The Performance Infrastructure Review Committee (PIRC) recommends that Congress enact a new volume-capped program of qualified tax-credit bonds for public infrastructure: Infrastructure Credit Bonds (ICBs).

ICBs would be structured as a sixth class of “qualified tax credit bonds” (QTCBs) under section 54A of the Internal Revenue Code. Over the last decade, Congress has authorized over $35 billion of QTCBs to assist sectors such as public education, clean renewable energy generation, and energy and forestry conservation.