Hultgren Welcomes Expansion of Private Activity Bonds in President’s Infrastructure Proposal
Washington, DC — U.S. Representative Randy Hultgren (IL-14), Co-Chairman of the Municipal Finance Caucus, welcomed the inclusion of an expansion of private activity bonds in the President’s infrastructure proposal released today. Rep. Hultgren has introduced legislation, the Modernizing American Manufacturing Bonds Act (MAMBA) of 2017, H.R. 1115, to expand the use of the key financing tools for manufacturers.
“It is encouraging to see the Administration’s proposal to expand the use of private activity bonds and definitive support of these vital financing tools for our communities. These bonds help Illinois cities and towns build hospitals, schools, airports, seaports, water infrastructure and more at a time when large infrastructure improvements are at prohibitive cost,” said Rep. Hultgren. “I have introduced bipartisan legislation, the Modernizing American Manufacturing Bonds Act, which would make industrial revenue bonds easier to use. Easing the ability of our manufacturers to expand their businesses, invest in new equipment and hire more workers should be at the top of our priority list, and I encourage the President and Congress to include these provisions in any final infrastructure legislation.”
Rep. Hultgren fought hard and was successful in ensuring the tax-exempt status of private activity bonds was protected in the Tax Cuts and Jobs Act.
H.R. 1115 expands the number of eligible projects using Qualified Small Issue Manufacturing Bonds, more commonly known as Industrial Development Bonds (IDBs) or manufacturing bonds, to better reflect today’s manufacturing sector. Learn more here: https://hultgren.house.gov/newsroom/press-releases/hultgren-reintroduces-legislation-to-modernize-manufacturing-bonds-to-0