BUILD Act

I 117TH CONGRESS 1ST SESSION H. R. 451 To amend the Internal Revenue Code of 1986 to increase the national limita- tion amount for qualified highway or surface freight transfer facility bonds. IN THE HOUSE OF REPRESENTATIVES JANUARY 25, 2021 Mr. BLUMENAUER (for himself and Mr. RODNEY DAVIS of Illinois) 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 increase the national limitation amount for qualified highway or surface freight transfer facility bonds. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Building United States 4 Infrastructure and Leveraging Development Act’’ or the 5 ‘‘BUILD Act’’. 6 VerDate Sep 11 2014 21:21 Feb 12, 2021 Jkt 019200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H451.IH H451 pamtmann on DSKBC07HB2PROD with BILLS 2 •HR 451 IH SEC. 2. INCREASE NATIONAL LIMITATION AMOUNT FOR 1 QUALIFIED HIGHWAY OR SURFACE FREIGHT 2 TRANSFER FACILITY BONDS. 3 (a) IN GENERAL.—Section 142(m)(2)(A) of the In- 4 ternal Revenue Code of 1986 is amended by striking 5 ‘‘$15,000,000,000’’ and inserting ‘‘$30,000,000,000’’. 6 (b) APPLICATION OF DAVIS-BACON ACT REQUIRE- 7 MENTS.—Section 142(m) is amended by adding at the end 8 the following new paragraph: 9 ‘‘(5) APPLICATION OF DAVIS-BACON ACT RE- 10 QUIREMENTS.—If any proceeds of any issue are 11 used for construction, alteration, or repair of any fa- 12 cility otherwise described in paragraph (15) of sub- 13 section (a), such facility shall be treated for pur- 14 poses of subsection (a) as described in such para- 15 graph only if each entity that receives such proceeds 16 to conduct such construction, alteration, or repair 17 agrees to comply with the provisions of subchapter 18 IV of chapter 31 of title 40, United States Code 19 with respect to such construction, alteration, or re- 20 pair.’’. 21 (c) EFFECTIVE DATE.—The amendments made by 22 this section shall apply to bonds issued after the date of 23 the enactment of this Act. 24 Æ VerDate Sep 11 2014 21:21 Feb 12, 2021 Jkt 019200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6301 E:\BILLS\H451.IH H451 pamtmann on DSKBC07HB2PROD with BILLS