A bill to create a $50 billion federal infrastructure trust has been introduced on Capitol Hill.
John Delaney said his ‘Partnership to Build America Act,’ not to be confused with the ‘Partnership to Rebuild America’ plan, has “bipartisan” support.
First-term Congressman Delaney, a Democrat from Maryland, began drafting his bill in January. President Barack Obama unveiled his Partnership to Rebuild America in his State of the Union address.
Delaney drew up his HR 2084 to upgrade “aging infrastructure” with “no additional [taxpayer] burden”.
“At no cost to the taxpayer, this legislation will finance a massive investment in US infrastructure,” Delaney said in a statement.
Delaney claimed the bill would create a fund that can be leveraged to $750 billion via long-term bond financing.
The bill would incentivise US businesses to invest by allowing them to “repatriate a certain dollar amount” in international revenue tax-free.
Delaney has credited Bill Clinton, the 42nd US President, with inspiring him to draft legislation promoting infrastructure funding – citing a speech Clinton gave to a House Democratic conference.
In supporting a national infrastructure fund, Delaney is echoing Obama, who called for the creation of a national infrastructure bank in a 2011 speech.