Bill Summary
The BUILD Act seeks to amend the Internal Revenue Code of 1986 in order to increase the national limitation amount for qualified highway or surface freight transfer facility bonds. This means that the amount of money that can be borrowed through these bonds will be increased from $15 billion to $20.8 billion. The act also states that any component or segment of a project funded by these bonds will be subject to federal requirements that would apply if the project were funded under title 23 or 49 of the United States Code. This ensures that the project meets certain standards and regulations set forth by the federal government. These changes will apply to bonds issued after the date of the enactment of this Act.
Possible Impacts
1. Increased funding for qualified highway or surface freight transfer facility bonds may lead to improved infrastructure and transportation systems, making travel and commerce easier and more efficient for individuals and businesses.
2. The allocation of funds from the Secretary of Transportation may result in the implementation of new federal requirements, potentially impacting the planning and execution of projects in certain areas, and potentially causing delays or changes to existing transportation systems.
3. The BUILD Act may also indirectly affect individuals by potentially creating new job opportunities in the construction and transportation industries, as well as potential changes to the local economy.
[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2541 Introduced in House (IH)]
<DOC>
116th CONGRESS
1st Session
H. R. 2541
To amend the Internal Revenue Code of 1986 to increase the national
limitation amount for qualified highway or surface freight transfer
facility bonds.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
May 7, 2019
Mr. Blumenauer (for himself, Mr. Kelly of Pennsylvania, Ms. Sewell of
Alabama, and Mr. Rodney Davis of Illinois) introduced the following
bill; which was referred to the Committee on Ways and Means, and in
addition to the Committee on Transportation and Infrastructure, for a
period to be subsequently determined by the Speaker, in each case for
consideration of such provisions as fall within the jurisdiction of the
committee concerned
_______________________________________________________________________
A BILL
To amend the Internal Revenue Code of 1986 to increase the national
limitation amount for qualified highway or surface freight transfer
facility bonds.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Building United States
Infrastructure and Leveraging Development Act'' or the ``BUILD Act''.
SEC. 2. INCREASE NATIONAL LIMITATION AMOUNT FOR QUALIFIED HIGHWAY OR
SURFACE FREIGHT TRANSFER FACILITY BONDS.
(a) In General.--Section 142(m)(2)(A) of the Internal Revenue Code
of 1986 is amended by striking ``$15,000,000,000'' and inserting
``$20,800,000,000''.
(b) Application of Federal Requirements to Certain Tax-Exempt-Bond-
Funded Projects.--In the case of any component or segment of a project,
if such component or segment is funded with a bond which receives an
allocation from Secretary of Transportation under section 142(m)(2)(C)
of the Internal Revenue Code of 1986, such component or segment shall
be subject to Federal requirements that would apply if such component
or segment were funded or financed under title 23 or 49, United States
Code.
(c) Effective Date.--The amendments made by this section shall
apply to bonds issued after the date of the enactment of this Act.
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