Sending Office: Honorable Earl Blumenauer
We invite you to join us as cosponsors of H.R. 2541, the Building United States Infrastructure and Leveraging Development (BUILD) Act. The BUILD Act would raise the federal statutory cap on Private Activity Bonds (PABs) by $5.8 billion for road, bridge,
rail, and freight improvements.
It is no secret that America’s infrastructure is falling apart while we fall behind our global competitors. America’s roads, bridges, tunnels, and transit face a funding gap of more than $1.1 trillion by 2025. One in five miles of highway pavement is in
poor condition and congestion costs the U.S. economy nearly $305 billion annually. Continued underinvestment will lead to longer trips to work or school, more costly maintenance expenses, and unsafe road conditions. We must do better.
One way to improve our nation’s infrastructure is by turning to private sector financing. Private Activity Bonds allow state or local governments to issue tax-exempt debt, with approval from the U.S. Department of Transportation, for qualified highway or
surface freight transfer facilities. Fewer than $5 billion in Private Activity Bonds remain under the original statutory cap, set at $15 billion, and that amount is likely to be allocated in the near future. The BUILD Act would raise the statutory cap to $20.8
billion, allowing state and local governments to enter into additional public-private partnerships and enhance their ability to finance additional surface transportation projects.
We hope you will show your support for rebuilding and renewing America by cosponsoring this legislation.
|Earl Blumenauer||Mike Kelly|
|Member of Congress||Member of Congress|
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