S. 5203

119 S5203 IS: Transit for Urban Renewal and Business Opportunities Act
 U.S. Senate
 2026-07-30
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 EN
 Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
 II  119th CONGRESS  2d Session  S. 5203  IN THE SENATE OF THE UNITED STATES   July 30, 2026   Mr. McCormick  (for himself and  Ms. Duckworth ) 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 modify rules relating to certain exempt facility bonds.
1.
Short title
This Act may be cited as the   Transit for Urban Renewal and Business Opportunities Act   or the   TURBO Act  .
2.
Increase in national limitation for qualified highway or surface freight transfer facilities
(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.
3.
Treatment of rolling stock related to mass commuting facilities
(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.
4.
Modification of speed limit for high-speed intercity rail facilities
(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.