I 
112TH CONGRESS 
1ST SESSION H. R. 3736 
To provide $50,000,000,000 in new transportation infrastructure funding 
through bonding to empower States and local governments to complete 
significant infrastructure projects across all modes of transportation, 
including roads, bridges, rail and transit systems, ports, and inland 
waterways, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
DECEMBER 19, 2011 
Mr. WHITFIELD (for himself and Mr. BOSWELL) introduced the following bill; 
which was referred to the Committee on Ways and Means 
A BILL 
To provide $50,000,000,000 in new transportation infra-
structure funding through bonding to empower States 
and local governments to complete significant infrastruc-
ture projects across all modes of transportation, includ-
ing roads, bridges, rail and transit systems, ports, and 
inland waterways, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE; ETC. 
(a) SHORT TITLE.—This Act may be cited as the 
‘‘Transportation and Regional Infrastructure Project 
Bonds Act of 2011’’ or ‘‘TRIP Bonds Act’’. 
VerDate Mar 15 2010 
00:06 Dec 24, 2011
Jkt 019200
PO 00000
Frm 00001
Fmt 6652
Sfmt 6201
E:\BILLS\H3736.IH
H3736
jbell on DSK7SPTVN1PROD with BILLS
(b) REFERENCES TO INTERNAL REVENUE CODE OF 
1986.—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 provi-
sion, the reference shall be considered to be made to a 
section or other provision of the Internal Revenue Code 
of 1986. 
SEC. 2. FINDINGS AND PURPOSE. 
(a) FINDINGS.—Congress finds the following: 
(1) Our Nation’s highways, transit systems, 
railroads, ports, and inland waterways drive our 
economy, enabling all industries to achieve growth 
and productivity that makes America strong and 
prosperous. 
(2) The establishment, maintenance, and im-
provement of the national transportation network is 
a national priority, for economic, environmental, en-
ergy, security, and other reasons. 
(3) The ability to move people and goods is crit-
ical to maintaining State, metropolitan, rural, and 
local economies. 
(4) The construction of infrastructure requires 
the skills of numerous occupations, including those 
in the contracting, engineering, planning and design, 
VerDate Mar 15 2010 
00:06 Dec 24, 2011
Jkt 019200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6201
E:\BILLS\H3736.IH
H3736
jbell on DSK7SPTVN1PROD with BILLS
materials supply, manufacturing, distribution, and 
safety industries. 
(5) Investing in transportation infrastructure 
creates long-term capital assets for the Nation that 
will help the United States address its enormous in-
frastructure needs and improve its economic produc-
tivity. 
(6) Investment in transportation infrastructure 
creates jobs and spurs economic activity to put peo-
ple back to work and stimulate the economy. 
(7) Every billion dollars in transportation in-
vestment has the potential to create up to 30,000 
jobs. 
(8) Every dollar invested in the Nation’s trans-
portation infrastructure yields at least $5.70 in eco-
nomic benefits because of reduced delays, improved 
safety, and reduced vehicle operating costs. 
(9) Numerous experts have noted that the esti-
mated cost to maintain and improve our Nation’s 
highways, bridges, and other critical transportation 
infrastructure significantly exceeds what is currently 
being provided by all levels of government. 
(b) PURPOSE.—The purpose of this Act is to provide 
financing for additional transportation infrastructure cap-
ital investments. 
VerDate Mar 15 2010 
00:06 Dec 24, 2011
Jkt 019200
PO 00000
Frm 00003
Fmt 6652
Sfmt 6201
E:\BILLS\H3736.IH
H3736
jbell on DSK7SPTVN1PROD with BILLS
SEC. 3. CREDIT TO HOLDERS OF TRIP BONDS. 
(a) IN GENERAL.—Subpart I of part IV of sub-
chapter A of chapter 1 is amended by adding at the end 
the following new section: 
‘‘SEC. 54G. TRIP BONDS. 
‘‘(a) TRIP BOND.—For purposes of this subpart, the 
term ‘TRIP bond’ means any bond issued as part of an 
issue if— 
‘‘(1) 100 percent of the available project pro-
ceeds of such issue are to be used for expenditures 
incurred after the date of the enactment of this sec-
tion for 1 or more qualified projects pursuant to an 
allocation of such proceeds to such project or 
projects by a State infrastructure bank, 
‘‘(2) the bond is issued by a State infrastruc-
ture bank and is in registered form (within the 
meaning of section 149(a)), 
‘‘(3) the State infrastructure bank designates 
such bond for purposes of this section, 
‘‘(4) the term of each bond which is part of 
such issue does not exceed 30 years, 
‘‘(5) the issue meets the requirements of sub-
section (e), 
‘‘(6) the State infrastructure bank certifies that 
it meets the State contribution requirement of sub-
VerDate Mar 15 2010 
00:06 Dec 24, 2011
Jkt 019200
PO 00000
Frm 00004
Fmt 6652
Sfmt 6201
E:\BILLS\H3736.IH
H3736
jbell on DSK7SPTVN1PROD with BILLS
section (h) with respect to such project, as in effect 
on the date of issuance, and 
‘‘(7) the State infrastructure bank certifies the 
State meets the requirement described in subsection 
(i). 
‘‘(b) QUALIFIED PROJECT.—For purposes of this 
section, the term ‘qualified project’ means the capital im-
provements to any transportation infrastructure project of 
any governmental unit or other person, including roads, 
bridges, rail and transit systems, ports, and inland water-
ways proposed and approved by a State infrastructure 
bank, but does not include costs of operations or mainte-
nance with respect to such project. For purposes of the 
preceding sentence, the cost of dredging any port or water-
way shall be treated as a capital improvement and not as 
an operations or maintenance cost. 
‘‘(c) APPLICABLE CREDIT RATE.—In lieu of section 
54A(b)(3), for purposes of section 54A(b)(2), the applica-
ble credit rate with respect to an issue under this section 
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 in such 
manner as the Secretary prescribes). 
‘‘(d) LIMITATION
ON AMOUNT
OF BONDS DES-
IGNATED.— 
VerDate Mar 15 2010 
00:06 Dec 24, 2011
Jkt 019200
PO 00000
Frm 00005
Fmt 6652
Sfmt 6201
E:\BILLS\H3736.IH
H3736
jbell on DSK7SPTVN1PROD with BILLS
‘‘(1) IN
GENERAL.—The maximum aggregate 
face amount of bonds which may be designated 
under subsection (a) by any State infrastructure 
bank shall not exceed the TRIP bond limitation 
amount allocated to such bank under paragraph (3). 
‘‘(2) NATIONAL
LIMITATION
AMOUNT.—There 
is a TRIP bond limitation amount for each calendar 
year. Such limitation amount is— 
‘‘(A) $5,000,000,000 for 2011, 
‘‘(B) $5,000,000,000 for 2012, 
‘‘(C) $10,000,000,000 for 2013, 
‘‘(D) $10,000,000,000 for 2014, 
‘‘(E) $10,000,000,000 for 2015, 
‘‘(F) $10,000,000,000 for 2016, and 
‘‘(G) except as provided in paragraph (4), 
zero thereafter. 
‘‘(3) ALLOCATIONS
TO
STATES.—The TRIP 
bond limitation amount for each calendar year shall 
be allocated by the Secretary among the States such 
that each State is allocated 2 percent of such 
amount. 
‘‘(4) CARRYOVER OF UNUSED ISSUANCE LIMI-
TATION.—If for any calendar year the TRIP bond 
limitation amount under paragraph (2) exceeds the 
amount of TRIP bonds issued during such year, 
VerDate Mar 15 2010 
00:06 Dec 24, 2011
Jkt 019200
PO 00000
Frm 00006
Fmt 6652
Sfmt 6201
E:\BILLS\H3736.IH
H3736
jbell on DSK7SPTVN1PROD with BILLS
such excess shall be carried forward to 1 or more 
succeeding calendar years as an addition to the 
TRIP bond limitation amount under paragraph (2) 
for such succeeding calendar year and until used by 
issuance of TRIP bonds. 
‘‘(e) SPECIAL
RULES
RELATING
TO
EXPENDI-
TURES.— 
‘‘(1) IN GENERAL.—An issue shall be treated as 
meeting the requirements of this subsection if, as of 
the date of issuance, the State infrastructure bank 
reasonably expects— 
‘‘(A) at least 100 percent of the available 
project proceeds of such issue are to be spent 
for 1 or more qualified projects within the 5- 
year expenditure period beginning on such date, 
‘‘(B) to incur a binding commitment with 
a third party to spend at least 10 percent of the 
proceeds of such issue, or to commence con-
struction, with respect to such projects within 
the 12-month period beginning on such date, 
and 
‘‘(C) to proceed with due diligence to com-
plete such projects and to spend the proceeds of 
such issue. 
VerDate Mar 15 2010 
00:06 Dec 24, 2011
Jkt 019200
PO 00000
Frm 00007
Fmt 6652
Sfmt 6201
E:\BILLS\H3736.IH
H3736
jbell on DSK7SPTVN1PROD with BILLS
‘‘(2) RULES REGARDING CONTINUING COMPLI-
ANCE AFTER 5-YEAR DETERMINATION.—To the ex-
tent that less than 100 percent of the available 
project proceeds of such issue are expended by the 
close of the 5-year expenditure period beginning on 
the date of issuance, the State infrastructure bank 
shall redeem all of the nonqualified bonds within 90 
days after the end of such period. For purposes of 
this paragraph, the amount of the nonqualified 
bonds required to be redeemed shall be determined 
in the same manner as under section 142. 
‘‘(f) RECAPTURE OF PORTION OF CREDIT WHERE 
CESSATION OF COMPLIANCE.—If any bond which when 
issued purported to be a TRIP bond ceases to be such 
a bond, the State infrastructure bank shall pay to the 
United States (at the time required by the Secretary) an 
amount equal to the sum of— 
‘‘(1) the aggregate of the credits allowable 
under section 54A with respect to such bond (deter-
mined without regard to section 54A(c)) for taxable 
years ending during the calendar year in which such 
cessation occurs and each succeeding calendar year 
ending with the calendar year in which such bond is 
redeemed by the bank, and 
VerDate Mar 15 2010 
00:06 Dec 24, 2011
Jkt 019200
PO 00000
Frm 00008
Fmt 6652
Sfmt 6201
E:\BILLS\H3736.IH
H3736
jbell on DSK7SPTVN1PROD with BILLS
‘‘(2) interest at the underpayment rate under 
section 6621 on the amount determined under para-
graph (1) for each calendar year for the period be-
ginning on the first day of such calendar year. 
‘‘(g) TRIP BONDS TRUST ACCOUNT.— 
‘‘(1) IN
GENERAL.—The following amounts 
shall be held in a TRIP Bonds Trust Account: 
‘‘(A) The proceeds from the sale of all 
bonds issued under this section. 
‘‘(B) The investment earnings on proceeds 
from the sale of such bonds. 
‘‘(C) The amount described in paragraph 
(2). 
‘‘(D) Any earnings on any amounts de-
scribed in subparagraph (A), (B), or (C). 
‘‘(2) APPROPRIATION OF REVENUES.—There is 
hereby transferred to the TRIP Bonds Trust Ac-
count an amount equal to the lesser of— 
‘‘(A) the revenues resulting from the impo-
sition of fees pursuant to section 13031 of the 
Consolidated Omnibus Budget Reconciliation 
Act of 1985 (19 U.S.C. 58c) for fiscal years be-
ginning after September 30, 2011, or 
‘‘(B) $50,000,000,000. 
VerDate Mar 15 2010 
00:06 Dec 24, 2011
Jkt 019200
PO 00000
Frm 00009
Fmt 6652
Sfmt 6201
E:\BILLS\H3736.IH
H3736
jbell on DSK7SPTVN1PROD with BILLS
‘‘(3) USE OF FUNDS.—Amounts in the TRIP 
Bonds Trust Account may be used only to pay costs 
of qualified projects and redeem TRIP bonds, except 
that amounts withdrawn from the TRIP Bonds 
Trust Account to pay costs of qualified projects may 
not exceed the proceeds from the sale of TRIP 
bonds described in subsection (a)(1). 
‘‘(4) USE OF REMAINING FUNDS IN TRIP BONDS 
TRUST ACCOUNT.—Upon the redemption of all TRIP 
bonds issued under this section, any remaining 
amounts in the TRIP Bonds Trust Account shall be 
available to pay the costs of any qualified project. 
‘‘(5) APPLICABILITY OF FEDERAL LAW.—The 
requirements of any Federal law, including titles 23, 
40, and 49 of the United States Code, which would 
otherwise apply to projects to which the United 
States is a party or to funds made available under 
such law and projects assisted with those funds shall 
apply to— 
‘‘(A) funds made available under the TRIP 
Bonds Trust Account for similar qualified 
projects, including contributions required under 
subsection (h), and 
‘‘(B) similar qualified projects assisted 
through the use of such funds. 
VerDate Mar 15 2010 
00:06 Dec 24, 2011
Jkt 019200
PO 00000
Frm 00010
Fmt 6652
Sfmt 6201
E:\BILLS\H3736.IH
H3736
jbell on DSK7SPTVN1PROD with BILLS
‘‘(6) INVESTMENT.—Subject to subsections (e) 
and (f), it shall be the duty of the Secretary to in-
vest in investment grade obligations such portion of 
the TRIP Bonds Trust Account as is not, in the 
judgment of the Secretary, required to meet current 
withdrawals. To the maximum extent practicable, in-
vestments should be made in securities that support 
infrastructure investment at the State and local 
level. 
‘‘(h) STATE CONTRIBUTION REQUIREMENTS.— 
‘‘(1) IN GENERAL.—For purposes of subsection 
(a)(6), the State contribution requirement of this 
subsection is met with respect to any qualified 
project if the Secretary has received from 1 or more 
States, not later than the date of issuance of the 
bond, written commitments for matching contribu-
tions of not less than 20 percent (or such smaller 
percentage as determined under title 23, United 
States Code, for such State) of the cost of the quali-
fied project. 
‘‘(2) STATE
MATCHING
CONTRIBUTIONS
MAY 
NOT INCLUDE FEDERAL FUNDS.—For purposes of 
this subsection, State matching contributions shall 
not be derived, directly or indirectly, from Federal 
VerDate Mar 15 2010 
00:06 Dec 24, 2011
Jkt 019200
PO 00000
Frm 00011
Fmt 6652
Sfmt 6201
E:\BILLS\H3736.IH
H3736
jbell on DSK7SPTVN1PROD with BILLS
funds, including any transfers from the Highway 
Trust Fund under section 9503. 
‘‘(i) UTILIZATION
OF
UPDATED
CONSTRUCTION 
TECHNOLOGY FOR QUALIFIED PROJECTS.—For purposes 
of subsection (a)(7), the requirement of this subsection is 
met if the appropriate State agency relating to the quali-
fied project is utilizing updated construction technologies. 
‘‘(j) OTHER DEFINITIONS AND SPECIAL RULES.— 
For purposes of this section— 
‘‘(1) STATE INFRASTRUCTURE BANK.— 
‘‘(A) IN GENERAL.—The term ‘State infra-
structure bank’ means a State infrastructure 
bank established under section 610 of title 23, 
United States Code, and includes a joint ven-
ture among 2 or more State infrastructure 
banks. 
‘‘(B) 
SPECIAL
AUTHORITY.—Notwith-
standing any other provision of law, a State in-
frastructure bank shall be authorized to per-
form any of the functions necessary to carry 
out the purposes of this section, including the 
making of direct grants to qualified projects 
from available project proceeds of TRIP bonds 
issued by such bank. 
VerDate Mar 15 2010 
00:06 Dec 24, 2011
Jkt 019200
PO 00000
Frm 00012
Fmt 6652
Sfmt 6201
E:\BILLS\H3736.IH
H3736
jbell on DSK7SPTVN1PROD with BILLS
‘‘(2) CREDITS MAY BE TRANSFERRED.—Noth-
ing in any law or rule of law shall be construed to 
limit the transferability of the credit or bond allowed 
by this section through sale and repurchase agree-
ments. 
‘‘(3) PROHIBITION ON USE OF HIGHWAY TRUST 
FUND.—Notwithstanding any other provision of law, 
no funds derived from the Highway Trust Fund es-
tablished under section 9503 shall be used to pay for 
credits under this section.’’. 
(b) CONFORMING AMENDMENTS.— 
(1) Paragraph (1) of section 54A(d) of the In-
ternal Revenue Code of 1986 is amended— 
(A) by striking ‘‘or’’ at the end of subpara-
graph (D), 
(B) by inserting ‘‘or’’ at the end of sub-
paragraph (E), 
(C) by inserting after subparagraph (E) 
the following new subparagraph: 
‘‘(F) a TRIP bond,’’, and 
(D) by inserting ‘‘(paragraphs (3), (4), 
and (6), in the case of a TRIP bond)’’ after 
‘‘and (6)’’. 
(2) Subparagraph (C) of section 54A(d)(2) of 
such Code is amended by striking ‘‘and’’ at the end 
VerDate Mar 15 2010 
00:06 Dec 24, 2011
Jkt 019200
PO 00000
Frm 00013
Fmt 6652
Sfmt 6201
E:\BILLS\H3736.IH
H3736
jbell on DSK7SPTVN1PROD with BILLS
of clause (iv), by striking the period at the end of 
clause (v) and inserting ‘‘, and’’, and by adding at 
the end the following new clause: 
‘‘(vi) in the case of a TRIP bond, a 
purpose specified in section 54G(a)(1).’’. 
(c) CLERICAL AMENDMENT.—The table of sections 
for subpart I of part IV of subchapter A of chapter 1 of 
the Internal Revenue Code of 1986 is amended by adding 
at the end the following new item: 
‘‘Sec. 54G. TRIP bonds.’’. 
(d) EFFECTIVE DATE.—The amendments made by 
this section shall apply to bonds issued after the date of 
the enactment of this Act. 
SEC. 4. ADDITIONAL REVENUES THROUGH EXTENSION OF 
CUSTOMS USER FEES. 
Section 13031(j)(3) of the Consolidated Omnibus 
Budget Reconciliation Act of 1985 (19 U.S.C. 58c(j)(3)), 
as amended by the Omnibus Trade Act of 2010, is amend-
ed— 
(1) by striking ‘‘January 7, 2020’’ in subpara-
graph (A) and inserting ‘‘January 7, 2048’’, and 
(2) by striking ‘‘January 14, 2020’’ in subpara-
graph (B)(i) and inserting ‘‘January 14, 2048’’. 
Æ 
VerDate Mar 15 2010 
00:06 Dec 24, 2011
Jkt 019200
PO 00000
Frm 00014
Fmt 6652
Sfmt 6301
E:\BILLS\H3736.IH
H3736
jbell on DSK7SPTVN1PROD with BILLS