To establish the Infrastructure Bank for America to serve as a lender for infrastructure projects, both directly and through State and local governments, and for other purposes.
USA115th CongressHR-3977| House
| Updated: 10/6/2017
John J. Faso
Republican Representative
New York
Transportation and Infrastructure Committee, Ways and Means Committee, Highways and Transit Subcommittee, Financial Services Committee
- Introduced
- In Committee
- On Floor
- Passed Chamber
- Enacted
Infrastructure Bank for America Act of 2017 This bill provides for the establishment of the Infrastructure Bank Holding Company (IBHC), which shall be the parent company of the Infrastructure Bank for America (the bank). The bank shall provide: (1) direct loans and loan guarantees to private entities for the construction or maintenance of revenue-producing infrastructure projects, and (2) indirect loans and loan guarantees to state and local governments and state infrastructure banks for the construction or maintenance of infrastructure projects. At least 7% of the dollar amount of the loans and loan guarantees shall be for infrastructure projects in rural areas. The Board of Governors of the Federal Reserve System shall have oversight and supervisory authority over the IBHC and the bank. The Department of the Treasury shall have oversight and supervisory authority over the issuance of bonds by the IBHC and the bank. The bank shall establish an Infrastructure Guarantee Fund to cover loans and loan guarantees in the event of nonpayment. The bill amends the Internal Revenue Code to: (1) extend and modify the dividends received deduction for repatriated foreign earnings used to purchase holding company bonds, and (2) allow a new infrastructure bank holding company credit.
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Timeline
Introduced in House
Referred to the Committee on Transportation and Infrastructure, and in addition to the Committees on Financial Services, and Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Subcommittee on Highways and Transit.
Transportation and Public Works
Business investment and capitalGovernment lending and loan guaranteesIncome tax creditsIncome tax deductionsInfrastructure developmentInterest, dividends, interest ratesRural conditions and developmentSecuritiesState and local financeTaxation of foreign income
To establish the Infrastructure Bank for America to serve as a lender for infrastructure projects, both directly and through State and local governments, and for other purposes.
USA115th CongressHR-3977| House
| Updated: 10/6/2017
Infrastructure Bank for America Act of 2017 This bill provides for the establishment of the Infrastructure Bank Holding Company (IBHC), which shall be the parent company of the Infrastructure Bank for America (the bank). The bank shall provide: (1) direct loans and loan guarantees to private entities for the construction or maintenance of revenue-producing infrastructure projects, and (2) indirect loans and loan guarantees to state and local governments and state infrastructure banks for the construction or maintenance of infrastructure projects. At least 7% of the dollar amount of the loans and loan guarantees shall be for infrastructure projects in rural areas. The Board of Governors of the Federal Reserve System shall have oversight and supervisory authority over the IBHC and the bank. The Department of the Treasury shall have oversight and supervisory authority over the issuance of bonds by the IBHC and the bank. The bank shall establish an Infrastructure Guarantee Fund to cover loans and loan guarantees in the event of nonpayment. The bill amends the Internal Revenue Code to: (1) extend and modify the dividends received deduction for repatriated foreign earnings used to purchase holding company bonds, and (2) allow a new infrastructure bank holding company credit.
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Timeline
Introduced in House
Referred to the Committee on Transportation and Infrastructure, and in addition to the Committees on Financial Services, and Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Subcommittee on Highways and Transit.
John J. Faso
Republican Representative
New York
Transportation and Infrastructure Committee, Ways and Means Committee, Highways and Transit Subcommittee, Financial Services Committee
Transportation and Public Works
- Introduced
- In Committee
- On Floor
- Passed Chamber
- Enacted
Business investment and capitalGovernment lending and loan guaranteesIncome tax creditsIncome tax deductionsInfrastructure developmentInterest, dividends, interest ratesRural conditions and developmentSecuritiesState and local financeTaxation of foreign income