A bill to amend the Internal Revenue Code of 1986 to provide for Move America bonds and Move America credits.

Move America Act of 2019

This bill allows tax-exempt Move America bonds and Move America tax credits to be used for certain infrastructure projects.

A Move America bond is treated as a tax-exempt private facility bond with certain exceptions. At least 95% of the net proceeds from the issuance of the bond must be used for infrastructure projects, including

 airports; docks and wharves; mass commuting facilities; facilities for the furnishing of water; sewage facilities; railroads; certain surface transportation projects eligible for federal assistance, projects for an international bridge or tunnel, or facilities for transferring freight from truck to rail or rail to truck; flood diversions; inland waterways; or rural broadband service infrastructure. The bill specifies exceptions and modifications to existing rules for bonds regarding land acquisition, government ownership, rehabilitation expenditures, and the alternative minimum tax.

The bonds are subject to a volume cap equal to 50% of a state's current private activity bond volume cap. States may exchange all or a portion of the volume cap for Move America tax credits to be allocated to taxpayers. The credits include (1) an equity credit for a portion of the basis of each qualified facility; and (2) an infrastructure fund credit for investments in qualified infrastructure funds, including a state infrastructure bank, a water pollution control revolving fund, or a drinking water treatment revolving loan fund.

Public Storage

We acquire, develop, own and operate self-storage facilities , which offer storage spaces for lease on a month-to-month basis, for personal and business use. We are the largest owner and operator of self-storage facilities in the U.S. We have direct and indirect equity interests in 2,3 8 6 self-storage facilities that we consolidate (an aggregate of 15 9 million net rentable square feet of space) located in 38 states within the U.S. operating under the "Public Storage" brand name. We also own one self -storage facility in London, England which is managed by Shurgard Europe (defined below).  Ancillary Operations : We reinsure policies against losses to goods stored by customers in our self-storage facilities and sell merchandise, primarily locks and cardboard boxes, at our self-storage facilities.  Inc. ("PSB"), a publicly held REIT that owns, operates, acquires and develops commercial properties, primarily multi-tenant flex, office, and industrial parks. 0 million rentable square feet of commercial space.  Shurgard Self Storage Europe Limited ("Shurgard Europe") which owns 221 self-storage facilities (twelve million net rentable square feet) located in seven countries in Western Europe operated under the "Shurgard" brand name. We believe Shurgard Europe is the largest owner and operator of self-storage facilities in Western Europe.  We also manage approximately 27 self-storage facilities for third parties . We are seeking to expand our third-party management operations to further increase our economies of scale and leverage our brand; however, there is no assurance that we will be able to do so. We also own 0.9 million net rentable square feet of commercial space which is managed primarily by PSB .  For all periods presented herein, we have elected to be treated as a REIT, as defined in the Internal Revenue Code of 1986, as amended (the "Code") . and we expect to continue to elect and qualify as a REIT.  We believe that our customers generally store their goods within a five mile radius of their home or business . Our facilities compete with nearby self-storage facilities owned by other operators using marketing channels similar to ours , including Internet advertising, signage, and banners and offer services similar to ours . A s a result, competition is significant and affects the occupancy levels, rental rates, rental income and operating expenses of our facilities. There has been an increase in supply of newly constructed self-storage facilities in several of our markets, most notably Atlanta, Austin, Charlotte, Chicago, Dallas, Denver, Houston, and New York.  Ownership and operation of self- storage facilities is highly fragmented. As the largest owner of self-storage facilities, we believe that we own approximately 7 % of the self-storage square footage in the U.S. and that collectively the five largest self-storage owners in the U.S. own approximately 15 %, with the remaining 8 5 % owned by numerous regional and local operators.  We believe that we have significant market share and concentration in major metropolitan centers, with approximately 71 % of our 201 7 same-store revenues generated in the 20 Metropolitan Statistical Areas (each, an "MSA", as defined by the U.S. Census Bureau) with the highest population levels. Industry fragmentation also provides opportunities for us to acquire additional facilities; however, we compete with a wide variety of institutions and other investors who also view self-storage facilities as attractive investments. The amount of capital available for real estate investments greatly influences the competition for ownership interests in facilities and, by extension, the yields that we can achieve on newly acquired investments.  a s well as analyze customer data and quickly change each of our individual properties ' pricing and promotion s on an automated basis.