Reps. Earl Blumenauer (D-Ore.), Mike Kelly (R-Pa.), Terri Sewell (D-Ala.), and Rodney Davis (R-Ill.) recently introduced H.R. 2541, the “Building United States Infrastructure and Leveraging Development (BUILD) Act.” The legislation would increase the federal cap on the amount of tax-exempt debt that can be issued through Private Activity Bonds (PABs) by $5.8 billion, to $20.8 billion for transportation projects. PABs are used by state and local governments to finance construction of new transportation infrastructure. PABs are a key component in the financing of projects in Public Private Partnerships (P3s). Companion legislation has been introduced in the Senate by Sens. John Cornyn (R-Texas) and Mark Warner (D-Va.).
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