Delaney: Next Administration’s Interest in Infrastructure Bank Encouraging, Bipartisan Solution Ready
WASHINGTON – Steve Mnuchin, a member of the next Administration’s executive committee and transition team told reporters Thursday that they are “looking at the creation of an infrastructure bank to fund infrastructure investments.”
Congressman John K. Delaney (MD-6) is the leading champion in Congress on using revenues from international tax reform to rebuild America’s infrastructure and Congressman Delaney’s framework has generated significant bipartisan support. Congressman Delaney has authored two bills that create a new national infrastructure fund for state and local projects; The Partnership to Build America Act (H.R. 413) and The Infrastructure 2.0 Act (H.R. 625). Over the last two Congresses, over 50 Democrats and 50 Republicans have cosponsored one of Congressman Delaney’s proposals in the House or Senate. Delaney’s framework was also included in President Obama’s budget.
“We have a big bipartisan coalition in Congress that is ready to work on rebuilding America using revenues from international tax reform, and we are encouraged that Mr. Mnuchin has indicated that the next Administration is moving in this direction,” said Congressman Delaney. “We’ve built a bipartisan framework and developed the legislation that shows you can bring Republicans and Democrats together around a really good idea; if they are serious about a real solution, this is where they should look. We worked with the last Administration on this issue and look forward to continuing the effort. Conservatives, moderates and progressives understand that by combining international tax reform and infrastructure we can create good jobs, encourage more domestic investment and improve our business climate for decades to come.”
The Partnership to Build America Act sells $50 billion of bonds to private companies to capitalize an infrastructure fund that can provide $750 billion of financing for projects. In exchange for purchasing these bonds, the companies will be able to bring back a portion of their overseas earnings, one-time, tax free. The Infrastructure 2.0 Act creates the same national infrastructure fund and additionally provides a long-term funding solution for the Highway Trust Fund by establishing a mandatory, one-time 8.75% tax on existing overseas profits (less taxes already paid), ending the deferral option, and lowering the go-forward tax rate which permanently fixes our broken international tax system.