S. 5203 — Introduced in Senate

II 119th CONGRESS 2d Session S. 5203 IN THE SENATE OF THE UNITED STATES July 30, 2026Mr. McCormick (for himself and Ms. Duckworth) introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To amend the Internal Revenue Code of 1986 to modify rules relating to certain exempt facility bonds. 1. Short title This Act may be cited as the Transit for Urban Renewal and Business Opportunities Act or the TURBO Act. 2. Increase in national limitation for qualified highway or surface freight transfer facilities (a) In general Section 142(m)(2)(A) of the Internal Revenue Code of 1986 is amended by striking $30,000,000,000 and inserting $45,000,000,000. (b) Effective date The amendment made by this section shall apply to bonds issued after the date of the enactment of this Act. 3. Treatment of rolling stock related to mass commuting facilities (a) In general Section 142(a)(3) of the Internal Revenue Code of 1986 is amended by inserting including the acquisition of rolling stock, after mass commuting facilities. (b) Effective date The amendment made by this section shall apply to bonds issued after the date of the enactment of this Act. 4. Modification of speed limit for high-speed intercity rail facilities (a) In general Section 142(i)(1) of the Internal Revenue Code of 1986 is amended by striking 150 miles per hour and inserting 110 miles per hour. (b) Effective date The amendment made by this section shall apply to bonds issued after the date of the enactment of this Act.