119 S5203 IS: Transit for Urban Renewal and Business Opportunities Act U.S. Senate 2026-07-30 text/xml 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.

II119th CONGRESS2d SessionS. 5203IN THE SENATE OF THE UNITED STATESJuly 30, 2026Mr. McCormick (for himself and Ms. Duckworth) introduced the following bill; which was read twice and referred to the Committee on FinanceA BILLTo 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.