,i  #aad? ,,congress  #a/ ,session  ,h4 
,r4 #bagb  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,april #cj1 #bjae ,mr4
 ,lip9ski 7= himself & ,mr4 ,duncan (   
,t5nessee7 introduc$ ! foll[+ bill2 :i* 
0 ref]r$ to ! ,committee on             
,transportation & ,infra/ructure  ,a    
,,bill  ,to e/abli% a pilot toll cr$it  
m>ket place program1 & = o!r purposes4  
#a4 ,toll cr$it m>ketplace pilot program
  7a7 ,9 g5]al ,n lat] ?an #a ye> aft] !
 date ( enactm5t ( ?is ,act1 ! ,secret>y
 %all e/abli% & implem5t a pilot program
 to develop a toll cr$it m>ketplace =   
,/ates to buy & sell toll cr$its4  7b7  
,purposes ,! purposes ( ! pilot program 
are-- 7#a7 to id5tify :e!r a monet>y    
value c be assign$ to toll cr$its2  7#b7
 to id5tify ! disc\nt$ rate ( toll      
cr$its = ca%2  7#c7 to det]m9e if !     
pur*ase ( toll cr$its by ,/ates provides
 ! pur*as+ ,/ate budget flexibility to  
deal ) fund+ issues1 includ+ (f-sy/em   
ne$s1 transit sy/ems ) high op]at+ co/s1
 or ca% fl[ issues2 &  7#d7 to te/ !    

feasibility ( exp&+ ! toll cr$it m>ket  
to all[ all ,/ates to p>ticipate on a   
p]man5t basis4  7c7 ,adm9i/ration (     
pilot program ,9 c>ry+ out ! pilot      
program "u ?is ,act1 ! ,secret>y1 work+ 
?r\gh ! ,adm9i/rator ( ! ,f$]al ,highway
 ,adm9i/ration1 %all det]m9e h[ a toll  
cr$it m>ketplace w "w &--  7#a7 e/abli% 
an onl9e plat=m t all[s p>ticipat+      
,/ates to (f] & bid on toll cr$it       
pur*ases2  7#b7 n lat] ?an #ij days aft]
 ! date ( enactm5t ( ?is ,act1 provide  
notice to ,/ates t ! ,f$]al ,highway    
,adm9i/ration reque/s p>ticipants = !   
toll cr$it m>ketplace2  7#c7 all[ ,/ates
 t ma9ta9 a toll cr$it balance          
accumulat$ be=e ! enactm5t ( ?is ,act & 
,/ates t d n ma9ta9 infra/ructure = !   
collection ( toll cr$its or h n         
accumulat$ a toll cr$it balance to      
p>ticipate 9 ! pilot program2 &  7#d7 n 
all[ a ,/ate to pur*ase or sell toll    
cr$its 9 an am\nt t is less ?an #e p]c5t
 ( ! toll cr$it's value if appli$ z a   
non-,f$]al %>e requirem5t "u section    

#abj7;i77#a7 ( title #bc1 ,unit$ ,/ates 
,code4  7d7 ,report+ requirem5ts  7#a7  
,initial report ,n lat] ?an #ahj days   
aft] notice ( ! pilot program is provid$
 to ! ,/ates "u subsection 7c77#b71 !   
,secret>y %all notify ! ,committee on   
,transportation & ,infra/ructure ( !    
,h\se ( ,repres5tatives & ! ,committee  
on ,environm5t & ,public ,works ( !     
,s5ate on ! progress ( ! toll cr$it     
m>ketplace4  7#b7 ,/ate report ,n lat]  
?an #cj days aft] a pur*ase or sale 9 ! 
toll cr$it m>ketplace1 a ,/ate sell+    
toll cr$its %all provide ! ,adm9i/rator 
( ! ,f$]al ,highway ,adm9i/ration )     
in=mation on ! transaction1 ! am\nt (   
ca% receiv$ & ! value ( toll cr$its     
sold1 on ! int5d$ use ( ! ca%1 & an     
update on ! ,/ate's rema9+ toll cr$it   
balance4 ,a ,/ate pur*as+ toll cr$its   
%all provide ! ,adm9i/rator ( ! ,f$]al  
,highway ,adm9i/ration ) in=mation on ! 
value ( toll cr$its pur*as$1 !          
anticipat$ use ( ! toll cr$its1 & plans 
= ma9ta9+ ma9t5ance ( ef=t = sp5d+ on   

,f$]al-aid highways projects4  7#c7     
,annual report ,n lat] ?an #a ye> & aft]
 notice is giv5 "u subsection 7c77#b7 & 
ea* ye> !reaft] t ! pilot program is 9  
effect1 ! ,secret>y %all submit a report
 to ! ,committee on ,transportation &   
,infra/ructure ( ! ,h\se (              
,repres5tatives & ! ,committee on       
,environm5t & ,public ,works ( ! ,s5ate 
& make su* report publicly available on 
its website t--  7,a7 det]m9es :e!r a   
toll cr$it m>ketplace is viable2  7,b7  
describes ( ! buy+ & sell+ activities ( 
! toll cr$it m>ketplace2  7,c7 det]m9es 
( ! monet>y value ( toll cr$its2  7,d7  
det]m9es :e!r ! pilot program c\ld be   
exp&$ to m ,/ates & or all ,/ates2 &    
7,e7 provides updat$ in=mation on ! toll
 cr$it balance accumulat$ by ea* ,/ate4 
7e7 ,def9itions  7#a7 ,secret>y ,! t]m  
,secret>y means ! ,secret>y (           
,transportation4  7#b7 ,toll cr$it ,!   
t]m toll cr$it means ! cr$it t c be us$ 
= non-,f$]al %>e "u section #abj7;i7 (  
title #bc1 ,unit$ ,/ates ,code4  7#c7   

,toll cr$it m>ketplace ,! t]m toll cr$it
 m>ketplace means a m>ket :]e toll      
cr$its c be pur*as$ & sold by ,/ates    
p>ticipat+ 9 ! pilot program4  7#d7     
,/ate ,! t]m ,/ate means ea* ( ! #ej    
,/ates1 ! ,di/rict ( ,columbia1 ,pu]to  
,rico1 & any t]ritory or possession ( ! 
,unit$ ,/ates1 includ+ ! ,virg9 ,isl&s4 
7f7 ,ma9t5ance ( ef=t ,a ,/ate          
p>ticipat+ 9 ! toll cr$it m>ketplace    
%all cont9ue to be subject to           
requirem5ts ( section #abj7;i77#b7 (    
title #bc1 ,unit$ ,/ates ,code4  7g7    
,use ( funds receiv$ = ! sale  7#a7     
,c]tification ,a ,/ate receiv+ funds 9  
ex*ange = a toll cr$it %all be requir$  
to c]tify t ! proce$s w be us$ =        
highway1 transit1 & o!r relat$ projects 
& mu/ receive approval f ! ,f$]al       
,highway ,adm9i/ration be=e exp5d+ su*  
funds4  7#b7 ,approval ,n lat] ?an #cj  
days aft] ! receipt ( a c]tification "u 
p>agraph 7#a71 ! ,f$]al ,highway        
,adm9i/ration %all s5d a notice (       
decision approv+ or reject+ ! ,/ate's   

submission4 ,a notice ( disapproval %all
 be accompani$ by an explanation ( !    
gr\nds = disapproval & provide          
recomm5dations = resubmitt+ a           
c]tification t w be approv$4  7#c7      
,appeal ,n lat] ?an #cj days aft] a     
,/ate receives a notice ( decision to   
reject its submission1 su* ,/ate may    
appeal ! decision to ! ,secret>y (      
,transportation :o1 n lat] ?an #fj days 
aft] receipt1 %all review & adjudicate  
su* appeal4  7h7 ,metropolitan plann+   
organization & local gov]nm5t toll cr$it
 allocation  7#a7 ,pur*ase ( toll cr$its
 ,^u reque/ ( an int]e/$ metropolitan   
plann+ organization or local gov]nm5t1 a
 ,/ate may pur*ase toll cr$its on behalf
 ( a metropolitan plann+ organization or
 local gov]nm5t ^u reque/ & timely      
paym5t ( ! am\nt ( su* cr$its by su*    
organization or gov]nm5t4  7#b7         
,allocation ( toll cr$its ,a ,/ate      
pur*as+ toll cr$its )\t prior reque/s f 
a metropolitan plann+ organization or   
local gov]nm5t may allocate ^? toll     

cr$its = use by a metropolitan plann+   
organization or local gov]nm5t ^u       
approval by ! bo>d ( lead]%ip ( su*     
metropolitan plann+ organization or     
local gov]nm5t4  7i7 ,limitation on use 
( ,f$]al funds = ! pur*ase ( toll cr$its
  7#a7 ,limitation on ,f$]al funds ,a   
,/ate1 metropolitan plann+ organization1
 or local gov]nm5t may n use ,f$]al     
funds to pur*ase toll cr$its on ! toll  
cr$it m>ketplace4  7#b7 ,use ( toll     
cr$its ,any recipi5t ( ,f$]al fund+ "u  
,title #bc or ,title #di t pur*ases toll
 cr$its "u ?is ,act may n use su* toll  
cr$its = m ?an #aj p]c5t ( its annual   
apportionm5t 9 any fiscal ye>4  #b4     
,toll cr$it eligibility z collat]al "u !
 ,railroad ,rehabilitation & ,improvem5t
 ,f9anc+ ,program ,section #hbb7;f7 (   
title #de1 ,unit$ ,/ates ,code1 is am5d$
 by add+ aft] section #hbb7;f77#b77;,a7 
! foll[+3  7i7 collat]al t is eligible =
 use 9 an application includes cr$its   
e>n$ "u section #abj7;i7 ( title #bc1   
,unit$ ,/ates ,code4  4