House Panel OKs $24 Billion for Rail, $6 Billion for Amtrak

Sanchez, Humberto
June 2003
Bond Buyer;6/26/2003, Vol. 344 Issue 31665, p3
Trade Publication
The U.S. House Transportation and Infrastructure Committee on June 25, 2003 approved a legislation that would authorize states to issue up to $12 billion in taxable tax-credit bonds and $12 billion in tax-exempt private-activity bonds over 10 years for high-speed rail projects, and a separate bill to provide $6 billion for Amtrak Corp. over three years. Under the high-speed rail bill, states would be allowed to issue $1.2 billion a year over 10 years in tax-exempt private-activity bonds, which would be exempt from the state private-activity volume cap. The measure would give preference to projects that are financed with a mixture of tax-exempt and tax-credit bonds, that link rail passenger service with other modes of transportation, that would have a significant impact on air traffic congestion, or that improve commuter rail operations. That bill was held up last year over an attempt by rail construction unions to prohibit non-rail construction unions from being eligible, except in a few cases, to work on the high-speed rail projects constructed under the bill.


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