S. 652 · 112th Congress
Building and Upgrading Infrastructure for Long-Term Development
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Never voted on. It didn't reach a floor vote before the 112th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
KerrySponsor10 cosponsors · 8 D, 2 R
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Graham
KH
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Hutchison
MW
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Warner
RB
D
Blumenthal
MB
D
Bennet
CC
D
Coons
JS
D
Shaheen
BM
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Mikulski
BN
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Nelson
AK
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Klobuchar3 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Building and Upgrading Infrastructure for Long-Term Development - Establishes the American Infrastructure Financing Authority (AIFA) as a wholly-owned government corporation, headed by a Chief Executive Officer and managed by a Board of Directors, which shall provide direct loans and loan guarantees to facilitate transportation, water, or energy…
What it does: CRS summary · Introduced in Senate · Mar 17, 2011
Building and Upgrading Infrastructure for Long-Term Development - Establishes the American Infrastructure Financing Authority (AIFA) as a wholly-owned government corporation, headed by a Chief Executive Officer and managed by a Board of Directors, which shall provide direct loans and loan guarantees to facilitate transportation, water, or energy infrastructure projects. Requires infrastructure projects assisted under this Act to have costs that are reasonably anticipated to equal or exceed $100 million ($25 million for rural infrastructure projects).
Sets forth special requirements for infrastructure projects in rural areas. Establishes an Office of Rural Assistance to provide technical assistance in the development and financing of rural infrastructure projects.
Establishes an Office of Special Inspector General to conduct, supervise, and coordinate audits and investigations of the business activities of AIFA.
Prohibits financial assistance from AIFA for any private project for which no public benefit is created. Sets forth terms for loans or loan guarantees for infrastructure projects and for the repayment of such loans. Requires an annual independent audit of AIFA finances.
Requires the Chief Executive Officer of AIFA to: (1) establish fees with respect to loans and loan guarantees that are sufficient to cover AIFA's administrative costs, and (2) take actions to make AIFA a self-sustaining entity, with administrative and federal credit subsidy costs fully funded by fees and risk premiums on loans and loan guarantees.
Amends the Internal Revenue Code to extend through 2012 the exemption from alternative minimum tax (AMT) for tax-exempt private activity bonds.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Building and Upgrading Infrastructure for Long-Term Development
Latest action (Mar 17, 2011): Read twice and referred to the Committee on Finance.
Policy area: Economics and Public Finance · Origin: Senate · Introduced: Mar 17, 2011
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.