Sec. 11208. Transfer and sale of toll credits
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/bill/114/hr/22/eas/section-11208A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
In this section, the following definitions apply: The term eligible State means a State that— is eligible to use a credit under section 120(i) of title 23, United States Code; and has been selected by the Secretary under subsection (d)(2). The term recipient State means a State that receives a credit by transfer or by sale under this section from an eligible State. Not later than 1 year after the date of the establishment of a nationwide toll credit monitoring and tracking system under subsection (g), the Secretary shall establish and implement a toll credit marketplace pilot program in accordance with this section. The purposes of the pilot program established under subsection
(b)are— to identify whether a monetary value can be assigned to toll credits; to identify the discounted rate of toll credits for cash; to determine if the purchase of toll credits by States provides the purchasing State budget flexibility to deal with funding issues, including off-system needs, transit systems with high operating costs, or cash flow issues; and to test the feasibility of expanding the toll credit market to allow all States to participate on a permanent basis. In order to participate in the pilot program established under subsection (b), a State shall submit to the Secretary an application at such time, in such manner, and containing such information as the Secretary may require. Of the States that submit an application under paragraph (1), the Secretary may select not more than 10 States to be designated as an eligible State. In carrying out the pilot program established under subsection (b), the Secretary shall provide that an eligible State may transfer or sell to a recipient State a credit not used by the eligible State under section 120(i) of title 23, United States Code. 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. To receive a credit under paragraph (1), a recipient State shall enter into an agreement with the Secretary described in section 120(i) of title 23, United States Code. An eligible State shall use the proceeds from the sale of a credit under subsection (e)(1) for any project in the eligible State that is eligible under the surface transportation program established under section 133 of title 23, United States Code. Not later than 180 days after the enactment of this section, the Secretary shall establish a nationwide toll credit monitoring and tracking system that functions as a real-time database on the inventory and use of toll credits among all States (as defined in section 101(a) of title 23, United States Code). Not later than 30 days after the date on which a credit is transferred or sold under subsection (e)(1), the eligible State shall submit to the Secretary in writing a notification of the transfer or sale. Not later than 180 days after the date of establishment of the pilot program under subsection (b), 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. Not later than 30 days after a purchase or sale under subsection (e)(1), an eligible State shall submit to the Secretary a report that describes— information on the transaction; the amount of cash received and the value of toll credits sold; the intended use of the cash; and an update on the remaining toll credit balance of the State. Not later than 30 days after a purchase or sale under subsection (e)(1), a recipient State shall submit to the Secretary a report that describes— the value of toll credits purchased; the anticipated use of the toll credits; and plans for maintaining maintenance of effort for spending on Federal-aid highways projects. Not later than 1 year after the date on which the pilot program under subsection
(b)is established and each year thereafter that the pilot program is in effect, 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 that— determines whether a toll credit marketplace is viable; describes the buying and selling activities of the pilot program; describes the monetary value of toll credits; determines whether the pilot program could be expanded to more States or all States; and provides updated information on the toll credit balance accumulated by each State; and make the report described in subparagraph
(A)publicly available on the website of the Department. The Secretary may terminate the program established under this section or the participation of any State in the program if the Secretary determines that the program is not serving a public benefit.