Section 1. Short title
This Act may be cited as the Transit for Urban Renewal and Business Opportunities Act or the TURBO Act.
(a) In general
Section 142(m)(2)(A) of the Internal Revenue Code of 1986 is amended by striking $30,000,000,000 and inserting $45,000,000,000.
(b) Effective date
The amendment made by this section shall apply to bonds issued after the date of the enactment of this Act.
(a) In general
Section 142(a)(3) of the Internal Revenue Code of 1986 is amended by inserting including the acquisition of rolling stock, after mass commuting facilities.
(b) Effective date
The amendment made by this section shall apply to bonds issued after the date of the enactment of this Act.
(a) In general
Section 142(i)(1) of the Internal Revenue Code of 1986 is amended by striking 150 miles per hour and inserting 110 miles per hour.
(b) Effective date
The amendment made by this section shall apply to bonds issued after the date of the enactment of this Act.