A). 
‘‘(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 
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— 
VerDate Sep 11 2014 
22:23 Oct 04, 2017
Jkt 079200
PO 00000
Frm 00019
Fmt 6652
Sfmt 6201
E:\BILLS\H3912.IH
H3912
sradovich on DSK3GMQ082PROD with BILLS
‘‘(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— 
‘‘(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. 
VerDate Sep 11 2014 
22:23 Oct 04, 2017
Jkt 079200
PO 00000
Frm 00020
Fmt 6652
Sfmt 6201
E:\BILLS\H3912.IH
H3912
sradovich on DSK3GMQ082PROD with BILLS
‘‘(ii) 
LIMITATION.—The 
maximum 
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— 
‘‘(I) the portion of the State 
credit limitation allocated under sub-
section (c)(3)(A)(ii) to such fund in 
such calendar year, multiplied by 
‘‘(II) 2. 
‘‘(iii) EXPIRATION.—If the limitation 
determined under clause (ii) with respect 
to an infrastructure fund for a calendar 
year exceeds the amount of equity invest-
ments designated under clause (i)(III) by 
such fund in such year, the State shall re-
scind such excess allocation. Any allocation 
so rescinded may be reallocated by the 
State under subsection (c) (including to 
qualified projects for purposes of the credit 
under subsection (a)) within the imme-
diately succeeding calendar year. 
‘‘(iv) REVERSION.—Any rescinded al-
location which is not reallocated under 
clause (iii) by the last day of such imme-
VerDate Sep 11 2014 
22:23 Oct 04, 2017
Jkt 079200
PO 00000
Frm 00021
Fmt 6652
Sfmt 6201
E:\BILLS\H3912.IH
H3912
sradovich on DSK3GMQ082PROD with BILLS
diately succeeding calendar year shall re-
vert to inclusion in the State’s Move Amer-
ica volume cap under section 142A(d) as if 
it had never been exchanged under sub-
section (c)(1). 
‘‘(v) 
NO
MULTIPLE
REALLOCA-
TIONS.—Any rescinded allocation which is 
reallocated under clause (iii) and is subse-
quently rescinded shall not be further re-
allocated and shall immediately revert to 
inclusion in the Move America volume cap 
as provided in clause (iv). 
‘‘(vi) SPECIAL RULES.—Rules similar 
to the rules of paragraphs (3) and (4) of 
section 45D(b) shall apply with respect to 
clause (i). 
‘‘(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 
VerDate Sep 11 2014 
22:23 Oct 04, 2017
Jkt 079200
PO 00000
Frm 00022
Fmt 6652
Sfmt 6201
E:\BILLS\H3912.IH
H3912
sradovich on DSK3GMQ082PROD with BILLS
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. 
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. 
‘‘(C) QUALIFIED INVESTMENT.—The term 
‘qualified investment’ means an investment 
(whether by loan, loan guarantee, or equity in-
vestment) in— 
‘‘(i) qualified projects, 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. 
‘‘(3) EARLY TERMINATION.— 
VerDate Sep 11 2014 
22:23 Oct 04, 2017
Jkt 079200
PO 00000
Frm 00023
Fmt 6652
Sfmt 6201
E:\BILLS\H3912.IH
H3912
sradovich on DSK3GMQ082PROD with BILLS
‘‘(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) 
(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. 
VerDate Sep 11 2014 
22:23 Oct 04, 2017
Jkt 079200
PO 00000
Frm 00024
Fmt 6652
Sfmt 6201
E:\BILLS\H3912.IH
H3912
sradovich on DSK3GMQ082PROD with BILLS
‘‘(C) LOSS
OF
QUALIFICATION.—A fund 
shall cease to be a qualified infrastructure fund 
as of the date— 
‘‘(i) the fund redeems any Move 
America investment within the compliance 
period with respect to such investment, 
‘‘(ii) the proceeds of any Move Amer-
ica investment cease to be used for quali-
fied investments, or 
‘‘(iii) the fund makes any investment 
which is not a qualified investment. 
‘‘(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.— 
VerDate Sep 11 2014 
22:23 Oct 04, 2017
Jkt 079200
PO 00000
Frm 00025
Fmt 6652
Sfmt 6201
E:\BILLS\H3912.IH
H3912
sradovich on DSK3GMQ082PROD with BILLS
‘‘(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. 
‘‘(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 
VerDate Sep 11 2014 
22:23 Oct 04, 2017
Jkt 079200
PO 00000
Frm 00026
Fmt 6652
Sfmt 6201
E:\BILLS\H3912.IH
H3912
sradovich on DSK3GMQ082PROD with BILLS
qualified allocation plan, for any calendar year 
among— 
‘‘(i) qualified projects in the State for 
purposes of the Move America project 
credit under subsection (a), and 
‘‘(ii) qualified infrastructure funds in 
the State for purposes of the Move Amer-
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 projects (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-
VerDate Sep 11 2014 
22:23 Oct 04, 2017
Jkt 079200
PO 00000
Frm 00027
Fmt 6652
Sfmt 6201
E:\BILLS\H3912.IH
H3912
sradovich on DSK3GMQ082PROD with BILLS
tion and in notifying the Internal Rev-
enue Service of such noncompliance. 
‘‘(ii) LIMITATION BASED ON PROJECT 
FEASIBILITY FOR MOVE AMERICA PROJECT 
CREDITS.— 
‘‘(I) IN GENERAL.—In the case 
of an allocation with respect to any 
qualified project for purposes of the 
Move America project 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 project 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 project, any proceeds 
or receipts expected to be generated 
VerDate Sep 11 2014 
22:23 Oct 04, 2017
Jkt 079200
PO 00000
Frm 00028
Fmt 6652
Sfmt 6201
E:\BILLS\H3912.IH
H3912
sradovich on DSK3GMQ082PROD with BILLS
by reason of tax benefits, the reason-
ableness of the developmental and 
operational costs of the project over 
the full expected operational life of the 
project, 
ancillary 
costs 
(including 
right-of-way and procurement costs), 
financing costs, and retained and 
transferred risk. 
‘‘(C) SPECIAL RULES RELATING TO MOVE 
AMERICA PROJECT CREDIT.— 
‘‘(i) LIMITATION.—The amount allo-
cated to a qualified project under subpara-
graph (A)(i) shall not exceed the eligible 
basis of such project. 
‘‘(ii) ELIGIBLE BASIS.—For purposes 
of this section, except as provided in clause 
(iii), the eligible basis of any qualified 
project is the lesser of— 
‘‘(I) the portion of the basis of 
such project which is attributable to 
the taxpayer’s equity investment in 
the costs of the project which are sub-
ject to the allowance for depreciation 
(as estimated as of the date of the al-
location), or 
VerDate Sep 11 2014 
22:23 Oct 04, 2017
Jkt 079200
PO 00000
Frm 00029
Fmt 6652
Sfmt 6201
E:\BILLS\H3912.IH
H3912
sradovich on DSK3GMQ082PROD with BILLS
‘‘(II) 20 percent of the costs of 
the project which are subject to the 
allowance for depreciation (as esti-
mated as of the date of the alloca-
tion). 
‘‘(iii) EXCLUSION
OF
GOVERNMENT 
ASSISTANCE.—Eligible basis shall not in-
clude any portion of the basis of such 
project which is attributable to any assist-
ance or financing provided by a Federal, 
State, or local government (as estimated as 
of the date of the allocation). 
‘‘(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 
(35), 
VerDate Sep 11 2014 
22:23 Oct 04, 2017
Jkt 079200
PO 00000
Frm 00030
Fmt 6652
Sfmt 6201
E:\BILLS\H3912.IH
H3912
sradovich on DSK3GMQ082PROD with BILLS
(2) by striking the period at the end of para-
graph (36) and inserting a comma, and 
(3) by adding at the end the following new 
paragraphs: 
‘‘(37) the Move America project credit under 
section 42A(a)(1), plus 
‘‘(38) the Move America infrastructure fund 
credit under section 42A(b)(1).’’. 
(c) CLERICAL AMENDMENT.—The table of sections 
for subpart D of part IV of subchapter A of chapter 1 
of the Internal Revenue Code of 1986 is amended by in-
serting after the item relating to section 42 the following 
new item: 
‘‘Sec. 42A. Move America credits.’’. 
(d) EFFECTIVE DATE.—The amendments made by 
this section shall apply to taxable years beginning after 
the date of the enactment of this Act. 
(e) REPORTING.—A State shall, at such time and in 
such manner as the Secretary of the Treasury shall re-
quire, report— 
(1) to the Secretary of the Treasury— 
(A) the amount of the Move America vol-
ume cap of the State for the calendar year 
which is exchanged under section 42A(c)(1) of 
the Internal Revenue Code of 1986 for a State 
credit limitation, 
VerDate Sep 11 2014 
22:23 Oct 04, 2017
Jkt 079200
PO 00000
Frm 00031
Fmt 6652
Sfmt 6201
E:\BILLS\H3912.IH
H3912
sradovich on DSK3GMQ082PROD with BILLS
(B) the amount (if any) of the State credit 
limitation 
allocated 
under 
section 
42A(c)(3)(A)(i) of such Code to qualified 
projects, the amount so allocated to each such 
project, and the taxpayer with respect to such 
project (including the name of the taxpayer and 
any other identifying information as the Sec-
retary of the Treasury shall require), and 
(C) the amount (if any) of the State credit 
limitation 
allocated 
under 
section 
42A(c)(3)(A)(ii) of such Code to qualified infra-
structure funds, the amount so allocated to 
each such fund, and each taxpayer holding any 
Move America investment with respect to any 
such fund (including the name of the taxpayer 
and any other identifying information as the 
Secretary of the Treasury shall require), 
(2) to the Secretary of the Treasury and any 
taxpayer who is the project sponsor of a qualified 
project 
receiving 
an 
allocation 
under 
section 
42A(c)(3)(A)(i) of such Code, the date on which the 
qualified project is placed in service, and 
(3) to the Secretary of the Treasury and any 
taxpayer holding a Move America investment, a cer-
tification that the entity which issued the investment 
VerDate Sep 11 2014 
22:23 Oct 04, 2017
Jkt 079200
PO 00000
Frm 00032
Fmt 6652
Sfmt 6201
E:\BILLS\H3912.IH
H3912
sradovich on DSK3GMQ082PROD with BILLS
is a qualified infrastructure fund and that the in-
vestment will be used to make qualified investments 
designated 
for 
purposes 
of 
section 
42A(b)(2)(A)(i)(III) of the Internal Revenue Code of 
1986. 
For purposes of this subsection, any term used in this sub-
section that is also used in section 42A or 142A of such 
Code has the same meaning as when used in such section. 
Æ 
VerDate Sep 11 2014 
22:23 Oct 04, 2017
Jkt 079200
PO 00000
Frm 00033
Fmt 6652
Sfmt 6301
E:\BILLS\H3912.IH
H3912
sradovich on DSK3GMQ082PROD with BILLS