TURBO Act

This bill changes federal tax rules for certain tax-exempt bonds used to pay for transportation projects. It raises the national cap on tax-exempt bonds for qualified highway or surface freight transfer facilities from $30 billion to $45 billion. It allows tax-exempt bonds for mass commuting facilities to be used to buy rolling stock, such as train or transit cars. It also lowers the minimum expected speed for rail projects to count as high-speed intercity rail facilities from 150 miles per hour to 110 miles per hour. These changes would apply to bonds issued after the bill becomes law.

Full text and official record on Congress.gov

Sponsors

• David McCormick Republican sponsor
• 1 cosponsors