U.S. Rep. Randy Hultgren (R-IL) applauded President Donald Trump for proposing to expand the use of private activity bonds in his infrastructure proposal released this week.
Trump’s plan would invest $1.5 trillion for infrastructure, with $200 billion of that coming from federal money and the rest from local and state tax dollars, and private investment.
“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,” Hultgren said. “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.”
Hultgren, co-chairman of the House Municipal Finance Caucus, recently introduced legislation, the Modernizing American Manufacturing Bonds Act (MAMBA) of 2017, H.R. 1115, which would expand the use of the key financing tools for manufacturers.
Specifically, the bill would expand the number of eligible projects using Qualified Small Issue Manufacturing Bonds, also known as Industrial Development Bonds (IDBs) or manufacturing bonds, to more accurately reflect the current state of the manufacturing sector.
“I have introduced bipartisan legislation, the Modernizing American Manufacturing Bonds Act, which would make industrial revenue bonds easier to use,” Hultgren added. “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.”