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S. 2954: Toll Credit Marketplace Act


The text of the bill below is as of Nov 21, 2019 (Introduced).


II

116th CONGRESS

1st Session

S. 2954

IN THE SENATE OF THE UNITED STATES

November 21, 2019

(for herself and Mr. Booker) introduced the following bill; which was read twice and referred to the Committee on Environment and Public Works

A BILL

To establish a pilot toll credit marketplace program, and for other purposes.

1.

Short title

This Act may be cited as the Toll Credit Marketplace Act.

2.

Toll credit marketplace pilot program

(a)

Definitions

In this section:

(1)

Pilot program

The term pilot program means the toll credit marketplace pilot program established under subsection (b).

(2)

Secretary

The term Secretary means the Secretary of Transportation.

(3)

State

The term State has the meaning given the term in section 101 of title 23, United States Code.

(4)

Toll credit

The term toll credit means the credit that can be used toward the non-Federal share requirement under section 120(i) of title 23, United States Code.

(5)

Toll credit marketplace

The term toll credit marketplace means a market in which toll credits can be purchased and sold by States participating in the pilot program.

(b)

Establishment of pilot program

Not later than 1 year after the date of enactment of this Act, the Secretary shall establish and implement a pilot program to develop a toll credit marketplace for States to buy and sell toll credits 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 participating States;

(3)

to analyze the impact of the purchase or sale of toll credits on transportation expenditures; and

(4)

to test the feasibility of expanding the toll credit market to allow all States to participate on a permanent basis.

(d)

Participants

The Secretary shall select not fewer than 10 States to participate in the pilot program.

(e)

Administration

In carrying out the pilot program, the Secretary—

(1)

shall establish procedures for a toll credit marketplace;

(2)

not later than 90 days after the date of enactment of this Act, shall provide notice to States that the Secretary is requesting participants for the pilot program; and

(3)

shall allow to participate in the pilot program—

(A)

a State that maintains a toll credit balance accumulated before the date of enactment of this Act;

(B)

a State that does not maintain infrastructure for the collection of toll credits; and

(C)

a State that has not accumulated a toll credit balance.

(f)

Transfer or sale of toll credits

(1)

In general

In carrying out the pilot program, the Secretary shall allow a participating State to sell a toll credit not previously used by the State under section 120(i) of title 23, United States Code.

(2)

Requirement

A State participating in the toll credit marketplace shall be subject to section 120(i)(2) of title 23, United States Code.

(3)

Website support

The Secretary shall establish an online platform that allows participating States to offer and bid on toll credit purchases.

(4)

Oversight

(A)

In general

The Secretary may—

(i)

review any purchase and sale of a toll credit under the pilot program; and

(ii)

limit or prohibit a purchase or sale of a toll credit under the pilot program if the Secretary determines that the purchase or sale is not consistent with the purposes of the pilot program.

(B)

Appeal

If the Secretary limits or prohibits a purchase or sale of a toll credit under subparagraph (A)(ii)—

(i)

the Secretary shall provide to the State notice of that determination;

(ii)

not later than 30 days after the date on which the State receives the notice under clause (i), the State may request that the Secretary reconsider the determination; and

(iii)

not later than 60 days after the date on which the Secretary receives a request under clause (ii), the Secretary shall make a determination on the request.

(g)

Use of toll credits and funds

(1)

Use of toll credits by purchaser

A participating State shall use a toll credit purchased under the pilot program toward the non-Federal share requirement for a project carried out under title 23 or chapter 53 of title 49, United States Code, in accordance with section 120(i) of title 23, United States Code.

(2)

Use of proceeds from sale of toll credits

A participating State shall use the proceeds from the sale of a toll credit under the pilot program for a project eligible for assistance under title 23 or chapter 53 of title 49, United States Code.

(h)

Metropolitan planning organization and local government toll credit allocation

(1)

Purchase of toll credits

On request of a metropolitan planning organization or local government in the State, and with a timely payment of the amount of the toll credits, a State may purchase toll credits under this section on behalf of the metropolitan planning organization or local government.

(2)

Allocation of toll credits

On approval of the relevant metropolitan planning organization or local government, a State may allocate toll credits purchased by the State for use by the metropolitan planning organization or local government.

(i)

Limitation on use of Federal funds for the purchase of toll credits

A State, metropolitan planning organization, or local government may not use Federal funds to purchase toll credits on the toll credit marketplace.

(j)

Reporting requirements

(1)

State report

Not later than 30 days after each purchase or sale in the toll credit marketplace under the pilot program—

(A)

the State that sold the toll credit shall provide to the Secretary information on the transaction, including—

(i)

the amount of cash received;

(ii)

the value of the toll credit sold;

(iii)

the intended use of the cash; and

(iv)

the remaining toll credit balance of the State; and

(B)

the State that purchased the toll credit shall provide to the Secretary information on—

(i)

the value of the toll credit purchased; and

(ii)

the anticipated use of the toll credit.

(2)

Annual reports

Not later than 1 year after the date on which the pilot program is established under subsection (b) and each year thereafter for the duration of the pilot program, 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 toll credit marketplace.

(3)

Final report

Not later than the date on which the pilot program terminates under subsection (l), 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)

evaluates whether a toll credit marketplace is viable;

(ii)

describes the buying and selling activities of the toll credit marketplace;

(iii)

determines the average sales price of toll credits;

(iv)

evaluates whether the pilot program could be expanded to more States or all States;

(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 Secretary.

(k)

GAO report

After the end of the first year during which the toll credit marketplace is in operation, the Comptroller General of the United States shall—

(1)

conduct a study on the performance of the toll credit marketplace; and

(2)

submit to Congress a report that includes—

(A)

an evaluation regarding whether the pilot program is successful; and

(B)

any recommendations on how to improve the pilot program.

(l)

Sunset

The pilot program shall terminate on the date that is 5 years after the date on which the pilot program is established.