The IMAGINE Act encourages the development and use of innovative materials in U.S. transportation and water infrastructure projects to reduce costs, improve durability, and extend service life. The bill establishes an Interagency Innovative Materials Standards Task Force led by the National Institute of Standards and Technology to coordinate federal standards and identify regulatory barriers, with a comprehensive report due within 18 months. The legislation also creates Innovation Hubs through competitive grants to consortia of universities and research institutions to conduct collaborative research on innovative materials, authorizes $65 million annually for the Innovative Bridge Program to fund coastal and rural bridge projects using materials resistant to corrosion, and establishes a Water Infrastructure Innovation Program with $65 million yearly for water infrastructure projects serving smaller communities. Additionally, the bill dedicates $8 million annually to expand the Turner-Fairbank Highway Research Center's capacity to work with states and tribes on innovative materials and prioritizes research on bridges, rural roads, and coastal resilience. All funding authorizations run through fiscal year 2028.