Build America Bonds Act of 2007

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.

9/6/2007--Introduced.
Build America Bonds Act of 2007 - Amends the Internal Revenue Code to allow an income tax credit to a taxpayer holding a Build America bond on one or more of its credit allowance dates. Defines a "Build America bond" as any bond issued by the Transportation Finance Corporation as part of an issue if 95% or more of the 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 Build America 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 by one or more states and approved by the Transportation Finance Corporation. Grants Congress' consent and recognition to the establishment by two or more state infrastructure banks of the Transportation Finance Corporation. Authorizes the Transportation Finance Corporation to:
(1) issue Build America bonds for the financing of qualified projects;
(2) establish and operate the Build America Bonds Trust Account;
(3) leverage resources and stimulate public and private investment in transportation infrastructure; and
(4) perform any other function the sole purpose of which is to carry out the financing of qualified projects through Build America bonds. 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 October 14, 2026.


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Sponsor

• Sen. Ron Wyden [D, OR]
• and 7 Co-Sponsors
  • Sen. Hillary Clinton [D, NY]
  • Sen. Norm Coleman [R, MN]
  • Sen. Susan Collins [R, ME]
  • Sen. Elizabeth Dole [R, NC]
  • Sen. Amy Klobuchar [D, MN]
  • Sen. John Thune [R, SD]
  • Sen. David Vitter [R, LA]
  close

Committees

• Senate Finance

Amendments

This bill has no amendments.

Amendments to S.2021

Number	Status	Purpose

Bill Status

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Introduced		Voted on by Senate		Voted on by House		Considered By President		Bill Becomes Law
September 06, 2007

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All Bill Actions

• Sep 06, 2007: Read twice and referred to the Committee on Finance.
• Sep 06, 2007: Sponsor introductory remarks on measure. (CR S11215-11216)
• Introduced on Sep 06, 2007.

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Related Issue Areas:

• Waterways
• Transportation
• Trade
• Tax-exempt organizations
• 22 more
• Tax credits
• Railroad finance
• Mass rapid transit
• Marine terminals
• Law
• Investment of public funds
• Inland water transportation
• Infrastructure
• Income tax
• Highway finance
• Harbors
• Government trust funds
• Finance
• Customs administration
• Corporations
• Business
• Budgets
• Bridges
• Bonds
• Banks and banking
• Administrative fees
• Taxation

Data from the Congressional Research Service

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Blog Coverage

September 05, 2007 S. 2021, A bill to provide $50000000000 in new transportation ...

S. 2021 would provide $50000000000 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, ...

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