Introduced in Senate
TURBO Act
SEC. 1. SHORT TITLETrack this section →
This Act may be cited as the Transit for Urban Renewal and Business Opportunities Act or the TURBO Act.
SEC. 2. INCREASE IN NATIONAL LIMITATION FOR QUALIFIED HIGHWAY OR SURFACE FREIGHT TRANSFER FACILITIESTrack this section →
(a) In general Section 142(m)(2)(A) of the Internal Revenue Code of 1986 is amended by striking $30,000,000,000 and inserting $45,000,000,000. (b) Effective date The amendment made by this section shall apply to bonds issued after the date of the enactment of this Act.
SEC. 3. TREATMENT OF ROLLING STOCK RELATED TO MASS COMMUTING FACILITIESTrack this section →
(a) In general Section 142(a)(3) of the Internal Revenue Code of 1986 is amended by inserting including the acquisition of rolling stock, after mass commuting facilities. (b) Effective date The amendment made by this section shall apply to bonds issued after the date of the enactment of this Act.
SEC. 4. MODIFICATION OF SPEED LIMIT FOR HIGH-SPEED INTERCITY RAIL FACILITIESTrack this section →
(a) In general Section 142(i)(1) of the Internal Revenue Code of 1986 is amended by striking 150 miles per hour and inserting 110 miles per hour. (b) Effective date The amendment made by this section shall apply to bonds issued after the date of the enactment of this Act.