provision or directly or indirectly seeks to waive the appli-
cation of such sentence.’’.
(c) CLERICAL AMENDMENTS.—
(1) The table of subparts for part IV of sub-
chapter A of chapter 1 is amended by adding at the
end the following new item:
‘‘Subpart H. Nonrefundable Credit for Holders of Qualified Am-
trak Bonds.’’.
(2) Section 6401(b)(1) is amended by striking
‘‘and G’’ and inserting ‘‘G, and H’’.
(d) ANNUAL REPORT BY TREASURY ON AMTRAK
TRUST ACCOUNT.—The Secretary of the Treasury shall
annually report to Congress as to whether the amount de-
posited in the trust account established by the National
Railroad Passenger Corporation under section 54(i) of the
Internal Revenue Code of 1986, as added by this section,
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.
(e) ISSUANCE OF REGULATIONS.—The Secretary of
the Treasury shall issue regulations required under section
54 of the Internal Revenue Code of 1986 (as added by
this section) not later than 90 days after the date of the
enactment of this Act.
(f) EFFECTIVE DATE.—The amendments made by
this section shall apply to obligations issued after the date
of enactment of this Act.
TITLE II—HIGH-SPEED RAIL
PROVISIONS
SEC. 201. DEPARTMENT OF TRANSPORTATION APPROVAL
FOR QUALIFIED AMTRAK PROJECTS.
(a) AMENDMENT.—Part D of subtitle V of title 49,
United States Code, is amended by adding at the end the
following new chapter:
‘‘CHAPTER 263—HIGH-SPEED RAIL
INITIATIVES
‘‘Sec.
‘‘26301. Department of Transportation approval for qualified high-speed rail
projects.
‘‘26302. Qualified projects.
‘‘26303. State contribution requirements.’’.
‘‘§ 26301. Department of Transportation approval for
qualified high-speed rail projects
‘‘(a) IN GENERAL.—The written approval of a quali-
fied project by the Secretary of Transportation required
for purposes of subsection (e)(5) of section 54 of the Inter-
nal Revenue Code of 1986 (relating to credit to holders
of qualified Amtrak bonds) shall include—
‘‘(1) the finding by the Inspector General of the
Department of Transportation described in sub-
section (b);
‘‘(2) the certification by the Secretary of Trans-
portation described in subsection (c); and
‘‘(3) the agreement by the National Railroad
Passenger Corporation described in subsection (d).
‘‘(b) FINDING BY INSPECTOR GENERAL.—For pur-
poses of subsection (a), the finding described in this sub-
section is a finding by the Inspector General of the De-
partment of Transportation that there is a reasonable like-
lihood that the proposed project will result in a positive
financial contribution to the National Railroad Passenger
Corporation and that the investment evaluation process
includes consideration of a return on investment,
leveraging of funds (including State capital and operating
contributions), cost effectiveness, safety improvement, mo-
bility improvement, and feasibility.
‘‘(c) CERTIFICATION.—For purposes of subsection
(a), the certification described in this subsection is a cer-
tification by the Secretary of Transportation that the
issuer of the qualified Amtrak bond—
‘‘(1) except with respect to projects described in
section 54(j)(1)(C) of the Internal Revenue Code of
1986, has entered into a written agreement with the
owners of rail properties which are to be improved
by the project to be funded by the qualified Amtrak
bond, as to the scope and estimated cost of such
project and the impact on rail freight capacity; and
‘‘(2) has met the State contribution require-
ments described in section 26303.
The National Railroad Passenger Corporation shall not
exercise its rights under section 24308(a)(2) to resolve
disputes with respect to a project to be funded by a quali-
fied Amtrak bond, or with respect to the cost of such a
project, unless the project is intended to result in railroad
speeds of 79 miles per hour or less.
‘‘(d) AGREEMENT
BY AMTRAK TO ISSUE ADDI-
TIONAL BONDS FOR PROJECTS OF OTHER CARRIERS.—
‘‘(1) IN GENERAL.—For purposes of subsection
(a), the agreement described in this subsection is an
agreement by the National Railroad Passenger Cor-
poration with the Secretary of Transportation to
issue bonds which meet the requirements of section
54 of the Internal Revenue Code of 1986 for use in
financing projects described in paragraph (2).
‘‘(2) PROJECTS
COVERED.—For purposes of
paragraph (1), the projects described in this para-
graph are any project described in subsection
(j)(1)(B) or (j)(1)(C) of section 54 of the Internal
Revenue Code of 1986 for an intercity rail passenger
carrier other than the National Railroad Passenger
Corporation or for the Alaska Railroad.
‘‘(3) 
ADDITIONAL
REQUIREMENTS.—Any
project financed by bonds referred to in paragraph
(1) shall be carried out by the intercity rail pas-
senger carrier other than the National Railroad Pas-
senger Corporation, through a contract entered into
by the National Railroad Passenger Corporation
with such carrier. Such other intercity rail passenger
carrier, in carrying out the project, shall be subject
to the provisions of this subtitle governing the Na-
tional Railroad Passenger Corporation.
‘‘(4) DEFINITION.—For purposes of this sub-
section, the term ‘intercity rail passenger carrier’
means any rail carrier (as such term is defined in
section 24102(7)) that is part of the interstate sys-
tem of rail transportation and that provides intercity
rail passenger transportation (as such term is de-
fined in section 24102(5)).
‘‘(e) ADDITIONAL SELECTION CRITERIA.—In deter-
mining projects to be approved under this section (other
than projects for the Alaska Railroad), or to be included
in an agreement under subsection (d), the Secretary of
Transportation shall give preference to—
‘‘(1) any project with a State matching con-
tribution rate exceeding 20 percent;
‘‘(2) projects expected to have a significant im-
pact on air traffic congestion;
‘‘(3) projects expected to also improve com-
muter rail operations;
‘‘(4) projects that anticipate fares designed to
recover costs and generate a return on investment;
and
‘‘(5) projects that promote regional balance in
infrastructure investment and the national interest
in ensuring the development of a nationwide high-
speed rail transportation network.
‘‘§ 26302. Qualified projects
‘‘For purposes of this chapter—
‘‘(1) IN GENERAL.—The term ‘qualified project’
means—
‘‘(A) the acquisition, financing, or refi-
nancing of equipment, rolling stock, and other
capital improvements (including the introduc-
tion of new high-speed technologies such as
magnetic levitation systems), including track or
signal improvements or the elimination of grade
crossings, for the northeast rail corridor be-
tween Washington, D.C., and Boston, Massa-
chusetts;
‘‘(B) the acquisition, financing, or refi-
nancing of equipment, rolling stock, and other
capital improvements (including the introduc-
tion of new high-speed technologies such as
magnetic levitation systems), including develop-
ment of intermodal facilities, track or signal im-
provements, or the elimination of grade cross-
ings, 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, as in effect on the date of
the enactment of this section; and
‘‘(C) the acquisition, financing, or refi-
nancing of equipment, rolling stock, and other
capital improvements, including station rehabili-
tation or construction, development of inter-
modal facilities, track or signal improvements,
or the elimination of grade crossings, for the
improvement of train speeds or safety (or both)
for other intercity passenger rail corridors and
for the Alaska Railroad.
‘‘(2) REFINANCING
RULES.—For purposes of
paragraph (1), a refinancing shall constitute a quali-
railroad force account work necessary to complete
improvements below street grade, and any other nec-
essary improvements related to construction at the
railroad station at the James A. Farley Post Office
Building in New York City, New York.
‘‘(2) Any project described in subsection
(j)(1)(C) of section 54 of the Internal Revenue Code
of 1986 for the Alaska Railroad.
‘‘(c) STATE MATCHING CONTRIBUTIONS MAY NOT
INCLUDE FEDERAL FUNDS.—For purposes of this sec-
tion, State matching contributions shall not be derived, di-
rectly or indirectly, from Federal funds, including any
transfers from the Highway Trust Fund under section
9503 of the Internal Revenue Code of 1986.’’.
(b) TABLE OF CHAPTERS AMENDMENT.—The table
of chapters of subtitle V of title 49, United States Code,
is amended by inserting after the item relating to chapter
261 the following new item:
‘‘263. HIGH-SPEED RAIL INITIATIVES ........................................... 26301’’.
SEC. 202. MULTIYEAR CAPITAL SPENDING PLAN AND OVER-
SIGHT.
(a) AMENDMENT.—Chapter 243 of title 49, United
States Code, is amended by adding at the end the fol-
lowing new section:
‘‘§ 24316. Multiyear capital spending plan and over-
sight
‘‘(a) AMTRAK CAPITAL SPENDING PLAN.—
‘‘(1) IN
GENERAL.—The National Railroad
Passenger Corporation shall annually submit to the
President and Congress a multiyear capital spending
plan, as approved by the Board of Directors of the
Corporation.
‘‘(2) CONTENTS
OF
PLAN.—Such plan shall
identify the capital investment needs of the Corpora-
tion 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.
‘‘(3) 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.
‘‘(b) OVERSIGHT
OF QUALIFIED PROJECTS.—The
Secretary of Transportation shall contract for an annual
independent assessment of the costs and benefits of the
qualified projects financed by qualified Amtrak bonds pur-
suant to section 54 of the Internal Revenue Code of 1986,
including an assessment of the investment evaluation proc-
ess of the Corporation. The annual assessment shall be
included in the plan submitted under subsection (a).’’.
(b) TABLE OF SECTIONS AMENDMENT.—The table of
sections of chapter 243 of title 49, United States Code,
is amended by adding after the item relating to section
24315 the following new item:
‘‘24316. Multiyear capital spending plan and oversight.’’.
SEC. 203. ISSUANCE OF REGULATIONS.
The Secretary of Transportation shall issue regula-
tions for carrying out chapter 263 of title 49, United
States Code (as added by section 201 of this Act), not
later than 90 days after the date of the enactment of this
Act.
SEC. 204. SENSE OF CONGRESS REGARDING EFFECT ON
AMTRAK FUNDING.
It is the sense of the Congress that the proceeds of
qualified Amtrak bonds issued under section 54 of the In-
ternal Revenue Code of 1986 are intended to finance the
construction of qualified projects (as defined in section
26302 of title 49, United States Code, as added by section
201 of this Act) and are not intended to meet the regular,
ongoing capital funding needs of the National Railroad
Passenger Corporation.
SEC. 205. EFFECTIVE DATE.
The amendments made by this title shall apply to ob-
ligations issued after the date of the enactment of this
Act.
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