S5203Referred to Committee

TURBO Act

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Introduced
In Committee
3
Passed One Chamber
4
Passed Both
5
Signed into Law
119th
Congress
2026-07-30
Introduced
1
Cosponsors
S
ⓘ
Type

Sponsor

David McCormick
David McCormick
Republican · PA · Senator
Votes with party: 76.7% (855 recorded votes)

Full profile: /officials/M001243

Source: Congress.gov · FEC

Cosponsors (1)

Members who have signed on to support this bill since introduction. Source: Congress.gov.

Latest Action

The most recent step in the bill's legislative path. Committee Activity below shows referrals and reports; the full action-by-action history including floor proceedings lives at Congress.gov →

Read twice and referred to the Committee on Finance.

2026-07-30

Source: Congress.gov

Committee Activity

Currently in

Plain-English Summary

The legislation would change tax rules for certain bonds that help finance public facilities like airports, docks, and water systems. These bonds currently allow investors to earn interest without paying federal income taxes, and the bill would adjust how these tax-exempt bonds can be used and what projects qualify for this special treatment. The changes would affect state and local governments that issue these bonds to fund infrastructure projects, as well as investors who buy them.

AI-assisted summary generated from the official bill metadata (title, subjects, actions) sourced from Congress.gov. Cached and reviewed. Always verify against the official text linked below.

Full Bill Text

Verbatim text published on Congress.gov via GovInfo. Use Cmd+F / Ctrl+F to search within this excerpt.

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [S. 5203 Introduced in Senate (IS)] <DOC> 119th CONGRESS 2d Session S. 5203 To amend the Internal Revenue Code of 1986 to modify rules relating to certain exempt facility bonds. _______________________________________________________________________ IN THE SENATE OF THE UNITED STATES July 30, 2026 Mr. 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. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Transit for Urban Renewal and Business Opportunities Act'' or the ``TURBO Act''. SEC. 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. SEC. 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. SEC. 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. <all>
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