A bill to provide $50,000,000,000 in new transportation infrastructure funding through bonding to empower States and local governments to complete significant infrastructure projects across all modes of transportation, including roads, bridges, rail and transit systems, ports, and inland waterways, and for other purposes.
Transportation and Regional Infrastructure Project Bonds Act of 2011 or TRIP Bonds Act - Amends the Internal Revenue Code to allow an income tax credit for any TRIP bond issued by a state infrastructure bank as part of an issue, if 100% of the available project proceeds from such issue are to be used for expenditures incurred for one or more qualified projects. Requires proceeds from the sale of bonds issued under this Act to be held in a TRIP Bonds Trust Account.
Defines "qualified project" as the capital improvements to any transportation infrastructure project (including roads, bridges, rail and transit systems, ports, and inland waterways) proposed and approved by a state infrastructure bank.
Amends the Consolidated Omnibus Budget Reconciliation Act of 1985 to extend certain customs fees for the processing of merchandise entered into the United States through specified dates in 2048.
Referred to the Subcommittee on Human Resources.
Introduced in Senate
Read twice and referred to the Committee on Finance.
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