plicant has shown reasonable diligence in seeking the 
most favorable financing terms. 
(b) AMOUNTS.—The total estimated amount of fu-
ture obligations of the Government and contingent com-
mitments to incur obligations covered by all full funding 
grant agreements may be not more than the greater of 
the amount authorized to carry out this section or an 
amount equivalent to the last 2 fiscal years of funding au-
thorized to carry out this section less an amount the Sec-
retary reasonably estimates is necessary for grants under 
this section not covered by a full funding grant agreement. 
The total amount covered by full funding grant agree-
ments may be not more than a limitation specified in law. 
SEC. 106. GRANT REQUIREMENTS. 
(a) HIGHWAY CONSTRUCTION PROJECTS.—A grant 
for the construction of a highway under this title shall be 
subject to all of the requirements of title 23, United States 
Code. 
(b) OTHER TERMS
AND CONDITIONS.—The Sec-
retary shall require that all grants under this title be sub-
ject to all terms, conditions, and requirements that the 
Secretary decides are necessary or appropriate for pur-
poses of this section, including requirements for the dis-
position of net increases in the value of real property re-
sulting from the project assisted under this title. 
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(c) GOVERNMENT’S SHARE
OF PROJECT COST.— 
Based on engineering studies, studies of economic feasi-
bility, and information on the expected use of equipment 
or facilities, the Secretary shall estimate the cost of a 
project receiving assistance under this title. A grant for 
the project shall not exceed 80 percent of the project cost. 
SEC. 107. ANNUAL REPORT. 
Not later than the first Monday in February the year 
after the date of enactment of this Act and each year 
thereafter, the Secretary shall submit to the Committees 
on Transportation and Infrastructure and Appropriations 
of the House of Representatives and the Committees on 
Commerce, Science, and Transportation and Appropria-
tions of the Senate a report that includes— 
(1) a proposal on the allocation of amounts to 
be made available to finance grants under this sec-
tion; 
(2) evaluations and ratings, as required under 
section 104(e); and 
(3) recommendations of projects for funding 
based on the evaluations and ratings and on existing 
commitments and anticipated funding levels for the 
next 3 fiscal years and for the next 10 fiscal years 
based on information currently available to the Sec-
retary. 
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SEC. 108. APPLICABILITY OF TITLE 23. 
Funds made available to carry out this title shall be 
available for obligation in the same manner as if such 
funds were apportioned under chapter 1 of title 23, United 
States Code, except that such funds shall not be transfer-
able and shall remain available until expended and the 
Federal share of the cost of a project under this section 
shall be as provided in this title. 
SEC. 109. REGULATIONS. 
Not later than 180 days after the date of enactment 
of this Act, the Secretary of Transportation shall issue 
regulations to carry out this title. 
TITLE II—FUNDING 
SEC. 201. ESTABLISHMENT OF NATIONAL FREIGHT MOBIL-
ITY INFRASTRUCTURE FUND. 
(a) ESTABLISHMENT OF THE FUND.—There is estab-
lished in the Treasury a separate account which shall be 
known as the ‘‘National Freight Mobility Infrastructure 
Fund’’ (in this section referred to as the ‘‘Fund’’). 
(b) DEPOSITS INTO THE FUND.—The account shall 
consist of amounts transferred to the Fund under section 
4286 of the Internal Revenue Code of 1986. 
(c) EXPENDITURES FROM FUND.— 
(1) IN
GENERAL.—Amounts in the account 
shall be made available to the Secretary of Trans-
portation for each of the fiscal years 2011 to 2036, 
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without further appropriation, for making expendi-
tures to meet the obligations of the United States to 
carry out this Act. 
(2) ADMINISTRATIVE
EXPENSES.—Not more 
than 4 percent of the amounts made available to the 
Secretary under this section for a fiscal year may be 
used for administrative expenses of the Secretary in 
carrying out this Act. 
SEC. 202. FREIGHT MOBILITY INFRASTRUCTURE TAX. 
(a) IMPOSITION OF TAX.—Chapter 33 of the Internal 
Revenue Code of 1986 is amended by adding after sub-
chapter C the following new subchapter: 
‘‘Subchapter D—Transportation by Freight 
Rail and Highway 
‘‘Sec. 4286. Imposition of tax. 
‘‘SEC. 4286. IMPOSITION OF TAX. 
‘‘(a) IN GENERAL.—There is hereby imposed upon 
taxable ground transportation of property within the 
United States a tax equal to 1 percent of the fair market 
value of such transportation. 
‘‘(b) FAIR MARKET VALUE OF TAXABLE GROUND 
TRANSPORTATION.— 
‘‘(1) TRANSPORTATION
BY
UNRELATED
PER-
SONS.—In the case of amounts paid to an unrelated 
person engaged in the business of transporting prop-
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