Sens. Hoeven, Wyden debut bill aimed at boosting infrastructure investment

U.S. Sens. John Hoeven (R-N.D.) and Ron Wyden (D-Ore.) on Tuesday introduced a bill aimed at bringing in more funding to state and local governments to help repair the nation's infrastructure.

Known as the "Move America Act of 2015," the bill would create a new type of bond that would expand tax-exempt financing for public-private partnerships, according to a press release issued by Hoeven's office.

The legislation also calls for a new infrastructure tax credit that would help states leverage additional private equity investment at a lower cost.

The bonds and tax credits would help states invest in infrastructure, including repairs to rail systems, bridges, roads, ports and airports.

“Move America will turbocharge investment and give states and localities the flexibility they need to quickly and efficiently break ground on projects," Wyden said in a prepared statement.