[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 5203 Introduced in Senate (IS)]

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119th CONGRESS
  2d Session
                                S. 5203

To amend the Internal Revenue Code of 1986 to modify rules relating to 
                     certain exempt facility bonds.


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                   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

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                                 A BILL


 
To amend the Internal Revenue Code of 1986 to modify rules relating to 
                     certain exempt facility bonds.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    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 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.

SEC. 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.

SEC. 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.
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