Ruppersberger Co-Sponsors $1.5 Trillion Job-Creating Infrastructure Package
(Washington, DC) – Congressman C.A. Dutch Ruppersberger earlier this week became a co-sponsor of H.R. 2, the Moving Forward Act, a newly unveiled bill to invest more than $1.5 trillion in modern, sustainable infrastructure while creating millions of good-paying jobs across Maryland and throughout the country.
“Rebuilding America’s crumbling roads, bridges, schools, hospitals and pipelines not only improves the daily lives of Americans, but is the boost our economy desperately needs as we continue to fight this coronavirus pandemic,” Congressman Ruppersberger said. “Now more than ever, we have a responsibility to create quality jobs here in Maryland and across the country.”
The bill also includes legislation authored by Congressman Ruppersberger that restores the tax-exemption for advance refunding bonds, which are often used by state and local governments to pay off another, outstanding bond to finance infrastructure projects. The change enables governments to take advantage of lower interest rates, similar to homeowners refinancing their mortgages. The use of tax-exempt advance refunding bonds saves taxpayers an estimated $2.35 billion a year.
“This is a common sense change that will allow state and local governments to reduce their borrowing costs and free up resources for other community improvements, such as new police and fire stations, schools and roads,” said Congressman Ruppersberger, a former County Executive. “This is a complicated finance issue that has a simple end result – saving American taxpayers money – and I am proud it has been included in this landmark infrastructure package.”
Among the many other provisions of the Moving Forward Act:
- $500 billion to rebuild transportation infrastructure like roads and bridges and invest in public transit;
- $130 billion for school infrastructure, targeting high-poverty schools;
- $100 billion for affordable housing infrastructure, creating or preserving 1.8 million homes;
- $25 billion for drinking water infrastructure;
- $70 billion to transform our electric grid to accommodate more renewable energy, expand renewable energy, develop an electric vehicle charging network and more;
- $100 billion to promote competition for broadband Internet infrastructure in unserved and underserved communities;
- $30 billion up upgrade hospitals to increase capacity and improve care;
- $25 billion to modernize and strengthen the U.S. Postal Service;
- Incentives for private investment in community infrastructure through tax credits and bonds.
A full fact sheet on the Moving Forward Act is available here.