| Current Law | Administration Proposal H.R. 2088 & S. 1072 as Modified SAFETEA of 2003 |
House H.R. 3 as Passed House TEA-LU |
Senate H.R. 3 as Passed Senate SAFETEA of 2005 |
|---|---|---|---|
| Private Activity Bonds | |||
| No comparable provision | Highway facilities and surface freight transfer facilities are added to a list of other activities eligible for exempt facility bonds. [9004] | No comparable provision | Same as Administration bill. [5308] |
| No comparable provision | Qualified highway facilities include a surface transportation project eligible for Federal assistance under Title 23 or a project for an international bridge or tunnel for which an international entity authorized under Federal or State law is responsible. [9004] | No comparable provision | Same as Administration bill except that qualified highway facilities must also be receiving Federal assistance under 23 USC. [5308] |
| No comparable provision | Surface freight transfer facilities are facilities for the transfer of freight from truck to rail or rail to truck (including any temporary storage facilities related to the transfers). [9004] | No comparable provision | Same as Administration bill except that qualified surface freight transfer facilities must also be receiving Federal assistance under 23 USC or 49 USC. [5308] |
| No comparable provision | Exempt facility bonds issued for highway facilities and surface freight transfer facilities are not subject to the annual volume cap for private activity bonds, but may not exceed $15 billion in the aggregate. [9004] | No comparable provision | Exempt facility bonds issued for highway facilities and surface freight transfer facilities are not subject to the general annual volume cap for private activity bonds, but are subject to specific annual limitations totaling $15 billion for fiscal years 2005-2015. [5308] |
| Build America Corporation | |||
| No comparable provision | No comparable provision | No comparable provision | Establishes the Build America Corporation (BAC) as a nonprofit corporation, not an agency or establishment of the U.S. Government. Purpose of BAC is to provide financial support for qualified projects. No authority to issue debt instruments is provided. [5305] |
| Qualified projects are transportation infrastructure projects of any governmental unit or other person that is proposed by a State, including highway, transit system, railroad, airport, port, and inland waterways projects. [5305] | |||
| Additional requirements would apply if they are financed by debt issued by the Corporation. [5305] | |||
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