Summary: S.3700 — 110th Congress (2007-2008)All Information (Except Text)

There is one summary for S.3700. Bill summaries are authored by CRS.

Shown Here:
Introduced in Senate (11/19/2008)

High-Speed Rail for America Act of 2008 - Establishes within the Federal Railroad Administration the Office of High-Speed Passenger Rail (HSPR Office) , headed by the Associate Administrator for High-Speed Rail.

Requires the HSPR Office to: (1) assume responsibility for all high-speed rail activities currently carried out by the Office of Railroad Development; and (2) consult with the Secretary of Transportation to assist eligible entities to finance certain qualified high-speed intercity rail facility projects through the issuance of private activity bonds.

Amends the Internal Revenue Code to revise requirements for income tax-exempt qualified high-speed intercity rail facility bonds. Allows an income tax credit to holders of certain rail bonds that finance qualified super high-speed intercity rail facility projects and qualified rail infrastructure projects.

Directs the Secretary of the Treasury to study and report to Congress on the use of excise taxes to fund high-speed rail projects.