Highway Innovation and Cost Savings Act - Amends the Internal Revenue Code to provide for the treatment of a qualified highway infrastructure project bond as an exempt private activity bond.
[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[H.R. 859 Introduced in House (IH)]
106th CONGRESS
1st Session
H. R. 859
To amend the Internal Revenue Code of 1986 to allow tax-exempt private
activity bonds to be issued for highway infrastructure construction.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
February 25, 1999
Ms. Dunn (for herself, Mr. Dicks, Mr. Packard, Mr. Bilbray, and Mr.
Cunningham) introduced the following bill; which was referred to the
Committee on Ways and Means
_______________________________________________________________________
A BILL
To amend the Internal Revenue Code of 1986 to allow tax-exempt private
activity bonds to be issued for highway infrastructure construction.
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 ``Highway Innovation and Cost Savings
Act''.
SEC. 2. TAX-EXEMPT FINANCING OF QUALIFIED HIGHWAY INFRASTRUCTURE
CONSTRUCTION.
(a) Treatment as Exempt Facility Bond.--A bond described in
subsection (b) shall be treated as described in section 141(e)(1)(A) of
the Internal Revenue Code of 1986, except that section 146 of such Code
shall not apply to such bond.
(b) Bond Described.--
(1) In general.--A bond is described in this subsection if
such bond is issued after the date of enactment of this Act as
part of an issue--
(A) 95 percent or more of the net proceeds of which
are to be used to provide a qualified highway
infrastructure project, and
(B) to which there has been allocated a portion of
the allocation to the project under paragraph
(2)(C)(ii) which is equal to the aggregate face amount
of bonds to be issued as part of such issue.
(2) Qualified highway infrastructure projects.--
(A) In general.--For purposes of paragraph (1), the
term ``qualified highway infrastructure project'' means
a project--
(i) for the construction or reconstruction
of a highway, and
(ii) designated under subparagraph (B) as
an eligible pilot project.
(B) Eligible pilot project.--
(i) In general.--The Secretary of
Transportation, in consultation with the
Secretary of the Treasury, shall select not
more than 15 highway infrastructure projects to
be pilot projects eligible for tax-exempt
financing.
(ii) Eligibility criteria.--In determining
the criteria necessary for the eligibility of
pilot projects, the Secretary of Transportation
shall include the following:
(I) The project must serve the
general public.
(II) The project is necessary to
evaluate the potential of the private
sector's participation in the
provision, maintenance, and operation
of the highway infrastructure of the
United States.
(III) The project must be located
on publicly-owned rights-of-way.
(IV) The project must be publicly
owned or the ownership of the highway
constructed or reconstructed under the
project must revert to the public.
(V) The project must be consistent
with a transportation plan developed
pursuant to section 134(g) or 135(e) of
title 23, United States Code.
(C) Aggregate face amount of tax-exempt
financing.--
(i) In general.--The aggregate face amount
of bonds issued pursuant to this section shall
not exceed $15,000,000,000, determined without
regard to any bond the proceeds of which are
used exclusively to refund (other than to
advance refund) a bond issued pursuant to this
section (or a bond which is a part of a series
of refundings of a bond so issued) if the
amount of the refunding bond does not exceed
the outstanding amount of the refunded bond.
(ii) Allocation.--The Secretary of
Transportation, in consultation with the
Secretary of the Treasury, shall allocate the
amount described in clause (i) among the
eligible pilot projects designated under
subparagraph (B), based on the extent to
which--
(I) the projects use new
technologies, construction techniques,
or innovative cost controls that result
in savings in building or operating the
projects, and
(II) the projects address local,
regional, or national transportation
needs.
(iii) Reallocation.--If any portion of an
allocation under clause (ii) is unused on the
date which is 3 years after such allocation,
the Secretary of Transportation, in
consultation with the Secretary of the
Treasury, may reallocate such portion among the
remaining eligible pilot projects.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
Llama 3.2 · runs locally in your browser
Ask anything about this bill. The AI reads the full text to answer.
Enter to send · Shift+Enter for new line