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SECTION 1. TAX-EXEMPT FINANCING OF ENERGY TRANSPORTATION INFRASTRUCTURE
NOT SUBJECT TO PRIVATE BUSINESS USE TESTS.

(a) In General.--Section 141(b)(6) of the Internal Revenue Code of
1986 (defining private business use) is amended by adding at the end
the following new subparagraph:
''(C) Exception for certain energy transportation
infrastructure.--
''(i) In general.--For purposes of the 1st
sentence of subparagraph (A), the operation or
use of any property described in clause (ii) by
any person which is not a governmental unit
shall not be considered a private business use.
''(ii) Property described.--For purposes of
clause (i), the following property is described
in this clause:
''(I) Any tangible property used to
transmit electricity at 230 or more
kilovolts if such property is placed in
service as part of a State or multi-
State effort to improve interstate
electricity transmission and is
physically located in not less than 2
States.
''(II) Any tangible property used
to transmit electricity generated from
renewable resources.
''(III) Any tangible property used
as a transmission pipeline for crude
oil or diesel fuel produced from coal
or other synthetic petroleum products
produced from coal if such property is
placed in service as part of a State or
multi-State effort to improve the
transportation of crude oil or diesel
fuel produced from coal or other
synthetic petroleum products produced
from coal.
''(IV) Any tangible property used
as a carbon dioxide transmission
pipeline if such property is placed in
service as part of a State or multi-
State effort to improve interstate or
intrastate efforts to develop
transportation infrastructure for
purposes of permanently sequestering
carbon dioxide.''.
(b) Exception to Private Loan Financing Test.--Section 141(c)(2) of
the Internal Revenue Code of 1986 (relating to exception for tax
assessment, etc., loans) is amended--
(1) by striking ''or'' at the end of subparagraph (B),
(2) by striking the period at the end of subparagraph (C)
and inserting '', or'', and
(3) by adding at the end the following new subparagraph:
''(D) enables the borrower to finance any property
described in subsection (b)(6)(C)(ii).''.
(c) Reduction of State Volume Cap by Amount of Energy
Transportation Infrastructure Financing.--Section 146 of the Internal
Revenue Code of 1986 (relating to volume cap) is amended by adding at
the end the following new subsection:
''(o) Reduction for Energy Transportation Infrastructure
Financing.--The volume cap of any issuing authority for any calendar
year shall be reduced by the amount of bonds issued as part of an issue
by such authority to provide for property described in section
141(b)(6)(C)(ii).''.
(d) Effective Date.--The amendments made by this section shall
apply to bonds issued after the date of the enactment of this Act and
before December 31, 2015.

SEC. 2. LIMITATION ON DISCRIMINATORY TAXATION OF CERTAIN PIPELINE
PROPERTY.

(a) Definitions.--For purposes of section:
(1) Assessment.--The term ''assessment'' means valuation
for a property tax levied by a taxing authority.
(2) Assessment jurisdiction.--The term ''assessment
jurisdiction'' means a geographical area used in determining
the assessed value of property for ad valorem taxation.
(3) Commercial and industrial property.--The term
''commercial and industrial property'' means property
(excluding pipeline property, public utility property, and land
used primarily for agricultural purposes or timber growth)
devoted to commercial or industrial use and subject to a
property tax levy.
(4) Pipeline property.--The term ''pipeline property''
means all property, real, personal, and intangible, owned or
used by a natural gas pipeline providing transportation or
storage of natural gas, subject to the jurisdiction of the
Federal Energy Regulatory Commission.
(5) Public utility property.--The term ''public utility
property'' means property (excluding pipeline property) that is
devoted to public service and is owned or used by any entity
that performs a public service and is regulated by any
governmental agency.
(b) Discriminatory Acts.--The acts specified in this subsection
unreasonably burden and discriminate against interstate commerce. A
State, subdivision of a State, authority acting for a State or
subdivision of a State, or any other taxing authority (including a
taxing jurisdiction and a taxing district) may not do any of the
following such acts:
(1) Assess pipeline property at a value that has a higher
ratio to the true market value of the pipeline property than
the ratio that the assessed value of other commercial and
industrial property in the same assessment jurisdiction has to
the true market value of the other commercial and industrial
property.
(2) Levy or collect a tax on an assessment that may not be
made under paragraph (1).
(3) Levy or collect an ad valorem property tax on pipeline
property at a tax rate that exceeds the tax rate applicable to
commercial and industrial property in the same assessment
jurisdiction.
(4) Impose any other tax that discriminates against a
pipeline providing transportation subject to the jurisdiction
of the Federal Energy Regulatory Commission.
(c) Jurisdiction of Courts; Relief.--
(1) Grant of jurisdiction.--Notwithstanding section 1341 of
title 28, United States Code, and notions of comity, and
without regard to the amount in controversy or citizenship of
the parties, the district courts of the United States shall
have jurisdiction, concurrent with other jurisdiction of the
courts of the United States, of States, and of all other taxing
authorities and taxing jurisdictions, to prevent a violation of
subsection (b).
(2) Relief.--Except as otherwise provided in this
paragraph, relief may be granted under this Act only if the
ratio of assessed value to true market value of pipeline
property exceeds by at least 5 percent the ratio of assessed
value to true market value of other commercial and industrial
property in the same assessment jurisdiction. If the ratio of
the assessed value of other commercial and industrial property
in the assessment jurisdiction to the true market value of all
other commercial and industrial property cannot be determined
to the satisfaction of the court through the random-sampling
method known as a sales assessment ratio study (to be carried
out under statistical principles applicable to such a study),
each of the following shall be a violation of subsection (b)
for which relief under this section may be granted:
(A) An assessment of the pipeline property at a
value that has a higher ratio of assessed value to the
true market value of the pipeline property than the
ratio of the assessed value of all other property
(excluding public utility property) subject to a
property tax levy in the assessment jurisdiction has to
the true market value of all other property (excluding
public utility property).
(B) The collection of an ad valorem property tax on
the pipeline property at a tax rate that exceeds the
tax rate applicable to all other taxable property
(excluding public utility property) in the taxing
jurisdiction.

SEC. 3. NATURAL GAS PIPELINE INTEGRITY REASSESSMENT INTERVALS BASED ON
RISK.

(a) In General.--Section 60109(c)(3)(B) of title 49, United States
Code, is amended by inserting '', until the Secretary issues
regulations basing the reassessment intervals on technical data, risk
factors, and engineering analysis, consistent with the recommendations
of the Comptroller General of the United States in Report 06-945''
after ''subparagraph (A)''.
(b) Effective Date.--The amendment made by this section shall take
effect on the date of the enactment of this Act.
Output:
Amends the Internal Revenue Code to: (1) modify tax-exempt bond financing rules to exclude from the private business use and private loan financing tests certain property used to transmit electricity or carbon dioxide or to transport crude oil and other petroleum products; and (2) reduce the state volume cap for tax-exempt bonds by the amount of bonds issued for such property.

Describes the following as acts that unreasonably burden and discriminate against interstate commerce, and prohibits states, political subdivisions, and any other taxing authority from: (1) assessing natural gas pipeline property at a value that has a higher ratio to its true market value than the ratio used to assess other commercial and industrial property in the same assessment jurisdiction; (2) levying or collecting a tax on such an assessment; (3) levying or collecting an ad valorem property tax on natural gas pipeline property at a rate that exceeds the rate applicable to commercial and industrial property in the same assessment jurisdiction; or (4) imposing any other tax that discriminates against a natural gas pipeline providing transportation subject to the jurisdiction of the Federal Energy Regulatory Commission.

Grants jurisdiction to U.S. District Courts and provides specified relief for claims of discriminatory taxation of natural gas pipeline property.

Amends federal transportation law to modify the criteria for natural gas pipeline integrity reassessments to require the Secretary of Transportation to issue regulations basing the intervals for reassessments on certain technical data, risk factors, and engineering analysis.