Albion Posted Monday at 03:31 PM Share Posted Monday at 03:31 PM National Modernization Act of 2024 Quote Plain English Summary: The National Infrastructure Modernization Fund Act of 2024 establishes a $1 trillion fund to modernize the United States' infrastructure over a 10-year period. The fund will support critical projects related to transportation (roads, bridges, rail), broadband internet access, energy, and water systems. The bill encourages public-private partnerships, where private companies can invest in these projects and receive tax benefits or long-term revenue-sharing agreements in return. The bill focuses on upgrading infrastructure in a way that enhances the economy, increases public safety, and promotes sustainability. Projects that contribute to job creation, economic growth, and improving public infrastructure in underserved communities will be prioritized. Key Provisions: 1. National Infrastructure Modernization Fund Creation: - A $1 trillion fund will be created, with $100 billion allocated each year from 2025 to 2034. - The fund will support a range of infrastructure projects including roads, bridges, railways, broadband, and renewable energy. 2. Public-Private Partnerships (PPPs): - Private companies can partner with the government to fund infrastructure projects and will be eligible for tax credits or revenue-sharing opportunities. - Federal funding for such partnerships cannot exceed 50% of a project’s total cost. 3. Eligible Projects: - Transportation Infrastructure: Upgrades to roads, highways, bridges, rail, airports, and seaports. - Broadband Expansion: Focus on bringing high-speed internet to underserved rural and urban areas. - Energy Infrastructure: Modernizing the electric grid, increasing renewable energy capacity, and improving energy efficiency in public buildings. - Water and Wastewater Systems: Upgrading drinking water systems and stormwater management. 4. Grant and Loan Programs: - State and local governments, as well as private companies, can apply for grants or low-interest loans to fund their projects. - Projects will be chosen based on their economic impact, benefits to underserved communities, environmental sustainability, and other criteria. 5. Reporting and Accountability: - The Department of Transportation will submit annual reports to Congress on the progress and impact of funded projects. - A review panel will evaluate project proposals to ensure transparency and accountability. The fund will terminate on September 30, 2034, unless Congress reauthorizes it. PRESS | BIO | RECORD "A nation’s strength lies in its ability to adapt while holding firm to its foundational principles. True progress is not a departure from tradition, but the marriage of innovation with enduring values." — Robert Albion R19: Robert Albion (R-OH) Link to comment Share on other sites More sharing options...
camilodeso Posted Monday at 06:20 PM Share Posted Monday at 06:20 PM CS Link to comment Share on other sites More sharing options...
micgat Posted Tuesday at 05:07 AM Share Posted Tuesday at 05:07 AM CS my friend HUNT.SENATE.GOV BIOGRAPHY CONGRESSIONAL RECORD "True leadership isn't about making the popular choice—it's about making the right choice, even when it's hard. The people of Maine expect honesty, integrity, and a relentless pursuit of solutions, and that's exactly what I'll deliver."- US Senator John Hunt (R-ME) Link to comment Share on other sites More sharing options...
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