BUILD Act

I 116TH CONGRESS 1ST SESSION H. R. 2541 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 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 com- mittee 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 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 00:13 May 14, 2019 Jkt 089200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H2541.IH H2541 pamtmann on DSKBFK8HB2PROD with BILLS 2 •HR 2541 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 ‘‘$20,800,000,000’’. 6 (b) APPLICATION OF FEDERAL REQUIREMENTS TO 7 CERTAIN TAX-EXEMPT-BOND-FUNDED PROJECTS.—In 8 the case of any component or segment of a project, if such 9 component or segment is funded with a bond which re- 10 ceives an allocation from Secretary of Transportation 11 under section 142(m)(2)(C) of the Internal Revenue Code 12 of 1986, such component or segment shall be subject to 13 Federal requirements that would apply if such component 14 or segment were funded or financed under title 23 or 49, 15 United States Code. 16 (c) EFFECTIVE DATE.—The amendments made by 17 this section shall apply to bonds issued after the date of 18 the enactment of this Act. 19 Æ VerDate Sep 11 2014 00:13 May 14, 2019 Jkt 089200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6301 E:\BILLS\H2541.IH H2541 pamtmann on DSKBFK8HB2PROD with BILLS