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
(a) In general. Chapter 6 of title 23, United States Code, is amended by adding at the end the following:
612. Emergency loan relief due to major disaster
(a) Definitions. In this section:
(1) Cost; modification. The terms cost and modification have the meanings given such terms, respectively, in section 502 of the Federal Credit Reform Act of 1990 (2 U.S.C. 661a), and the term modification shall include an interest rate reset under this section.
(2) Eligible borrower. The term eligible borrower means a recipient of an eligible loan administered under the TIFIA program.
(3) Eligible loan. The term eligible loan means a loan issued under the TIFIA program.
(4) Major disaster. The term major disaster means a major disaster declared by the President pursuant to section 401 of the Robert T. Stafford Disaster Relief and Emergency Assistance Act (42 U.S.C. 5170).
(5) Obligor; TIFIA program. The terms obligor and TIFIA program have the meanings given such terms, respectively, in section 601(a).
(b) Emergency interest rate reset
(1) In general. Notwithstanding section 603(b)(4), if at any time after the date of execution of a credit agreement for an eligible loan entered into after the date of enactment of the BUILD America 250 Act, the eligible borrower of the eligible loan is unable, as a result of a major disaster, to generate sufficient revenues from all dedicated revenue sources such that the eligible borrower is unable to pay the scheduled repayments of principal and interest on the eligible loan—
(A) the eligible borrower may submit to the Secretary a request, in such manner and containing such information as the Secretary may require, to reset the interest rate of the eligible loan; and
(B) the Secretary—
(i) shall determine whether the eligible borrower meets criteria established under subsection (d); and
(ii) if the eligible borrower meets such criteria and provided that sufficient budget authority is available to accommodate the cost of the modification, may reset the interest rate of the eligible loan (including through amendment of the credit agreement for the eligible loan) to a lower interest rate that is not less than the yield on United States Treasury securities of a similar maturity to the maturity of the eligible loan on the date of the reset, if lower than the existing interest rate on the eligible loan.
(2) Applicability. A lower interest rate provided with respect to an eligible loan pursuant to paragraph (1)(B)(ii) may be for a period of time the Secretary determines appropriate, including through the final maturity date of the eligible loan.
(c) Other loan modifications. With respect to an eligible borrower described in paragraph (1) of subsection (b), the Secretary, in carrying out subparagraph (B) of such paragraph, may—
(1) allow, for a maximum aggregate period of not more than 5 years, an obligor to add unpaid principal and interest to the outstanding balance of the loan, subject to the requirements under section 603(c)(3)(B), as applicable; and
(2) notwithstanding section 603(a), extend any applicable disbursement period established under an agreement for credit assistance made pursuant to section 603, as applicable.
(d) Criteria
(1) In general. The Secretary shall establish criteria for an eligible borrower to be eligible to receive a lower interest rate or other loan modification under this section.
(2) Factors for consideration. In establishing criteria under paragraph (1), the Secretary—
(A) shall establish objective metrics to measure whether an eligible borrower is unable to generate sufficient revenues as a result of a major disaster; and
(B) may take into consideration such factors as the Secretary determines to be relevant, including whether the lowering of an interest rate or the modification of a loan under this section would achieve any of—
(i) maintaining the operation of a project carried out by an eligible borrower in a disaster, emergency, or other extenuating circumstance;
(ii) mitigating the financial impact on an eligible borrower of a disaster, emergency, or other extenuating circumstance; or
(iii) protecting the interests of the Federal Government in critical infrastructure.
(b) Clerical amendment. The analysis for chapter 6 of title 23, United States Code, is amended by adding at the end the following:
612. Emergency loan relief due to major disaster.
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
F Hazardous Materials Transportation