Title: Toll Credit Marketplace Act
Policy area: Transportation and Public Works

Summary:
Toll Credit Marketplace Act
This bill directs the Department of Transportation to establish and implement in at least 10 states a five-year pilot program to develop a toll credit marketplace for states to buy and sell toll credits. States may use funds from the sale of toll credits to offset the non-federal share of the cost of any transportation project.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 2954 Introduced in Senate (IS)]

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116th CONGRESS
  1st Session
                                S. 2954

  To establish a pilot toll credit marketplace program, and for other 
                               purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           November 21, 2019

  Mrs. Shaheen (for herself and Mr. Booker) introduced the following 
bill; which was read twice and referred to the Committee on Environment 
                            and Public Works

_______________________________________________________________________

                                 A BILL


 
  To establish a pilot toll credit marketplace program, and for other 
                               purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Toll Credit Marketplace Act''.

SEC. 2. TOLL CREDIT MARKETPLACE PILOT PROGRAM.

    (a) Definitions.--In this section:
            (1) Pilot program.--The term ``pilot program'' means the 
        toll credit marketplace pilot program established under 
        subsection (b).
            (2) Secretary.--The term ``Secretary'' means the Secretary 
        of Transportation.
            (3) State.--The term ``State'' has the meaning given the 
        term in section 101 of title 23, United States Code.
            (4) Toll credit.--The term ``toll credit'' means the credit 
        that can be used toward the non-Federal share requirement under 
        section 120(i) of title 23, United States Code.
            (5) Toll credit marketplace.--The term ``toll credit 
        marketplace'' means a market in which toll credits can be 
        purchased and sold by States participating in the pilot 
        program.
    (b) Establishment of Pilot Program.--Not later than 1 year after 
the date of enactment of this Act, the Secretary shall establish and 
implement a pilot program to develop a toll credit marketplace for 
States to buy and sell toll credits in accordance with this section.
    (c) Purposes.--The purposes of the pilot program are--
            (1) to identify the extent of the demand to purchase toll 
        credits;
            (2) to identify the cash price of toll credits through 
        bilateral transactions between participating States;
            (3) to analyze the impact of the purchase or sale of toll 
        credits on transportation expenditures; and
            (4) to test the feasibility of expanding the toll credit 
        market to allow all States to participate on a permanent basis.
    (d) Participants.--The Secretary shall select not fewer than 10 
States to participate in the pilot program.
    (e) Administration.--In carrying out the pilot program, the 
Secretary--
            (1) shall establish procedures for a toll credit 
        marketplace;
            (2) not later than 90 days after the date of enactment of 
        this Act, shall provide notice to States that the Secretary is 
        requesting participants for the pilot program; and
            (3) shall allow to participate in the pilot program--
                    (A) a State that maintains a toll credit balance 
                accumulated before the date of enactment of this Act;
                    (B) a State that does not maintain infrastructure 
                for the collection of toll credits; and
                    (C) a State that has not accumulated a toll credit 
                balance.
    (f) Transfer or Sale of Toll Credits.--
            (1) In general.--In carrying out the pilot program, the 
        Secretary shall allow a participating State to sell a toll 
        credit not previously used by the State under section 120(i) of 
        title 23, United States Code.
            (2) Requirement.--A State participating in the toll credit 
        marketplace shall be subject to section 120(i)(2) of title 23, 
        United States Code.
            (3) Website support.--The Secretary shall establish an 
        online platform that allows participating States to offer and 
        bid on toll credit purchases.
            (4) Oversight.--
                    (A) In general.--The Secretary may--
                            (i) review any purchase and sale of a toll 
                        credit under the pilot program; and
                            (ii) limit or prohibit a purchase or sale 
                        of a toll credit under the pilot program if the 
                        Secretary determines that the purchase or sale 
                        is not consistent with the purposes of the 
                        pilot program.
                    (B) Appeal.--If the Secretary limits or prohibits a 
                purchase or sale of a toll credit under subparagraph 
                (A)(ii)--
                            (i) the Secretary shall provide to the 
                        State notice of that determination;
                            (ii) not later than 30 days after the date 
                        on which the State receives the notice under 
                        clause (i), the State may request that the 
                        Secretary reconsider the determination; and
                            (iii) not later than 60 days after the date 
                        on which the Secretary receives a request under 
                        clause (ii), the Secretary shall make a 
                        determination on the request.
    (g) Use of Toll Credits and Funds.--
            (1) Use of toll credits by purchaser.--A participating 
        State shall use a toll credit purchased under the pilot program 
        toward the non-Federal share requirement for a project carried 
        out under title 23 or chapter 53 of title 49, United States 
        Code, in accordance with section 120(i) of title 23, United 
        States Code.
            (2) Use of proceeds from sale of toll credits.--A 
        participating State shall use the proceeds from the sale of a 
        toll credit under the pilot program for a project eligible for 
        assistance under title 23 or chapter 53 of title 49, United 
        States Code.
    (h) Metropolitan Planning Organization and Local Government Toll 
Credit Allocation.--
            (1) Purchase of toll credits.--On request of a metropolitan 
        planning organization or local government in the State, and 
        with a timely payment of the amount of the toll credits, a 
        State may purchase toll credits under this section on behalf of 
        the metropolitan planning organization or local government.
            (2) Allocation of toll credits.--On approval of the 
        relevant metropolitan planning organization or local 
        government, a State may allocate toll credits purchased by the 
        State for use by the metropolitan planning organization or 
        local government.
    (i) Limitation on Use of Federal Funds for the Purchase of Toll 
Credits.--A State, metropolitan planning organization, or local 
government may not use Federal funds to purchase toll credits on the 
toll credit marketplace.
    (j) Reporting Requirements.--
            (1) State report.--Not later than 30 days after each 
        purchase or sale in the toll credit marketplace under the pilot 
        program--
                    (A) the State that sold the toll credit shall 
                provide to the Secretary information on the 
                transaction, including--
                            (i) the amount of cash received;
                            (ii) the value of the toll credit sold;
                            (iii) the intended use of the cash; and
                            (iv) the remaining toll credit balance of 
                        the State; and
                    (B) the State that purchased the toll credit shall 
                provide to the Secretary information on--
                            (i) the value of the toll credit purchased; 
                        and
                            (ii) the anticipated use of the toll 
                        credit.
            (2) Annual reports.--Not later than 1 year after the date 
        on which the pilot program is established under subsection (b) 
        and each year thereafter for the duration of the pilot program, 
        the Secretary shall submit to the Committee on Environment and 
        Public Works of the Senate and the Committee on Transportation 
        and Infrastructure of the House of Representatives a report on 
        the progress of the toll credit marketplace.
            (3) Final report.--Not later than the date on which the 
        pilot program terminates under subsection (l), the Secretary 
        shall--
                    (A) submit to the Committee on Environment and 
                Public Works of the Senate and the Committee on 
                Transportation and Infrastructure of the House of 
                Representatives a report that--
                            (i) evaluates whether a toll credit 
                        marketplace is viable;
                            (ii) describes the buying and selling 
                        activities of the toll credit marketplace;
                            (iii) determines the average sales price of 
                        toll credits;
                            (iv) evaluates whether the pilot program 
                        could be expanded to more States or all States;
                            (v) provides updated information on the 
                        toll credit balance accumulated by each State; 
                        and
                            (vi) describes the list of projects that 
                        were assisted by the pilot program; and
                    (B) make the report under subparagraph (A) publicly 
                available on the website of the Secretary.
    (k) GAO Report.--After the end of the first year during which the 
toll credit marketplace is in operation, the Comptroller General of the 
United States shall--
            (1) conduct a study on the performance of the toll credit 
        marketplace; and
            (2) submit to Congress a report that includes--
                    (A) an evaluation regarding whether the pilot 
                program is successful; and
                    (B) any recommendations on how to improve the pilot 
                program.
    (l) Sunset.--The pilot program shall terminate on the date that is 
5 years after the date on which the pilot program is established.
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