On June 22, House Democrats released the text of H.R. 2, the Moving Forward Act, a $1.5 trillion comprehensive infrastructure package. In addition to funding traditional infrastructure priorities—surface transportation, rail and transit systems and ports—it also includes proposals that invest in schools, affordable housing, broadband access, green energy and child care.
The proposal also includes a section that addresses infrastructure financing. Mechanisms include reinstating Build America Bonds and Advance Refunding Bonds, and expanding the issuance of Private Activity Bonds. The financing section does not contain revenue provisions—House Ways and Means Committee Chair Richard Neal (D-MA) has noted that Congress and the administration will need to work together on pay-for proposals.
In a statement accompanying the release of the bill, House Democrats noted that the proposal will create millions of jobs, take bold action on the climate crisis, and address disparities in urban, suburban and rural communities across the nation.
While the Moving Forward Act is the House Democrats’ most expansive infrastructure proposal of the current Congress, the bill is unlikely to gain any traction in the Republican-controlled Senate. In fact, given that Congress is still negotiating another COVID-19 economic stimulus package, a comprehensive infrastructure bill will likely be tabled until next year. However, lawmakers will still need to reauthorize the Fixing America’s Surface Transportation (FAST) Act (P.L.114-94) before it expires on Sept. 30, 2020.
Click here for a summary of various tax and financial services provisions in the bill.
This document is intended to provide you with general information regarding the Moving Forward Act. The contents of this document are not intended to provide specific legal advice. If you have any questions about the contents of this document or if you need legal advice as to an issue, please contact the attorneys listed or your regular Brownstein Hyatt Farber Schreck, LLP attorney. This communication may be considered advertising in some jurisdictions.