,i #aaeth ,,congress #ast ,session ,h4 ,r4 #affd ,,in ,,the ,,house ,,of ,,representatives ,march #bb1 #bjag ,mr4 ,de,fazio introduced the following bill2 which was referred to the ,committee on ,ways and ,means1 and in addition to the ,committee on ,transportation and ,infrastructure1 for a period to be subsequently determined by the ,speaker1 in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned ,a ,,bill ,to amend the ,internal ,revenue ,code of #aihf to index the gas and diesel tax and rebuild our roads1 bridges1 and transit systems4 #a4 ,short title ,this ,act may be cited as the ,investing in ,america3 ,a ,penny for ,progress ,act4 #b4 ,double indexation of gasoline and diesel fuels tax 7a7 ,in general ,paragraph 7#b7 of section #djha7;a7 of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following new subparagraph3 7,e7 ,index for highway construction cost inflation and fuel efficiency 7i7 ,in general ,in the case of any calendar year after #bjag1 the #ah4c cents rate in subparagraph 7,a77i71 the #bd4c cents rate in subparagraph 7,a77iii71 and the #ai4g cents rate in subparagraph 7,d71 shall each be increased by an amount equal to-- 7,i7 such dollar amount1 multiplied by 7,,ii7 the double indexation for the calendar year4 ,any increase determined under this subparagraph shall be rounded to the nearest tenth of a cent4 7ii7 ,exception for fuel used in aviation ,the adjustment under clause 7i7 shall not apply with respect to the rate of tax under subparagraph 7,a77iii7 for fuel referred to in subparagraph 7,c74 7iii7 ,special rules to stabilize rates 7,i7 ,if an adjustment of rates under clause 7i7 for a calendar year would result in rates in subparagraphs 7,a77i71 7,a77iii71 and 7,d7 in effect for the calendar year greater than #a4e cents more than the rates in effect under such subparagraphs for the preceding calendar year-- 7aa7 the rates in subparagraphs 7,a77i71 7,a77iii71 and 7,d7 for the calendar year shall be the rates in effect under such subparagraphs for the preceding calendar year plus #a4e cents1 7bb7 any adjustment of rates that would have occurred under clause 7i7 if item 7aa7 were not in effect shall be applied under that clause-- 7,,aa7 in the succeeding calendar year or years after the rate is established under clause 7i7 for that year1 and 7,,bb7 until the cumulative adjustment of rates equals the adjustment that would have applied under clause 7i7 if item 7aa7 were not in effect1 and 7cc7 an adjustment of rates under item 7bb7 remains subject to item 7aa74 7,,ii7 ,if an adjustment of rates under clause 7i7 for a calendar year would result in rates in subparagraphs 7,a77i71 7,a77iii71 and 7,d7 in effect for the calendar year less than the rates in effect under such subparagraphs for the preceding calendar year-- 7aa7 no adjustment of such rates shall be made for the calendar year1 and 7bb7 the rates in subparagraphs 7,a77i71 7,a77iii71 and 7,d7 for the calendar year shall be the rates in effect under such subparagraphs for the preceding calendar year4 7iv7 ,double indexation ,for purposes of clause 7i71 the double indexation for any calendar year is the sum of-- 7,i7 the highway construction cost adjustment1 and 7,,ii7 the ,,cafe fuel saved adjustment4 7v7 ,highway construction cost adjustment ,for purposes of clause 7iv71 the highway construction cost adjustment for any calendar year is the percentage 7if any7 by which-- 7,i7 the ,national ,highway ,construction ,cost ,index for the preceding calendar year1 exceeds 7,,ii7 the ,national ,highway ,construction ,cost ,index for calendar year #bjaf or1 if applicable1 the first year of a successor index4 7vi7 ,national ,highway ,construction ,cost ,index for any calendar year ,for purposes of clause 7v71 the ,national ,highway ,construction ,cost ,index for any calendar year is the average of the ,national ,highway ,construction ,cost ,index as of the close of the #ab-month period ending on ,june #cj of such calendar year4 7vii7 ,national ,highway ,construction ,cost ,index ,for purposes of clause 7v71 the term ,national ,highway ,construction ,cost ,index means the last ,national ,highway ,construction ,cost ,index published by the ,department of ,transportation or successor index4 7viii7 ,,cafe fuel saved adjustment ,for purposes of clause 7iv71 the ,,cafe fuel saved adjustment for a calendar year is the percentage 7if any7 by which annual motor fuel use is reduced by the estimated ,,cafe fuel saved for that calendar year from the annual motor fuel use for the prior calendar year4 7ix7 ,estimated ,,cafe fuel saved ,the term estimated ,,cafe fuel saved for a calendar year means-- 7,i7 ,in the case of the #ah4c cents rate in subparagraph 7,a77i71 the combined gasoline fuel saved estimates issued by the ,national ,highway ,traffic ,safety ,administration and the ,environmental ,protection ,agency for passenger automobiles and light trucks published in the ,federal ,register on ,may #g1 #bjaj1 and ,october #ae1 #bjab1 and for medium and heavy-duty engines and vehicles published in the ,federal ,register on ,september #ae1 #bjaa1 and ,october #be1 #bjaf1 as part of final rules to implement corporate average fuel economy standards1 and such successor estimates included in successor rules4 7,,ii7 ,in the case of the #bd4c cents rate in subparagraph 7,a77iii7 and the #ai4g cents rate in subparagraph 7,d71 the combined diesel fuel saved estimates issued by the ,national ,highway ,traffic ,safety ,administration and the ,environmental ,protection ,agency for medium and heavy-duty engines and vehicles published in the ,federal ,register on ,september #ae1 #bjaa1 and ,october #be1 #bjaf1 as part of final rules to implement corporate average fuel economy standards1 and such successor estimates included in successor rules4 7x7 ,annual motor fuel use ,the term annual motor fuel use means-- 7,i7 ,in the case of the #ah4c cents rate in subparagraph 7,a77i71 the total number of gallons of gasoline used in a calendar year in highway use1 as published by the ,federal ,highway ,administration as part of its annual motor fuel data survey4 7,,ii7 ,in the case of the #bd4c cents rate in subparagraph 7,a77iii7 and the #ai4g cents rate in subparagraph 7,d71 the total number of gallons of diesel used in a calendar year in highway use1 as published by the ,federal ,highway ,administration as part of its annual motor fuel data survey4 7xi7 ,notice ,not later than ,december #ae1 #bjag1 and annually thereafter1 the ,secretary shall publish the rates of tax as adjusted under this subparagraph for the succeeding calendar year4 4 7b7 ,retail fuel excise tax ,subsection 7a7 of section #djda of such ,code is amended by adding at the end the following new paragraph3 7#d7 ,highway inflation adjustment ,if an increase in rates is made under section #djha7;a77#b77;,e7 for any calendar year after #bjag1 then each dollar amount in paragraphs 7#a77;,c77iii77,i71 7#b77;,b77i71 7#b77;,b77ii71 7#b77;,b77iv71 and 7#c77;,a7 of this subsection and in subsections 7b77#b77;,a77i71 7b77#b77;,c77i71 and 7m77#a7 shall be increased in the same manner and subject to the same conditions that are applicable under section #djha7;a77#b77;,e74 4 7c7 ,conforming amendment ,subparagraph 7,a7 of section #djha7;a77#b7 of such ,code is amended by striking ,the rate and inserting ,except as provided in subparagraph 7,c71 the rate4 7d7 ,effective date ,the amendments made by this section shall apply to periods beginning after ,july #ca1 #bjag4 #c4 ,transportation bonds 7a7 ,issuance ,the ,secretary of the ,treasury shall1 pursuant to subchapter ,i of chapter #ca of title #ca1 ,united ,states ,code1 issue bonds1 to be known as ,invest in ,america ,bonds1 which meet the terms and conditions of subsection 7b71 and the bond revenue shall be transferred to the ,highway ,trust ,fund with #hj percent allocated to the ,highway ,account 7as defined in section #iejc7;e77#e77;,b7 of the ,internal ,revenue ,code of #aihf7 and #bj percent allocated to the ,mass ,transit ,account4 7b7 ,terms and conditions 7#a7 ,term ,bonds issued under subsection 7a7 shall have terms of #cj years4 7#b7 ,frequency ,bonds shall be issued under subsection 7a7 every fiscal year4 7#c7 ,face amount formula for fiscal years #bjag through #bjbj ,bonds issued under subsection 7a7 for each of fiscal years #bjag through #bjbj shall have a face amount that equals1 for that fiscal year-- 7,a7 the ,federal share 7as defined in section #ejc7;b77#h77;,c77v7 of title #bc1 ,united ,states ,code1 and section #cjh7;e77#c77;,e7 of title #di1 ,united ,states ,code7 of the most recent estimates required under section #ejc7;b77#h77;,c77iv7 of title #bc1 ,united ,states ,code1 and section #cjh7;e77#c77;,d7 of title #di1 ,united ,states ,code2 minus 7,b7 the sum of the amount authorized in section #ecch7;a77#a7 of title #di1 ,united ,states ,code1 the amounts authorized in section #aaja7;a7 of the ,,fast ,act 7,public ,law #aad-id2 #abi ,stat4 #acbb71 the amounts authorized in section #djja7;a7 of the ,,fast ,act 7,public ,law #aad-id2 #abi ,stat4 #adig71 and the amounts authorized in section #caajd7;a7 and #caaaj7;a7 of title #di1 ,united ,states ,code1 for that fiscal year4 7#d7 ,face amount formula for fiscal years #bjba through #bjac ,bonds issued under subsection 7a7 for each of fiscal years #bjba through #bjcj shall have a face amount that equals1 for that fiscal year-- 7,a7 the ,federal share 7as defined in section #ejc7;b77#h77;,c77v7 of title #bc1 ,united ,states ,code1 and section #cjh7;e77#c77;,e7 of title #di1 ,united ,states ,code7 of the most recent estimates required under section #ejc7;b77#h77;,c77iv7 of title #bc1 ,united ,states ,code1 and section #cjh7;e77#c77;,d7 of title #di1 ,united ,states ,code2 minus 7,b7 the expected revenue deposited into the ,highway ,trust ,fund for the corresponding fiscal year not including revenues attributed to this section4 7#e7 ,amount outstanding ,notwithstanding paragraphs 7#c7 and 7#d71 the total face amount of bonds issued under subsection 7a7 may not exceed the amount the ,secretary of the ,treasury and the ,secretary of ,transportation determines can be redeemed1 taking into account this section and section #iejc7;g7 of the ,internal ,revenue ,code of #aihf4 7#f7 ,sunset ,no bonds may be issued under subsection 7a7 after ,september #cj1 #bjcj4 7c7 ,capital investment grant special rule ,prior to the application of section #aje of title #bc1 ,united ,states ,code1 for a fiscal year1 an amount equal to a percentage of bond revenue transferred to the ,highway ,trust ,fund and allocated to the ,mass ,transit ,account equal to the ratio of the funds appropriated in the preceding fiscal year to carry out section #ecji of title #di1 ,united ,states ,code1 to the funds made available in the same fiscal year to carry out section #ecch7;a77#a7 of title #di1 ,united ,states ,code1 shall be available to make additional grants pursuant to section #ecji of title #di1 ,united ,states ,code4 7d7 ,set-,aside special rule 7#a7 ,in general ,in determining the additional amounts of contract authority to be made available under section #aje of title #bc1 ,united ,states ,code1 for a fiscal year1 the ,secretary shall make adjustments under section #aje7;c77#a7 of title #bc1 ,united ,states ,code1 for a set-aside from the ,highway ,account 7as defined in section #iejc7;e77#e77;,b7 of the ,internal ,revenue ,code of #aihf7 or ,mass ,transit ,account referred to in paragraph 7#b7-- 7,a7 by determining the ratio that-- 7i7 the amount authorized to be appropriated for the set-aside from the account for that fiscal year2 bears to 7ii7 the total amount authorized to be appropriated for that fiscal year for all programs 7except as provided in section #aje7;d7 of title #bc1 ,united ,states ,code7 under such account2 7,b7 by multiplying the ratio determined under subparagraph 7,a7 by the amount of the adjustment for the account determined under section #aje7;b77#a77;,b7 of title #bc1 ,united ,states ,code2 and 7,c7 by adjusting the amount that the ,secretary would have allocated for the set-aside for that fiscal year but for section #aje of title #bc1 ,united ,states ,code1 by the amount calculated under subparagraph 7,b74 7#b7 ,set-asides ,the set-asides referred to in paragraph 7#a7 are the amounts reserved for a fiscal year under each of-- 7,a7 section #ajd7;b77#e77;,b7 of title #bc1 ,united ,states ,code2 7,b7 sections #ajd7;h77#a7 and #ajd7;h77#b7 of title #bc1 ,united ,states ,code2 7,c7 section #acj7;e77#a7 of title #bc1 ,united ,states ,code2 7,d7 section #acc7;h77#a77;,a7 of title #bc1 ,united ,states ,code2 7,e7 section #aeai7;a7 of ,,map-#ba 7#abf ,stat4 #ebd71 as amended by section #adah of the ,,fast ,act 7#abi ,stat4 #adbc72 and 7,f7 section #eccf7;h77#a7 of title #di1 ,united ,states ,code4 7#c7 ,conforming amendments ,section #aje7;g7 of title #bc1 ,united ,states ,code1 is amended-- 7,a7 in paragraph 7#b7 by inserting or the ,temporary ,transportation ,bond ,repayment ,account before the period at the end2 and 7,b7 by adding at the end the following3 7#d7 ,temporary ,transportation ,bond ,repayment ,account ,the term ,temporary ,transportation ,bond ,repayment ,account means the ,temporary ,transportation ,bond ,repayment ,account of the ,highway ,trust ,fund established under section #iejc7;g7 of the ,internal ,revenue ,code of #aihf4 4 7e7 ,temporary transportation bond repayment account ,section #iejc of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following new subsection3 7g7 ,establishment of temporary transportation bond repayment account 7#a7 ,creation of account ,there is established in the ,highway ,trust ,fund a separate account to be known as the ,temporary ,transportation ,bond ,repayment ,account consisting of such amounts as may be transferred or credited to the ,temporary ,transportation ,bond ,repayment ,account as provided in this section4 7#b7 ,transfers to temporary transportation bond repayment account ,the ,secretary of the ,treasury shall transfer to the ,temporary ,transportation ,bond ,repayment ,account the portion of the amounts appropriated to the ,highway ,trust ,fund under subsection 7b7 which are attributable to the increase in taxes under-- 7,a7 section #djda by reason of section #djda7;a77#d71 and 7,b7 section #djha by reason of section #djha7;a77#b77;,e74 7#c7 ,expenditures from account ,amounts in the ,temporary ,transportation ,bond ,repayment ,account shall be available for redeeming bonds and paying interest payments issued under section #c of the ,investing in ,america3 ,a ,penny for ,progress ,act4 7#d7 ,termination ,when all bonds issued under section #c of the ,investing in ,america3 ,a ,penny for ,progress ,act have been redeemed-- 7,a7 the ,temporary ,transportation ,bond ,repayment ,account shall close1 and 7,b7 all amounts in the account 7and all future revenue that1 absent this paragraph1 would have been transferred to the account pursuant to paragraph 7#b77 shall be transferred to the ,highway ,trust ,fund with #hj percent allocated to the ,highway ,account 7as defined in section #iejc7;e77#e77;,b7 of the ,internal ,revenue ,code of #aihf7 and #bj percent allocated to the ,mass ,transit ,account4 4 7f7 ,conforming amendment ,section #iejc7;e77#e77;,b7 of the ,internal ,revenue ,code of #aihf is amended by inserting or the ,temporary ,transportation ,bond ,repayment ,account before the period at the end4 7g7 ,effective date ,the amendments made by this section shall apply upon enactment of this law4 #d4 ,conditions and performance reporting 7a7 ,report on infrastructure investment needs ,section #ejc7;b77#h7 of title #bc1 ,united ,states ,code1 is amended to read as follows3 7#h7 ,report on infrastructure investment needs 7,a7 ,in general ,not later than ,july #ca1 #bjah1 and ,july #ca of every second year thereafter1 the ,secretary shall submit to the ,committee on ,transportation and ,infrastructure of the ,house of ,representatives and the ,committee on ,environment and ,public ,works of the ,senate a report that describes-- 7i7 the current conditions and performance of highway and bridge facilities in the ,united ,states1 including the backlog of current highway and bridge needs2 and 7ii7 the future needs of highway and bridge facilities in the ,united ,states4 7,b7 ,comparisons ,a report under this paragraph shall include all information necessary to relate and compare the conditions and performance measures used in the previous biennial reports to the conditions and performance measures used in the current report4 7,c7 ,report requirements ,in developing a report under this paragraph1 the ,secretary shall-- 7i7 prepare a complete assessment of highway and bridge facilities in the ,united ,states2 7ii7 for the succeeding #bj-year period1 estimate future capital requirements for highway and bridge facilities in the ,united ,states at specified levels of service2 7iii7 for the succeeding #bj-year period1 estimate the annual expenditures necessary to fund capital projects in the ,united ,states that-- 7,i7 are necessary to address the current and future needs of highway and bridge facilities2 and 7,,ii7 have a benefit-cost ratio greater than or equal to #a2 7iv7 for the period ending ,december #ca1 #bjcf1 estimate the annual expenditures necessary to fund capital projects in the ,united ,states that-- 7,i7 are necessary to address the current and future needs of highway and bridge facilities2 and 7,,ii7 have a benefit-cost ratio greater than or equal to #a2 and 7v7 for the preceding #aj-year period1 estimate the average annual percentage of the total expenditures made for highway and bridge capital projects by all levels of government that was derived from ,federal funds4 4 7b7 ,report on public transportation investment needs ,section #cjh7;e7 of title #di1 ,united ,states ,code1 is amended to read as follows3 7e7 ,report on public transportation investment needs 7#a7 ,in general ,not later than ,july #ca1 #bjah1 and ,july #ca of every second year thereafter1 the ,secretary shall submit to the ,committee on ,transportation and ,infrastructure of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate a report that describes-- 7,a7 the current conditions and performance of public transportation systems in the ,united ,states1 including the state of good repair backlog among existing public transportation systems2 and 7,b7 the future needs of public transportation systems in the ,united ,states4 7#b7 ,comparisons ,a report under this subsection shall include all information necessary to relate and compare the conditions and performance measures used in the previous biennial reports to the conditions and performance measures used in the current report4 7#c7 ,contents ,in developing a report under this subsection1 the ,secretary shall-- 7,a7 prepare a complete assessment of public transportation systems in the ,united ,states2 7,b7 for the succeeding #bj-year period1 estimate the future capital requirements for public transportation systems in the ,united ,states at specified levels of service2 7,c7 for the succeeding #bj-year period1 estimate the annual capital expenditures necessary to fund capital projects in the ,united ,states that have a benefit-cost ratio greater than one and are necessary-- 7i7 to achieve and maintain a state of good repair for public transportation systems2 and 7ii7 to support the long-term trend rate of public transportation ridership growth1 plus an additional #j4c percent2 and 7,d7 for the period ending ,december #ca1 #bjcf1 estimate the annual capital expenditures necessary to fund capital projects in the ,united ,states that have a benefit-cost ratio greater than one and are necessary-- 7i7 to achieve and maintain a state of good repair for public transportation systems2 and 7ii7 to support the long-term trend rate of public transportation ridership growth1 plus an additional #j4c percent2 and 7,e7 for the preceding #aj-year period1 estimate the average annual percentage of the total expenditures made by all levels of government for public transportation capital expenditures that was derived from ,federal funds4 4 7c7 ,interim reporting method ,prior to the publication of the reports required under the amendments made by subsections 7a7 and 7b71 the ,secretary of ,transportation shall provide to the ,secretary of the ,treasury the data necessary to calculate the bond face amount under section #c7;b7 using the most recent published reports required by section #ejc7;b77#h7 of title #bc1 ,united ,states ,code1 and section #cjh7;e7 of title #di1 ,united ,states ,code4 #e4 ,repeal of ,,fast ,act rescission ,section #adch of the ,,fast ,act 7,public ,law #aad-id2 #abi ,stat4 #adcb71 and the item relating to that section in section #a7;b7 of that ,act1 are repealed4