BUILD Act

Bill: 117-hr-451
Sponsor: full_name: Rep. Blumenauer, Earl [D-OR-3]
Introduced: 2021-01-25
Policy area: Taxation
Subjects: Income tax exclusion

Motor carriers

Railroads

Roads and highways

Securities

State and local finance

Transportation programs funding

Wages and earnings
Latest action: action_date: 2021-01-25
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2021-01-25
action_desc: Introduced in House
text: <p><b>Building United States Infrastructure and Leveraging Development Act or the BUILD Act</b></p> <p>This bill increases from $15 billion to $30 billion the national limitation on the amount of tax-exempt highway or surface freight transfer facility bonds.</p> <p>The bill also applies the prevailing wage requirements of the Davis-Bacon Act to projects funded by bond issues.</p>

tv_txt: I 117th CONGRESS 1st Session H. R. 451 IN THE HOUSE OF REPRESENTATIVES January 25, 2021 Mr. Blumenauer (for himself and Mr. Rodney Davis of Illinois ) introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to increase the national limitation amount for qualified highway or surface freight transfer facility bonds.

1. Short title This Act may be cited as the Building United States Infrastructure and Leveraging Development Act or the BUILD Act . 2. Increase national limitation amount for qualified highway or surface freight transfer facility bonds (a) In general Section 142(m)(2)(A) of the Internal Revenue Code of 1986 is amended by striking $15,000,000,000 and inserting $30,000,000,000 . (b) Application of Davis-Bacon Act requirements Section 142(m) is amended by adding at the end the following new paragraph: (5) Application of Davis-Bacon Act requirements If any proceeds of any issue are used for construction, alteration, or repair of any facility otherwise described in paragraph (15) of subsection (a), such facility shall be treated for purposes of subsection (a) as described in such paragraph only if each entity that receives such proceeds to conduct such construction, alteration, or repair agrees to comply with the provisions of subchapter IV of chapter 31 of title 40, United States Code with respect to such construction, alteration, or repair. . (c) Effective date The amendments made by this section shall apply to bonds issued after the date of the enactment of this Act.