Section 1 Short title
This Act may be cited as the “Building United States Infrastructure and Leveraging Development Act” or the “BUILD Act”.
Building United States Infrastructure and Leveraging Development Act
A BILL
To amend the Internal Revenue Code of 1986 to increase the national limitation amount for qualified highway or surface freight transfer facility bonds.
Sec. 2 Increase national limitation amount for qualified highway or surface freight transfer facility bonds
In general— Section 142(m)(2)(A) of the Internal Revenue Code of 1986 is amended by striking “$15,000,000,000” and inserting “$30,000,000,000”.
Application of Davis-Bacon Act requirements— Section 142(m) is amended by adding at the end the following new paragraph:
“(5) Application of Davis-Bacon Act requirements—If any proceeds of any issue are used for construction, alteration, or repair of any facility otherwise described in paragraph (15) of subsection (a), such facility shall be treated for purposes of subsection (a) as described in such paragraph only if each entity that receives such proceeds to conduct such construction, alteration, or repair agrees to comply with the provisions of subchapter IV of chapter 31 of title 40, United States Code with respect to such construction, alteration, or repair.”
Effective date— The amendments made by this section shall apply to bonds issued after the date of the enactment of this Act.