[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2340 Introduced in House (IH)]
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117th CONGRESS
1st Session
H. R. 2340
To direct the Secretary of Transportation to establish a toll credit
exchange pilot program, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
April 1, 2021
Mr. Pappas (for himself, Ms. Newman, Ms. Sherrill, and Mr. Malinowski)
introduced the following bill; which was referred to the Committee on
Transportation and Infrastructure
_______________________________________________________________________
A BILL
To direct the Secretary of Transportation to establish a toll credit
exchange pilot program, and for other purposes.
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 ``Toll Credit Marketplace Act of
2021''.
SEC. 2. TRANSFER AND SALE OF TOLL CREDITS.
(a) Definitions.--In this section:
(1) Originating state.--The term ``originating State''
means a State that--
(A) is eligible to use a credit under section
120(i) of title 23, United States Code; and
(B) has been selected by the Secretary under
subsection (d)(2).
(2) Pilot program.--The term ``pilot program'' means the
pilot program established under subsection (b).
(3) Recipient state.--The term ``recipient State'' means a
State that receives a credit by transfer or by sale under this
section from an originating State.
(4) State.--The term ``State'' has the meaning given the
term in section 101(a) of title 23, United States Code.
(b) Establishment of Pilot Program.--The Secretary of
Transportation shall establish and implement a toll credit exchange
pilot program in accordance with this section.
(c) Purposes.--The purposes of the pilot program are--
(1) to identify the extent of the demand to purchase toll
credits;
(2) to identify the cash price of toll credits through
bilateral transactions between States;
(3) to analyze the impact of the purchase or sale of toll
credits on transportation expenditures;
(4) to test the feasibility of expanding the pilot program
to allow all States to participate on a permanent basis; and
(5) to identify any other repercussions of the toll credit
exchange.
(d) Selection of Originating States.--
(1) Application.--In order to participate in the pilot
program as an originating State, a State shall submit to the
Secretary an application at such time, in such manner, and
containing such information as the Secretary may require,
including, at a minimum, such information as is required for
the Secretary to verify--
(A) the amount of unused toll credits for which the
State has submitted certification to the Secretary that
are available to be sold or transferred under the pilot
program, including--
(i) toll revenue generated and the sources
of that revenue;
(ii) toll revenue used by public, quasi-
public, and private agencies to build, improve,
or maintain highways, bridges, or tunnels that
serve the public purpose of interstate
commerce; and
(iii) an accounting of any Federal funds
used by the public, quasi-public, or private
agency to build, improve, or maintain the toll
facility, to validate that the credit has been
reduced by a percentage equal to the percentage
of the total cost of building, improving, or
maintaining the facility that was derived from
Federal funds;
(B) the documentation of maintenance of effort for
toll credits earned by the originating State; and
(C) the accuracy of the accounting system of the
State to earn and track toll credits.
(2) Selection.--Of the States that submit an application
under paragraph (1), the Secretary may select not more than 10
States to be designated as an originating State.
(3) Limitation on sales.--At any time, the Secretary may
limit the amount of unused toll credits that may be offered for
sale under the pilot program.
(e) Transfer or Sale of Credits.--
(1) In general.--In carrying out the pilot program, the
Secretary shall provide that an originating State may transfer
or sell to a recipient State a credit not previously used by
the originating State under section 120(i) of title 23, United
States Code.
(2) Website support.--The Secretary shall make available a
publicly accessible website on which originating States shall
post the amount of toll credits, verified under subsection
(d)(1)(A), that are available for sale or transfer to a
recipient State.
(3) Bilateral transactions.--An originating State and a
recipient State may enter into a bilateral transaction to sell
or transfer verified toll credits.
(4) Notification.--Not later than 30 days after the date on
which a credit is transferred or sold, the originating State
and the recipient State shall jointly submit to the Secretary a
written notification of the transfer or sale, including details
on--
(A) the amount of toll credits that have been sold
or transferred;
(B) the price paid or other value transferred in
exchange for the toll credits;
(C) the intended use by the recipient State of the
toll credits, if known;
(D) the intended use by the originating State of
the cash or other value transferred;
(E) an update on the toll credit balance of the
originating State and the recipient State; and
(F) any other information about the transaction
that the Secretary may require.
(5) Use of credits by transferee or purchaser.--A recipient
State may use a credit received under paragraph (1) toward the
non-Federal share requirement for any funds made available to
carry out title 23 or chapter 53 of title 49, United States
Code, in accordance with section 120(i) of title 23, United
States Code.
(6) Use of proceeds from sale of credits.--An originating
State shall use the proceeds from the sale of a credit under
paragraph (1) for the construction costs of any project in the
originating State that is eligible under title 23, United
States Code.
(f) Reporting Requirements.--
(1) Initial report.--Not later than 1 year after the date
on which the pilot program is established, the Secretary shall
submit to the Committee on Environment and Public Works of the
Senate and the Committee on Transportation and Infrastructure
of the House of Representatives a report on the progress of the
pilot program.
(2) Final report.--Not later than 3 years after the date on
which the pilot program is established, the Secretary shall--
(A) submit to the Committee on Environment and
Public Works of the Senate and the Committee on
Transportation and Infrastructure of the House of
Representatives a report that--
(i) determines whether a toll credit
marketplace is viable and cost-effective;
(ii) describes the buying and selling
activities under the pilot program;
(iii) describes the average sale price of
toll credits;
(iv) determines whether the pilot program
could be expanded to more States or all States
or to non-State operators of toll facilities;
(v) provides updated information on the
toll credit balance accumulated by each State;
and
(vi) describes the list of projects that
were assisted by the pilot program; and
(B) make the report under subparagraph (A) publicly
available on the website of the Department.
(g) Termination.--
(1) In general.--The Secretary may terminate the pilot
program or the participation of any State in the pilot program
if the Secretary determines that--
(A) the pilot program is not serving a public
benefit; or
(B) it is not cost effective to carry out the pilot
program.
(2) Procedures.--The termination of the pilot program or
the participation of a State in the pilot program shall be
carried out consistent with Federal requirements for project
closeout, adjustment, and continuing responsibilities.
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