The TURBO Act modifies tax rules governing exempt facility bonds used to finance transportation infrastructure projects. The bill increases the national spending cap for qualified highway and freight transfer facilities from $30 billion to $45 billion, allowing more projects to access tax-exempt bond financing. It also clarifies that rolling stock, such as trains and buses, can be purchased using bonds for mass transit systems, and lowers the speed threshold for high-speed rail projects from 150 miles per hour to 110 miles per hour. These changes primarily affect state and local governments, transit agencies, and private transportation companies seeking to finance infrastructure improvements. All provisions take effect immediately upon enactment for any bonds issued after the bill becomes law.
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