Partnership to Build America Act largest bipartisan bill to increase investment in infrastructure
WASHINGTON – May 13, 2014 – (RealEstateRama) — May 12-16 is Infrastructure Week 2014, a week-long initiative designed to highlight America’s infrastructure challenges and underscore the importance of increased infrastructure investment in building a more competitive economy. Infrastructure Week is led by the U.S. Council on Competitiveness, the U.S. Chamber of Commerce, the AFL-CIO, the Brookings Institution, Building America’s Future, 1776, the Organization for International Investment, the National Association of Manufacturers and other groups.
Congressman John K. Delaney (MD-6) will speak Friday at the Brookings Institution panel, “The Future is Now: What’s Next in American Infrastructure.”
“Rebuilding our nation’s infrastructure should be our top economic priority. Creating a modern transportation system, energy and water network, and communications grid will make our country more competitive in the global economy, create middle class jobs, and improve our quality of life,” said Congressman Delaney. “Infrastructure Week is an important call to the nation’s policy-makers to act. It’s a powerful statement to see business, labor, and leading policy experts all agree on the need to rebuild and renew America. This week, I look forward to discussing the Partnership to Build America Act and outlining how we can bring both parties together to rebuild America.”
Last week, Delaney argued in the Washington Post that a bipartisan approach to infrastructure starts with tax reform. Delaney’s op-ed is available here.
Delaney’s Partnership to Build America Act (H.R. 2084) is an infrastructure bill that currently has 31 Democratic and 32 Republican cosponsors in the House. The legislation has also been introduced in the Senate by Senator Blunt (R-MO) and Senator Bennet (D-CO). The bill creates a $50 billion dollar infrastructure fund that can be leveraged to $750 billion. This fund will be capitalized by the sale of 50-year bonds that are not guaranteed by the Federal government and pay a 1% interest rate. To encourage U.S. corporations to purchase these bonds, they will be allowed to repatriate a certain dollar amount – determined by auction – in overseas earnings tax-free for every $1 they invest in the bonds. The fund will then provide loans or loan guarantees to states and municipalities to finance transportation, energy, education, communications, and water infrastructure projects.
For more information on Infrastructure Week, click here.