[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[S. 250 Introduced in Senate (IS)]
107th CONGRESS
1st Session
S. 250
To amend the Internal Revenue Code of 1986 to allow a credit to holders
of qualified bonds issued by Amtrak, and for other purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
February 6, 2001
Mr. Biden (for himself, Mrs. Hutchison, Mr. Lott, Mr. Daschle, Mr.
Kerry, Mr. Baucus, Mrs. Boxer, Mr. Breaux, Mr. Burns, Mr. Byrd, Mr.
Carper, Mr. Chafee, Mr. Cleland, Mrs. Clinton, Mr. Cochran, Ms.
Collins, Mr. Corzine, Mr. DeWine, Mr. Dodd, Mr. Dorgan, Mr. Durbin, Mr.
Edwards, Mr. Feingold, Mrs. Feinstein, Mr. Graham, Mr. Helms, Mr.
Hollings, Mr. Inouye, Mr. Jeffords, Mr. Johnson, Mr. Kennedy, Mr. Kohl,
Ms. Landrieu, Mr. Leahy, Mr. Levin, Mr. Lieberman, Mrs. Lincoln, Ms.
Mikulski, Mr. Miller, Mrs. Murray, Mr. Reid, Mr. Rockefeller, Mr.
Santorum, Mr. Sarbanes, Mr. Schumer, Ms. Snowe, Mr. Specter, Ms.
Stabenow, Mr. Torricelli, Mr. Warner, and Mr. Wellstone) 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 allow a credit to holders
of qualified bonds issued by Amtrak, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE; AMENDMENT OF 1986 CODE.
(a) Short Title.--This Act may be cited as the ``High-Speed Rail
Investment Act of 2001''.
(b) Amendment of 1986 Code.--Except as otherwise expressly
provided, whenever in this Act an amendment or repeal is expressed in
terms of an amendment to, or repeal of, a section or other provision,
the reference shall be considered to be made to a section or other
provision of the Internal Revenue Code of 1986.
SEC. 2. CREDIT TO HOLDERS OF QUALIFIED AMTRAK BONDS.
(a) In General.--Part IV of subchapter A of chapter 1 (relating to
credits against tax) is amended by adding at the end the following new
subpart:
``Subpart H--Nonrefundable Credit for Holders of Qualified Amtrak Bonds
``Sec. 54. Credit to holders of qualified
Amtrak bonds.
``SEC. 54. CREDIT TO HOLDERS OF QUALIFIED AMTRAK BONDS.
``(a) Allowance of Credit.--In the case of a taxpayer who holds a
qualified Amtrak bond on a credit allowance date of such bond which
occurs during the taxable year, there shall be allowed as a credit
against the tax imposed by this chapter for such taxable year an amount
equal to the sum of the credits determined under subsection (b) with
respect to credit allowance dates during such year on which the
taxpayer holds such bond.
``(b) Amount of Credit.--
``(1) In general.--The amount of the credit determined
under this subsection with respect to any credit allowance date
for a qualified Amtrak bond is 25 percent of the annual credit
determined with respect to such bond.
``(2) Annual credit.--The annual credit determined with
respect to any qualified Amtrak bond is the product of--
``(A) the applicable credit rate, multiplied by
``(B) the outstanding face amount of the bond.
``(3) Applicable credit rate.--For purposes of paragraph
(2), the applicable credit rate with respect to an issue is the
rate equal to an average market yield (as of the day before the
date of sale of the issue) on outstanding long-term corporate
debt obligations (determined under regulations prescribed by
the Secretary).
``(4) Special rule for issuance and redemption.--In the
case of a bond which is issued during the 3-month period ending
on a credit allowance date, the amount of the credit determined
under this subsection with respect to such credit allowance
date shall be a ratable portion of the credit otherwise
determined based on the portion of the 3-month period during
which the bond is outstanding. A similar rule shall apply when
the bond is redeemed.
``(c) Limitation Based on Amount of Tax.--
``(1) In general.--The credit allowed under subsection (a)
for any taxable year shall not exceed the excess of--
``(A) the sum of the regular tax liability (as
defined in section 26(b)) plus the tax imposed by
section 55, over
``(B) the sum of the credits allowable under this
part (other than this subpart and subpart C).
``(2) Carryover of unused credit.--If the credit allowable
under subsection (a) exceeds the limitation imposed by
paragraph (1) for such taxable year, such excess shall be
carried to the succeeding taxable year and added to the credit
allowable under subsection (a) for such taxable year.
``(d) Qualified Amtrak Bond.--For purposes of this part--
``(1) In general.--The term `qualified Amtrak bond' means
any bond issued as part of an issue if--
``(A) 95 percent or more of the proceeds of such
issue are to be used for any qualified project,
``(B) the bond is issued by the National Railroad
Passenger Corporation,
``(C) the issuer--
``(i) designates such bond for purposes of
this section,
``(ii) certifies that it meets the State
contribution requirement of paragraph (3) with
respect to such project and that it has
received the required State contribution
payment before the issuance of such bond,
``(iii) certifies that it has obtained the
written approval of the Secretary of
Transportation for such project, including a
finding by the Inspector General of the
Department of Transportation that there is a
reasonable likelihood that the proposed program
will result in a positive incremental financial
contribution to the National Railroad Passenger
Corporation and that the investment evaluation
process includes a return on investment, leveraging of funds (including
State capital and operating contributions), cost effectiveness, safety
improvement, mobility improvement, and feasibility, and
``(iv) certifies that it has obtained
written certification by the Secretary, after
consultation with the Secretary of
Transportation, that, in the case of a
qualified project which results in passenger
trains operating at speeds greater than 79
miles per hour, the issuer has entered into a
written agreement with the rail carriers (as
defined in section 24102 of title 49, United
States Code) the properties of which are to be
improved by such project as to the scope and
estimated cost of such project and the impact
on freight capacity of such rail carriers;
Provided that the National Railroad Passenger
Corporation shall not exercise its rights under
section 24308(a) of such title 49 to resolve
disputes with respect to such project or the
cost of such project,
``(D) the term of each bond which is part of such
issue does not exceed 20 years,
``(E) the payment of principal with respect to such
bond is the obligation of the National Railroad
Passenger Corporation (regardless of the establishment
of the trust account under subsection (j)), and
``(F) the issue meets the requirements of
subsection (h).
``(2) Treatment of changes in use.--For purposes of
paragraph (1)(A), the proceeds of an issue shall not be treated
as used for a qualified project to the extent that the issuer
takes any action within its control which causes such proceeds
not to be used for a qualified project. The Secretary shall
prescribe regulations specifying remedial actions that may be
taken (including conditions to taking such remedial actions) to
prevent an action described in the preceding sentence from
causing a bond to fail to be a qualified Amtrak bond.
``(3) State contribution requirement.--
``(A) In general.--For purposes of paragraph
(1)(C)(ii), the State contribution requirement of this
paragraph is met with respect to any qualified project
if the National Railroad Passenger Corporation has a
written binding commitment from 1 or more States to
make matching contributions not later than the date of
issuance of the issue of not less than 20 percent of
the cost of the qualified project. State matching
contributions may include privately funded
contributions.
``(B) Use of state matching contributions.--The
matching contributions described in subparagraph (A)
with respect to each qualified project shall be used--
``(i) as necessary to redeem bonds which
are a part of the issue with respect to such
project, and
``(ii) in the case of any remaining amount,
at the election of the National Railroad
Passenger Corporation and the contributing
State--
``(I) to fund a qualified project,
``(II) to redeem other qualified
Amtrak bonds, or
``(III) for the purposes of
subclauses (I) and (II).
``(C) State contribution requirement for certain
qualified projects.--
``(i) In general.--Notwithstanding any
other provision of law, with respect to any
qualified project on the high-speed rail
corridors designated under section 104(d)(2) of
title 23, United States Code, the State
contribution requirement of this paragraph may
include the value of land to be contributed by
a State for right-of-way and may be derived by
a State directly or indirectly from Federal
funds, including transfers from the Highway
Trust Fund under section 9503.
``(ii) Special rules regarding use of bond
proceeds.--Proceeds from the issuance of bonds
for such a qualified project may be used to the
extent necessary for the purpose of
subparagraph (B)(i), and any such proceeds
deposited into the trust account required under
subsection (j) shall be deemed expenditures for
the qualified project under subsection (h).
``(D) State matching contributions may not include
federal funds.--Except as provided in subparagraph (C),
for purposes of this paragraph, State matching
contributions shall not be derived, directly or
indirectly, from Federal funds, including any transfers
from the Highway Trust Fund under section 9503.
``(E) No state contribution requirement for certain
qualified projects.--With respect to any qualified
project described in subsection (e)(4), the State
contribution requirement of this paragraph is zero.
``(4) Qualified project.--
``(A) In general.--The term `qualified project'
means--
``(i) the acquisition, financing, or
refinancing of equipment, rolling stock, and
other capital improvements, including station
rehabilitation or construction, track or signal
improvements, or the elimination of grade
crossings, for the northeast rail corridor
between Washington, D.C. and Boston,
Massachusetts,
``(ii) the acquisition, financing, or
refinancing of equipment, rolling stock, and
other capital improvements, including station
rehabilitation or construction, track or signal
improvements, or the elimination of grade
crossings, for the improvement of train speeds or safety (or both) on
the high-speed rail corridors designated under section 104(d)(2) of
title 23, United States Code, and
``(iii) the acquisition, financing, or
refinancing of equipment, rolling stock, and
other capital improvements, including station
rehabilitation or construction, track or signal
improvements, or the elimination of grade
crossings, for other intercity passenger rail
corridors for the purpose of increasing
railroad speeds to at least 90 miles per hour.
``(B) Refinancing rules.--For purposes of
subparagraph (A), a refinancing shall constitute a
qualified project only if the indebtedness being
refinanced (including any obligation directly or
indirectly refinanced by such indebtedness) was
originally incurred by the National Railroad Passenger
Corporation--
``(i) after the date of the enactment of
this section,
``(ii) for a term of not more than 3 years,
``(iii) to finance or acquire capital
improvements described in subparagraph (A), and
``(iv) in anticipation of being refinanced
with proceeds of a qualified Amtrak bond.
``(C) Prior issuance costs.--For purposes of
subparagraph (A), a qualified project may include the
costs a State incurs prior to the issuance of the bonds
to fulfill any statutory requirements directly
necessary for implementation of the project.
``(e) Limitations on Amount of Bonds Designated.--
``(1) In general.--There is a qualified Amtrak bond
limitation for each fiscal year. Such limitation is--
``(A) $1,200,000,000 for each of the fiscal years
2002 through 2011, and
``(B) except as provided in paragraph (5), zero
after fiscal year 2011.
``(2) Bonds for rail corridors.--Not more than
$3,000,000,000 of the limitation under paragraph (1) may be
designated for any 1 rail corridor described in clause (i) or
(ii) of subsection (d)(4)(A).
``(3) Bonds for other projects.--Not more than $100,000,000
of the limitation under paragraph (1) for any fiscal year may
be allocated to all qualified projects described in subsection
(d)(4)(A)(iii).
``(4) Bonds for alaska railroad.--The Secretary of
Transportation may allocate to the Alaska Railroad a portion of
the qualified Amtrak limitation for any fiscal year in order to
allow the Alaska Railroad to issue bonds which meet the
requirements of this section for use in financing any project
described in subsection (d)(4)(A)(iii) (determined without
regard to the requirement of increasing railroad speeds). For
purposes of this section, the Alaska Railroad shall be treated
in the same manner as the National Railroad Passenger
Corporation.
``(5) Carryover of unused limitation.--If for any fiscal
year--
``(A) the limitation amount under paragraph (1),
exceeds
``(B) the amount of bonds issued during such year
which are designated under subsection (d)(1)(C)(i),
the limitation amount under paragraph (1) for the following
fiscal year (through fiscal year 2015) shall be increased by
the amount of such excess.
``(6) Additional selection criteria.--In selecting
qualified projects for allocation of the qualified Amtrak bond
limitation under this subsection, the Secretary of
Transportation--
``(A) may give preference to any project with a
State matching contribution rate exceeding 20 percent,
and
``(B) shall consider regional balance in
infrastructure investment and the national interest in
ensuring the development of a nation-wide high-speed
rail transportation network.
``(f) Other Definitions.--For purposes of this subpart--
``(1) Bond.--The term `bond' includes any obligation.
``(2) Credit allowance date.--The term `credit allowance
date' means--
``(A) March 15,
``(B) June 15,
``(C) September 15, and
``(D) December 15.
Such term includes the last day on which the bond is
outstanding.
``(3) State.--The term `State' means the several States and
the District of Columbia, and any subdivision thereof.
``(4) Program.--The term `program' means 1 or more projects
implemented over 1 or more years to support the development of
intercity passenger rail corridors.
``(g) Credit Included in Gross Income.--Gross income includes the
amount of the credit allowed to the taxpayer under this section
(determined without regard to subsection (c)) and the amount so
included shall be treated as interest income.
``(h) Special Rules Relating to Arbitrage.--
``(1) In general.--Subject to paragraph (2), an issue shall
be treated as meeting the requirements of this subsection if as
of the date of issuance, the issuer reasonably expects--
``(A) to spend at least 95 percent of the proceeds
of the issue for 1 or more qualified projects within
the 5-year period beginning on such date, and
``(B) to proceed with due diligence to complete
such projects and to spend the proceeds of the issue.
``(2) Rules regarding continuing compliance after 5-year
determination.--If at least 95 percent of the proceeds of the
issue is not expended for 1 or more qualified projects within
the 5-year period beginning on the date of issuance, an issue
shall be treated as continuing to meet the requirements of this
subsection if either--
``(A) the issuer uses all unspent proceeds of the
issue to redeem bonds of the issue within 90 days after
the end of such 5-year period, or
``(B) the following requirements are met:
``(i) The issuer spends at least 75 percent
of the proceeds of the issue for 1 or more
qualified projects within the 5-year period
beginning on the date of issuance.
``(ii) The issuer has proceeded with due
diligence to spend the proceeds of the issue
within such 5-year period and continues to
proceed with due diligence to spend such
proceeds.
``(iii) The issuer pays to the Federal
Government any earnings on the proceeds of the
issue that accrue after the end of such 5-year
period.
``(iv) Either--
``(I) at least 95 percent of the
proceeds of the issue is expended for 1
or more qualified projects within the
6-year period beginning on the date of
issuance, or
``(II) the issuer uses all unspent
proceeds of the issue to redeem bonds
of the issue within 90 days after the
end of such 6-year period.
``(i) Recapture of Portion of Credit Where Cessation of
Compliance.--
``(1) In general.--If any bond which when issued purported
to be a qualified Amtrak bond ceases to be a qualified Amtrak
bond, the issuer shall pay to the United States (at the time
required by the Secretary) an amount equal to the sum of--
``(A) the aggregate of the credits allowable under
this section with respect to such bond (determined
without regard to subsection (c)) for taxable years
ending during the calendar year in which such cessation
occurs and the 2 preceding calendar years, and
``(B) interest at the underpayment rate under
section 6621 on the amount determined under
subparagraph (A) for each calendar year for the period
beginning on the first day of such calendar year.
``(2) Failure to pay.--If the issuer fails to timely pay
the amount required by paragraph (1) with respect to such bond,
the tax imposed by this chapter on each holder of any such bond
which is part of such issue shall be increased (for the taxable
year of the holder in which such cessation occurs) by the
aggregate decrease in the credits allowed under this section to
such holder for taxable years beginning in such 3 calendar
years which would have resulted solely from denying any credit
under this section with respect to such issue for such taxable
years.
``(3) Special rules.--
``(A) Tax benefit rule.--The tax for the taxable
year shall be increased under paragraph (2) only with
respect to credits allowed by reason of this section
which were used to reduce tax liability. In the case of
credits not so used to reduce tax liability, the
carryforwards and carrybacks under section 39 shall be
appropriately adjusted.
``(B) No credits against tax.--Any increase in tax
under paragraph (2) shall not be treated as a tax
imposed by this chapter for purposes of determining--
``(i) the amount of any credit allowable
under this part, or
``(ii) the amount of the tax imposed by
section 55.
``(j) Use of Trust Account.--
``(1) In general.--The amount of any matching contribution
with respect to a qualified project described in subsection
(d)(3)(B)(i) or (d)(3)(B)(ii)(II) and the temporary period
investment earnings on proceeds of the issue with respect to
such project, and any earnings thereon, shall be held in a
trust account by a trustee independent of the National Railroad
Passenger Corporation to be used to the extent necessary to
redeem bonds which are part of such issue.
``(2) Use of remaining funds in trust account.--Upon the
repayment of the principal of all qualified Amtrak bonds issued
under this section, any remaining funds in the trust account
described in paragraph (1) shall be available--
``(A) to the trustee described in paragraph (1), to
meet any remaining obligations under any guaranteed
investment contract used to secure earnings sufficient
to repay the principal of such bonds, and
``(B) to the issuer, for any qualified project.
``(k) Other Special Rules.--
``(1) Partnership; s corporation; and other pass-thru
entities.--Under regulations prescribed by the Secretary, in
the case of a partnership, trust, S corporation, or other pass-
thru entity, rules similar to the rules of section 41(g) shall
apply with respect to the credit allowable under subsection
(a).
``(2) Bonds held by regulated investment companies.--If any
qualified Amtrak bond is held by a regulated investment
company, the credit determined under subsection (a) shall be
allowed to shareholders of such company under procedures
prescribed by the Secretary.
``(3) Credits may be stripped.--Under regulations
prescribed by the Secretary--
``(A) In general.--There may be a separation
(including at issuance) of the ownership of a qualified
Amtrak bond and the entitlement to the credit under
this section with respect to such bond. In case of any
such separation, the credit under this section shall be
allowed to the person who on the credit allowance date
holds the instrument evidencing the entitlement to the
credit and not to the holder of the bond.
``(B) Certain rules to apply.--In the case of a
separation described in subparagraph (A), the rules of
section 1286 shall apply to the qualified Amtrak bond
as if it were a stripped bond and to the credit under
this section as if it were a stripped coupon.
``(4) Treatment for estimated tax purposes.--Solely for
purposes of sections 6654 and 6655, the credit allowed by this
section to a taxpayer by reason of holding a qualified Amtrak
bond on a credit allowance date shall be treated as if it were
a payment of estimated tax made by the taxpayer on such date.
``(5) Credit may be transferred.--Nothing in any law or
rule of law shall be construed to limit the transferability of
the credit allowed by this section through sale and repurchase
agreements.
``(6) Reporting.--Issuers of qualified Amtrak bonds shall
submit reports similar to the reports required under section
149(e).''.
(b) Reporting.--Subsection (d) of section 6049 (relating to returns
regarding payments of interest), as amended by section 505(d), is
amended by adding at the end the following new paragraph:
``(9) Reporting of credit on qualified amtrak bonds.--
``(A) In general.--For purposes of subsection (a),
the term `interest' includes amounts includible in
gross income under section 54(g) and such amounts shall
be treated as paid on the credit allowance date (as
defined in section 54(f)(2)).
``(B) Reporting to corporations, etc.--Except as
otherwise provided in regulations, in the case of any
interest described in subparagraph (A) of this
paragraph, subsection (b)(4) of this section shall be
applied without regard to subparagraphs (A), (H), (I),
(J), (K), and (L)(i).
``(C) Regulatory authority.--The Secretary may
prescribe such regulations as are necessary or
appropriate to carry out the purposes of this
paragraph, including regulations which require more
frequent or more detailed reporting.''.
(c) Clerical Amendments.--
(1) The table of subparts for part IV of subchapter A of
chapter 1 is amended by adding at the end the following new
item:
``Subpart H. Nonrefundable Credit for
Holders of Qualified Amtrak
Bonds.''.
(2) Section 6401(b)(1) is amended by striking ``and G'' and
inserting ``G, and H''.
(d) Effective Date.--The amendments made by this section shall
apply to obligations issued after September 30, 2001.
(e) Multi-Year Capital Spending Plan and Oversight.--
(1) Amtrak capital spending plan.--
(A) In general.--The National Railroad Passenger
Corporation shall annually submit to the President and
Congress a multi-year capital spending plan, as
approved by the Board of Directors of the Corporation.
(B) Contents of plan.--Such plan shall identify the
capital investment needs of the Corporation over a
period of not less than 5 years and the funding sources
available to finance such needs and shall prioritize
such needs according to corporate goals and strategies.
(C) Initial submission date.--The first plan shall
be submitted before the issuance of any qualified
Amtrak bonds by the National Railroad Passenger
Corporation pursuant to section 54 of the Internal
Revenue Code of 1986 (as added by this section).
(2) Oversight of amtrak trust account and qualified
projects.--
(A) Trust account oversight.--The Secretary of the
Treasury shall annually report to Congress as to
whether the amount deposited in the trust account
established by the National Railroad Passenger
Corporation under section 54(j) of such Code (as so
added) is sufficient to fully repay at maturity the
principal of any outstanding qualified Amtrak bonds
issued pursuant to section 54 of such Code (as so
added), together with amounts expected to be
deposited into such account, as certified by the National Railroad
Passenger Corporation in accordance with procedures prescribed by the
Secretary of the Treasury.
(B) Project oversight.--The National Railroad
Passenger Corporation shall contract for an annual
independent assessment of the costs and benefits of the
qualified projects financed by such qualified Amtrak
bonds, including an assessment of the investment
evaluation process of the Corporation. The annual
assessment shall be included in the plan submitted
under paragraph (1).
(C) Oversight funding.--Not more than 0.5 percent
of the amounts made available through the issuance of
qualified Amtrak bonds by the National Railroad
Passenger Corporation pursuant to section 54 of such
Code (as so added) may be used by the National Railroad
Passenger Corporation for assessments described in
subparagraph (B).
(f) Protection of Highway Trust Fund.--
(1) Certification by the secretary of the treasury.--The
issuance of any qualified Amtrak bonds by the National Railroad
Passenger Corporation or the Alaska Railroad pursuant to
section 54 of the Internal Revenue Code of 1986 (as added by
this section) is conditioned on certification by the Secretary
of the Treasury, after consultation with the Secretary of
Transportation, within 30 days of a request by the issuer, that
with respect to funds of the Highway Trust Fund described under
paragraph (2), the issuer either--
(A) has not received such funds during fiscal years
commencing with fiscal year 2002 and ending before the
fiscal year the bonds are issued, or
(B) has repaid to the Highway Trust Fund any such
funds which were received during such fiscal years.
(2) Applicability.--This subsection shall apply to funds
received directly, or indirectly from a State or local transit
authority, from the Highway Trust Fund established under
section 9503 of the Internal Revenue Code of 1986, except for
funds authorized to be expended under section 9503(c) of such
Code, as in effect on the date of the enactment of this Act.
(3) No retroactive effect.--Nothing in this subsection
shall adversely affect the entitlement of the holders of
qualified Amtrak bonds to the tax credit allowed pursuant to
section 54 of the Internal Revenue Code of 1986 (as so added)
or to repayment of principal upon maturity.
(g) Exemption From Taxes for High-Speed Rail Lines and
Improvements.--Notwithstanding any other provision of law, no rail
carrier (as defined in section 24102 of title 49, United States Code)
shall be required to pay any tax or fee imposed by the Internal Revenue
Code of 1986 or by any State or local government with respect to the
acquisition, improvement, or ownership of--
(1) personal or real property funded by the proceeds of
qualified Amtrak bonds (as defined in section 54(d) of the
Internal Revenue Code of 1986 (as added by this section) or any
State or local bond (as defined in section 103(c)(1) of such
Code), or revenues or income from such acquisition,
improvement, or ownership, or
(2) rail lines in high-speed rail corridors designated
under section 104(d)(2) of title 23, United States Code, that
are leased by the National Railroad Passenger Corporation.
(h) Issuance of Regulations.--The Secretary of the Treasury shall
issue regulations required under section 54 of the Internal Revenue
Code (as added by this section) not later than 90 days after the date
of the enactment of this Act.
(i) Issuance of Tax-Exempt Bonds for Rail Passenger Projects.--
(1) Funding state match requirement.--Section 142(a)
(relating to exempt facility bond) is amended by striking
``or'' at the end of paragraph (11), by striking the period at
the end of paragraph (12) and inserting ``, or'', and by adding
at the end the following new paragraph:
``(13) the State contribution requirement for qualified
projects under section 54.''.
(2) Repeal of governmental ownership requirement for mass
commuting facilities.--Section 142(b)(1)(A) (relating to
certain facilities must be governmentally owned) is amended by
striking ``(3),''.
(3) Definition of high-speed intercity rail facilities.--
Section 142(i)(1) is amended by striking ``in excess of 150
miles per hour'' and inserting ``prescribed in section
104(d)(2) of title 23, United States Code,''.
(4) Exemption from volume cap.--Subsection (g) of section
146 (relating to exception for certain bonds) is amended by
striking paragraph (4) and the last sentence of such subsection
and inserting the following new paragraph:
``(4) any exempt facility bond issued as part of an issue
described in paragraph (3), (11), or (13) of section 142(a)
(relating to mass commuting facilities, high-speed intercity
rail facilities, and State contribution requirements under
section 54).''.
(5) Effective date.--The amendments made by this subsection
shall apply to bonds issued after the date of enactment of this
Act.
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