A bill 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.

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''.
    (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 provision, 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 improvement of the 
        national transportation network is a national priority, for 
        economic, environmental, energy, security, and other reasons.
            (3) The ability to move people and goods is critical 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, 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 infrastructure needs and 
        improve its economic productivity.
            (6) Investment in transportation infrastructure creates 
        jobs and spurs economic activity to put people back to work and 
        stimulate the economy.
            (7) Every billion dollars in transportation investment has 
        the potential to create up to 30,000 jobs.
            (8) Every dollar invested in the Nation's transportation 
        infrastructure yields at least $5.70 in economic benefits 
        because of reduced delays, improved safety, and reduced vehicle 
        operating costs.
            (9) Numerous experts have noted that the estimated 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 capital investments.

SEC. 3. CREDIT TO HOLDERS OF TRIP BONDS.

    (a) In General.--Subpart I of part IV of subchapter 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 proceeds of such 
        issue are to be used for expenditures incurred after the date 
        of the enactment of this section 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 infrastructure 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 subsection (e),
            ``(6) the State infrastructure bank certifies that it meets 
        the State contribution requirement of subsection (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 improvements to any 
transportation infrastructure project of any governmental unit or other 
person, including roads, bridges, rail and transit systems, ports, and 
inland waterways proposed and approved by a State infrastructure bank, 
but does not include costs of operations or maintenance with respect to 
such project.
    ``(c) Applicable Credit Rate.--In lieu of section 54A(b)(3), for 
purposes of section 54A(b)(2), the applicable 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 Designated.--
            ``(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 limitation.--If for any 
        calendar year the TRIP bond limitation amount under paragraph 
        (2) exceeds the amount of TRIP bonds issued during such year, 
        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 Expenditures.--
            ``(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 construction, with respect 
                to such projects within the 12-month period beginning 
                on such date, and
                    ``(C) to proceed with due diligence to complete 
                such projects and to spend the proceeds of such issue.
            ``(2) Rules regarding continuing compliance after 5-year 
        determination.--To the extent 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 (determined 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
            ``(2) interest at the underpayment rate under section 6621 
        on the amount determined under paragraph (1) for each calendar 
        year for the period beginning 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 described in 
                subparagraph (A), (B), or (C).
            ``(2) Appropriation of revenues.--There is hereby 
        transferred to the TRIP Bonds Trust Account an amount equal to 
        the lesser of--
                    ``(A) the revenues resulting from the imposition of 
                fees pursuant to section 13031 of the Consolidated 
                Omnibus Budget Reconciliation Act of 1985 (19 U.S.C. 
                58c) for fiscal years beginning after September 30, 
                2011, or
                    ``(B) $50,000,000,000.
            ``(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.
            ``(6) Investment.--Subject to subsections (e) and (f), it 
        shall be the duty of the Secretary to invest 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, 
        investments 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 contributions 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 qualified 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 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 
qualified 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 infrastructure 
                bank' means a State infrastructure bank established 
                under section 610 of title 23, United States Code, and 
                includes a joint venture among 2 or more State 
                infrastructure banks.
                    ``(B) Special authority.--Notwithstanding any other 
                provision of law, a State infrastructure bank shall be 
                authorized to perform 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.
            ``(2) Credits may be transferred.--Nothing 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 agreements.
            ``(3) Prohibition on use of highway trust fund.--
        Notwithstanding any other provision of law, no funds derived 
        from the Highway Trust Fund established 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 Internal Revenue 
        Code of 1986 is amended--
                    (A) by striking ``or'' at the end of subparagraph 
                (D),
                    (B) by inserting ``or'' at the end of subparagraph 
                (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 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 amended--
            (1) by striking ``January 7, 2020'' in subparagraph (A) and 
        inserting ``January 7, 2048'', and
            (2) by striking ``January 14, 2020'' in subparagraph (B)(i) 
        and inserting ``January 14, 2048''.

Summary: Transportation and Regional Infrastructure Project Bonds Act of 2011 or TRIP Bonds Act - Amends the Internal Revenue Code to allow an income tax credit for any TRIP bond issued by a state infrastructure bank as part of an issue, if 100% of the available project proceeds from such issue are to be used for expenditures incurred for one or more qualified projects. Requires proceeds from the sale of bonds issued under this Act to be held in a TRIP Bonds Trust Account.

Defines "qualified project" as the capital improvements to any transportation infrastructure project (including roads, bridges, rail and transit systems, ports, and inland waterways) proposed and approved by a state infrastructure bank.

Amends the Consolidated Omnibus Budget Reconciliation Act of 1985 to extend certain customs fees for the processing of merchandise entered into the United States through specified dates in 2048.