Overview
Introduced on July 31, 2026, by U.S. Senators Dave McCormick and Tammy Duckworth, the Transit for Urban Renewal and Business Opportunities Act (TURBO Act) proposes raising the national volume cap for qualified highway and surface freight Private Activity Bonds from $30 billion to $45 billion. It also expands mass commuting bond eligibility to rolling stock and lowers high-speed rail speed minimums.
Key Provisions of the TURBO Act
Raise Volume Cap: Increases the national limit for highway and surface freight transfer facility bonds from $30 billion to $45 billion.
Expand Rolling Stock: Permits mass commuting facility bonds to fund the direct acquisition of transit vehicles like buses, railcars, and ferries.
Lower Rail Threshold: Reduces the required speed standard for eligible intercity passenger rail projects from 150 miles per hour down to 110 miles per hour. This change allows shared freight-corridor projects to utilize tax-exempt private activity financing.