A bill being introduced by Brooklyn Assemblyman James Brennan would create a new financing authority that would have the power to issue bonds to help cover the Metropolitan Transportation Authority’s $14 billion shortfall and invest in needed infrastructure projects.

The new entity, called the New York State Transportation Infrastructure Finance Authority, would be authorized to is up to $20 billion in bonds to finance infrastructure investment.

Under the bill, the authority would generate revenue of $1.5 billion in order to fund mass transit, road, bridge and other projects. Meanwhile, $12 billion from the bond proceeds would cover most of the MTA’s budget shortfall.

At the same time, $8 billion would be earmarked for state and local road and bridge projects.

Paying off the interest and principal from the borrowing would come from a 10-cent increase in the state’s gas tax, half of a percent increase in the income tax rate for those who earn between $500,000 and $2 million and a $60 million contribution from New York City in the first year, with an extra $60 million added every year to the fifth year, capped at $300 million.

The tax hikes and the New York City contributions are likely heavy political lifts.

But Brennan said given the deep hole the MTA finds itself in financially, creative thinking is needed to fund mass transit and infrastructure.

“To say that the MTA’s 14 billion dollar shortfall is extremely alarming would be an understatement,” he said in a statement. “Now more than ever we need to think creatively about how to address our transportation funding needs as well as how to generate reliable consistent funding for our state’s infrastructure. For too long the state’s infrastructure and mass transit systems have operated with unreliable funding.”