Rail Infrastructure Development and Expansion Act for the 21st Century

Bill: 108-hr-2571
Sponsor: Rep. Young, Don [R-AK-At Large]
Introduced: 2003-06-24 in the House
Policy area: Transportation and Public Works
Subjects: Administrative procedure
Air traffic
Alaska
Authorization
Collective bargaining
Department of Transportation
Economics and Public Finance
Electronic government information
Employee rights
Employee selection
Federal aid to transportation
Federally-guaranteed loans
Fees
Finance and Financial Sector
Government Operations and Politics
Government lending
Government paperwork
Government publicity
Government trust funds
Health
Highspeed ground transportation
Highway finance
Income tax
Industrial arbitration
Industrial relations
Infrastructure
Interest
Intermodal transportation
Internet
Interstate compacts
Joint ventures
Labor and Employment
Labor contracts
Law
Magnetic levitation vehicles
Maintenance and repair
Occupational health and safety
Railroad commuting traffic
Railroad employees
Railroad engineering
Railroad equipment
Railroad finance
Railroad freight operations
Railroad passenger traffic
Railroad safety
Railroad terminals
Railroads
Right-of-way
Science, Technology, Communications
Surety and fidelity
Tax credits
Tax exclusion
Tax-exempt securities
Taxation
Traffic congestion
Traffic signs and signals
User charges
Web sites

Summary:
action_date: 2003-06-24
text: 
Rail Infrastructure Development and Expansion Act for the 21st Century - Amends Federal rail transportation law to authorize the Secretary of Transportation to designate high-speed rail infrastructure bonds if: (1) the bonds are issued by a State, or one or more of the States that have entered into an interstate compact under the Amtrak Reform and Accountability Act of 1997, or by such compact; (2) such bonds are for financing projects that make a substantial contribution to providing the infrastructure required to complete a railroad passenger transportation corridor for high-speed intercity rail passenger service, or for projects for the Alaska Railroad; (3) for a railroad passenger transportation corridor design that includes the use of freight railroad rights-of-way, a written agreement exists between the applicant and the freight railroad regarding such use and other conditions are met; (4) the corridor design eliminates all existing railroad grade crossings that would impede high-speed rail operations; (5) the applicant agrees to comply with certain labor standards with respect to such project; and (6) the applicant agrees not to pay the principal or interest on the bonds using funds derived directly or indirectly from the Highway Trust Fund, except as permitted by existing law. Excludes the interest on such bonds from an individual's gross income.
 
Requires any entity providing high-speed intercity passenger railroad transportation to negotiate over hiring and working conditions with the collective bargaining agent or agents of the employees of any exisitng rail passenger service it might be replacing.
 
Amends the Internal Revenue Code to allow certain tax credits to holders of qualified high-speed rail infrastructure bonds. 
 
Makes corridor development activities (including the acquisition of locomotives, rolling stock, track, and signal equipment) eligible for Federal assistance. 
Amends specified Federal law to change from discretionary to mandatory the Secretary's authority to provide direct loans and loan guarantees for rail rehabilitation and improvement projects to State and local governments, interstate compacts, government sponsored authorities and corporations, railroads, and joint ventures that include at least one railroad.
action_date: 2003-09-18
text: 
Rail Infrastructure Development and Expansion Act for the 21st Century - (Sec. 2) Amends Federal rail transportation law to authorize the Secretary of Transportation to designate high-speed rail infrastructure bonds if: (1) the bonds are issued by a State, or one or more of the States that have entered into an interstate compact under the Amtrak Reform and Accountability Act of 1997, or by such compact; (2) such bonds are for financing projects that make a substantial contribution to providing the infrastructure required to complete a railroad passenger transportation corridor for high-speed intercity rail passenger service, or for projects for the Alaska Railroad; (3) for a railroad passenger transportation corridor design that includes the use of freight railroad rights-of-way, a written agreement exists between the applicant and the freight railroad regarding such use and other conditions are met; (4) the corridor design eliminates all existing railroad grade crossings that would impede high-speed rail operations; (5) the applicant agrees to comply with certain prevailing wage, health and safety, and employee protection labor standards with respect to such project; and (6) the applicant agrees not to pay the principal or interest on the bonds using funds derived directly or indirectly from the Highway Trust Fund, except as permitted by existing law. Excludes the interest on such bonds from an individual's gross income.
 
Limits the aggregate amount of private activity, Federal tax-exempt bonds, as well as tax-credit bonds, to $1.2 billion per year for each of FY 2004 through 2013.
 
Requires the Secretary to give preference to the designation of bonds for projects: (1) to be funded through a combination of both tax-exempt and tax-credit bonds; (2) which propose to link rail passenger service with other modes of transportation; (3) expected to have a significant impact on air traffic congestion; (4) expected also to improve commuter rail operations; (5) where all environmental work has already been completed and the project is ready to commence; or (6) that have received financial commitments and other support of State and local governments.
 
 
Requires the Secretary to grant or deny a requested bond designation within nine months after receipt of an application.
 
Excludes interest on designated bonds from a taxpayer's gross income, and the bonds themselves from any volume cap of the issuing authority under the Internal Revenue Code.
 
Allows issuance of designated bonds for refinancing projects only if the original indebtedness was originally incurred: (1) after the date of the enactment of this Act; (2) for a term of not more than three years; (3) to finance high-speed rail infrastructure projects; and (4) in anticipation of being refinanced with proceeds of a designated bond.
 
Subjects any entity providing high-speed intercity passenger railroad transportation that uses property acquired through designated bonds to the Railway Labor Act and the Railroad Retirement Act of 1974. Requires any such entity to enter into an agreement concerning priority hiring and working conditions with the collective bargaining agent or agents of the employees of any existing rail passenger service it might be replacing. Prescribes negotiating, arbitration, and service commencement requirements.
 
(Sec. 3) Amends the Internal Revenue Code to allow certain tax credits, determined according to a specified formula, to holders of qualified high-speed rail infrastructure bonds.
 
 Requires 95 percent of the proceeds from the sale of such bonds to be expended for one or more qualified projects within three years after issuance. Prescribes rules for continuing compliance with tax credit requirements after such three-year period. Requires the bond issuer to repay the United States the allowable credits, plus interest, if any such bond ceases to be qualified
 
(Sec. 4) Amends Federal transportation law known as the Swift Rail Development Act (or the Swift Act) to make corridor development activities (including the acquisition of locomotives, rolling stock, track, and signal equipment) eligible for Federal assistance. Authorizes appropriations for FY 2004 through 2011. 
(Sec. 5) Amends specified Federal law to change from discretionary to mandatory the Secretary's authority to provide direct loans and loan guarantees for rail rehabilitation and improvement projects to State and local governments, interstate compacts, government sponsored authorities and corporations, railroads, and joint ventures that include at least one railroad. 
 Extends the meaning of railroad, for rail rehabilitation and infrastructure financing (RRIF) program purposes, to include modern high-speed ground transportation technology such as magnetic levitation. 
Increases from $3.5 billion to $35 billion the aggregate unpaid principal amounts of obligations under direct loans and loan guarantees for the RRIF program at any one time. Increases from $1 million to $7 million the set-aside for projects primarily benefiting non-Class I freight railroads. Prohibits the Secretary from establishing any limit on the amount of one loan or loan guarantee issued under the program. 
Revises requirements for cohorts of loans, allowing inclusion of loans and loan guarantees.
 
Prohibits the Secretary from requiring a direct loan or loan guarantee applicant to provide collateral, or from having previously sought financial assistance from another source. Requires the Secretary to require such applicants to apply to their projects certain prevailing wage, health and safety, and employee protection labor standards.
 
Requires the Secretary to approve or disapprove an application within 90 days after its submission.
 
Prohibits the Secretary from assessing fees, including user fees, or charges in connection with a direct loan or loan guarantee.
 
Directs the Secretary to make publicly available and to publish on the Department's website the substantive criteria and standards used in rendering a decision to approve or disapprove an application.

action_date: 2003-11-06
text: 
Rail Infrastructure Development and Expansion Act for the 21st Century - (Sec. 2) Amends Federal transportation law known as the Swift Rail Development Act (or the Swift Act) to make corridor development activities (including the acquisition of locomotives, rolling stock, track, and signal equipment) eligible for Federal assistance. Authorizes appropriations for FY 2004 through 2011.
 
(Sec. 3) Amends specified Federal law to change from discretionary to mandatory the Secretary's authority to provide direct loans and loan guarantees for rail rehabilitation and improvement projects to State and local governments, interstate compacts, government sponsored authorities and corporations, railroads, and joint ventures that include at least one railroad. 
 Extends the meaning of railroad, for rail rehabilitation and infrastructure financing (RRIF) program purposes, to include modern high-speed ground transportation technology such as magnetic levitation. 
Increases from $3.5 billion to $35 billion the aggregate unpaid principal amounts of obligations under direct loans and loan guarantees for the RRIF program at any one time. Increases from $1 million to $7 million the set-aside for projects primarily benefiting non-Class I freight railroads. Prohibits the Secretary from establishing any limit on the amount of one loan or loan guarantee issued under the program. 
Revises requirements for cohorts of loans, allowing inclusion of loans and loan guarantees.
 
Prohibits the Secretary from requiring a direct loan or loan guarantee applicant to provide collateral, or from having previously sought financial assistance from another source. Requires the Secretary to require such applicants to apply to their projects certain prevailing wage, health and safety, and employee protection labor standards.
 
Requires the Secretary to approve or disapprove an application within 90 days after its submission.
 
Prohibits the Secretary from assessing fees, including user fees, or charges in connection with a direct loan or loan guarantee.
 
Directs the Secretary to make publicly available and to publish on the Department's website the substantive criteria and standards used in rendering a decision to approve or disapprove an application.


Legislative actions:
action_date: 2003-11-06
text: Placed on the Union Calendar, Calendar No. 206.
action_date: 2003-11-06
text: Reported (Amended) by the Committee on Ways and Means. H. Rept. 108-278, Part II.
action_date: 2003-11-06
text: Reported (Amended) by the Committee on Ways and Means. H. Rept. 108-278, Part II.
action_date: 2003-10-31
text: House Committee on Ways and Means Granted an extension for further consideration ending not later than Nov. 7, 2003.
action_date: 2003-10-28
text: Ordered to be Reported Without Recommendation (Amended) by Voice Vote.
action_date: 2003-10-28
text: Committee Consideration and Mark-up Session Held.
action_date: 2003-10-03
text: House Committee on Ways and Means Granted an extension for further consideration ending not later than Oct. 31, 2003.
action_date: 2003-09-18
text: House Committee on Ways and Means Granted an extension for further consideration ending not later than Oct. 3, 2003.
action_date: 2003-09-18
text: Reported (Amended) by the Committee on Transportation. H. Rept. 108-278, Part I.
action_date: 2003-09-18
text: Reported (Amended) by the Committee on Transportation. H. Rept. 108-278, Part I.
action_date: 2003-06-25
text: Ordered to be Reported by Voice Vote.
action_date: 2003-06-25
text: Committee Consideration and Mark-up Session Held.
action_date: 2003-06-24
text: Referred to the Committee on Transportation and Infrastructure, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2003-06-24
text: Referred to the Committee on Transportation and Infrastructure, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2003-06-24
text: Referred to the Committee on Transportation and Infrastructure, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2003-06-24
text: Introduced in House
action_date: 2003-06-24
text: Introduced in House