Bill Summary
This legislation, known as the "Building United States Infrastructure and Leveraging Development Act" or the "BUILD Act", aims to amend the Internal Revenue Code of 1986 to increase the national limitation amount for qualified highway or surface freight transfer facility bonds. This means that the maximum amount of tax-exempt bonds that can be issued for these types of projects will be increased from $15 billion to $20.8 billion. This change will apply to bonds issued after the date of the enactment of this Act.
Possible Impacts
1. This legislation could affect people who are involved in the transportation industry, such as truck drivers, freight companies, and highway construction workers. The increase in the national limitation amount for qualified bonds could potentially provide more funding for building and improving highways and surface freight transfer facilities, which could lead to more job opportunities and better infrastructure for these individuals.
2. People who are interested in investing in infrastructure projects could also be affected by this legislation. The increase in the national limitation amount for qualified bonds could make these types of investments more attractive, potentially leading to more funding and development in this area.
3. This legislation could also impact taxpayers in the United States. The increase in the national limitation amount for qualified bonds could potentially result in a higher amount of tax dollars being allocated towards infrastructure projects, which could potentially affect the amount of taxes individuals pay and the overall national budget.
[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 352 Introduced in Senate (IS)]
<DOC>
116th CONGRESS
1st Session
S. 352
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 SENATE OF THE UNITED STATES
February 6, 2019
Mr. Cornyn (for himself and Mr. Warner) introduced the following bill;
which was read twice and referred to the Committee on Finance
_______________________________________________________________________
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) 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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