April 3, 2013
President Barack Obama has asked Congress to pass a $21 billion package to improve the United States’ infrastructure, our sister publication Better Roads reported.
The proposed publicly- and privately-funded plan, which will be included in Obama’s budget April 10, includes $10 billion for an infrastructure bank, $4 billion for an investment program and $7 billion for state and municipal bonds.
The $10 infrastructure bank included in the proposed package is intended to help fund major projects.
The plan also proposes a $4 investment program to help support the Transportation Infrastructure Finance and Innovation Act (TIFIA). TIFA is a program intended to leverage private and nonfederal funding for projects of regional or national significance through loans, loan guarantees and lines of credit.
Also included in the investment program is a set of $7 billion in tax incentives. These tax incentives will support state and municipal bonds for projects, which includes a measure to remove penalties on foreign investment in United States real estate and infrastructure projects.