H.R. 8870
BUILD America 250 Act
Sponsor: Sam Graves
Official summary
Written by the Congressional Research Service.
Building Unrivaled Infrastructure and Long-term Development for America's 250th Act or the BUILD America 250 Act
This bill authorizes federal surface transportation (highway, public transportation, and rail) programs and activities through FY2031. The bill also establishes or modifies Department of Transportation (DOT) programs and policies that are a part of the federal-aid highway, transit, highway safety, motor carrier, research, hazardous materials, and rail programs.
For example, the bill authorizes appropriations through FY2031 out of the Highway Trust Fund for the federal-aid highway program, the Transportation Infrastructure Finance and Innovation Act (TIFIA) program, highway safety programs, and bridge programs. The bill also authorizes funding through FY2031 for Amtrak. Current authorization for these programs expires on September 30, 2026.
Among other provisions, the bill
- establishes a Surface Transportation Accelerator Grant (STAG) discretionary program to fund surface transportation projects in rural, urban, local, and regional communities;
- requires the Federal Highway Administration to impose a new annual electric vehicle (EV) registration fee, starting at $130 for a covered EV and $35 for a covered plug-in hybrid vehicle;
- exempts automated driving system technology and equipment from vehicle width requirements;
- establishes a consolidated state block grant program that allows DOT to allocate a lump sum to participating states to fund public transportation services in rural and urbanized areas;
- allows state rail safety inspectors to conduct railroad bridge inspections; and
- establishes a system for state, local, and tribal governments to report safety concerns about the condition of railroad bridges.
Text of the bill
I Federal-Aid Highways
A Authorizations and Programs
B Improved Project Delivery and Environmental Streamlining
C Miscellaneous
II Transportation Infrastructure Finance and Innovation
III Public Transportation
A Reforms
B Miscellaneous
C Reorganization and Consolidation of Chapter 53
IV Highway Safety
V Motor Carriers
A General Provisions
B Commercial Motor Vehicle Operators
C Commercial Motor Vehicle Safety
D Household Goods Shipping Consumer Protection Reform
E Safe Integration of Autonomous Commercial Motor Vehicles
VI Innovation
VII Freight and Multimodal Transportation Programs
A Freight Policy
B Multimodal Policy and Programs
VIII Miscellaneous
IX Sport Fishing and Recreational Boating Safety
X Railroads and Hazardous Materials
A Authorization of Appropriations and Grant Reforms
B Amtrak Reforms
C Passenger Rail Policy
D Rail Safety and Innovation
E Project Delivery
Section 22402 of title 49, United States Code, is further amended—
(1) in subsection (b) by adding at the end the following new paragraph:
(3) Interest-only loans
(A) Initial repayment of direct loan. Except as provided in subparagraph (B), a recipient of a direct loan structured as an interest-only loan under subsection (p) shall use such loan to refinance—
(i) another direct loan issued to the recipient under this section; or
(ii) other debt of the recipient incurred for purposes of financing the project that is the subject of the application for the direct loan structured as an interest-only loan.
(B) Exceptions
(i) A direct loan structured as an interest-only loan under subsection (p) may not be used to refinance any loan structured as an interest-only loan.
(ii) Direct loans structured as interest-only loans under this section shall not be used be used to refinance another direct loan or other debt, as described in subparagraph (A), for projects described in subparagraphs (F) or (I) of subsection (b)(1) of this section.
(C) Allowable uses of excess amounts. A recipient of a direct loan structured as an interest-only loan under subsection (p) shall use any funds remaining after the repayment described in subparagraph (A) in accordance with the purposes described in paragraph (1).
(D) Limitations on use. A direct loan structured as an interest-only loan under subsection (p) shall not be used to make discretionary dividend payments or to reduce the equity share of the capital structure of the project.
(2) in subsection (j)—
(A) in paragraph (1) by striking The Secretary and inserting Except as provided in subsection (p) with respect to a direct loan structured as an interest-only loan, the Secretary;
(B) in paragraph (2) by striking Interest shall and inserting Except as provided in subsection (p) with respect to a direct loan structured as an interest-only loan, interest shall;
(C) in paragraph (3) by striking a direct loan provided under this section and inserting a direct loan provided under this section (other than a direct loan structured as an interest-only loan under subsection (p)); and
(D) in paragraph (4)(B) by striking from non-Federal funding sources. and inserting
from—
(i) non-Federal funding sources; or
(ii) a direct loan under this section that is structured as an interest-only loan under subsection (p).
; and
(3) by adding at the end the following:
(p) Direct loans structured as interest-only loans
(1) In general. Upon issuance of a direct loan under this section, the Secretary may structure the loan as an interest-only loan if the term of the loan is not longer than 10 years.
(2) Repayment schedule. With respect to any direct loan structured as an interest-only loan under paragraph (1), the Secretary shall establish a repayment schedule requiring—
(A) periodic interest-only payments, beginning not later than 6 months after the date of disbursement of such loan, on the outstanding balance of the loan; and
(B) that all obligations of the loan are satisfied not later than the final maturity date of the loan.
(3) Deferred payments
(A) In general. If at any time after the date of disbursement of a direct loan structured as an interest-only loan under paragraph (1) the obligor is unable to pay a periodic interest-only payment pursuant to the applicable repayment schedule, the Secretary, subject to subparagraph (B), may allow, for a maximum aggregate time of 1 year over the duration of the loan, the obligor to add the amount of any such unpaid interest-only payment to the outstanding balance of the loan.
(B) Interest. A payment deferred under subparagraph (A) shall accrue interest under paragraph (2) until the loan is fully repaid.
(4) Penalties for missed or deferred payments. The Secretary may impose on any recipient of a direct loan structured as an interest-only loan under paragraph (1) such penalties or fees as determined appropriate by the Secretary for failure to pay a periodic interest-only payment under the applicable repayment schedule or for deferring a payment under paragraph (4).
(5) Limitation. The secretary shall make interest-only loans only available to projects on a railroad or railroad property.
F Hazardous Materials Transportation