S 5203 Re-checks Congress.gov for new actions and updates the bill's status, and fills in any sponsors, committees, or related bills that are missing. It does not re-pull sponsors/cosponsors/committees/related — those rarely change — and it skips all work if nothing has changed upstream, so it's cheap to click.
To amend the Internal Revenue Code of 1986 to modify rules relating to certain exempt facility bonds.
Summary
- Increases the national cap on tax-exempt bonds for highway and freight transfer facilities from $30 billion to $45 billion.
- Allows tax-exempt bonds to be used to finance the purchase of rolling stock (trains, buses, and similar vehicles) for mass transit systems.
- Reduces the minimum speed requirement for high-speed intercity rail facilities to qualify for tax-exempt bond financing from 150 miles per hour to 110 miles per hour.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
- Sen. McCormick, David [R-PA] (R-PA)
1 cosponsor
- Sen. Duckworth, Tammy [D-IL] (D-IL)
Actions (2)
- Jul 30, 2026 Read twice and referred to the Committee on Finance. · senate
- Jul 30, 2026 Introduced in Senate
Text versions (1)
Bills are re-published as they move (Introduced → Reported → Engrossed → Enrolled …). Each stage below is a separate text; pick two to see what changed. Data from Congress.gov.
Full text
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>
Comments