S. 2021 would provide $50,000,000,000 in new transportation infrastructure funding through bonding to empower States and local governments to complete significant infrastructure projects across all modes of transportation, including roads, bridges, rail and transit systems, ports, and inland waterways.

== Detailed Summary ==

<summary>
(Log inBuild America Bonds Act of 2007 - Amends the Internal Revenue Code to editallow an income tax credit to a taxpayer holding a Build America bond on one or more of its credit allowance dates.

Defines a &quot;Build America bond&quot; as any bond issued by the wiki andTransportation Finance Corporation as part of an issue if 95% or more of the proceeds from such issue are to be used for expenditures incurred for one or more qualified projects. Requires proceeds from the firstsale of bonds issued under this Act to providebe held in a detailed summaryBuild America Bonds Trust Account.

Defines &quot;qualified project&quot; as the capital improvements to any transportation infrastructure project (including roads, bridges, rail and transit systems, ports, and inland waterways) proposed by one or more states and approved by the Transportation Finance Corporation.

Grants Congress' consent and recognition to the establishment by two or more state infrastructure banks of the Transportation Finance Corporation. Authorizes the Transportation Finance Corporation to: (1) issue Build America bonds for the financing of qualified projects; (2) establish and operate the Build America Bonds Trust Account; (3) leverage resources and stimulate public and private investment in transportation infrastructure; and (4) perform any other function the sole purpose of which is to carry out the financing of qualified projects through Build America bonds.

Amends the Consolidated Omnibus Budget Reconciliation Act of 1985 to extend certain customs fees for the processing of merchandise entered into the bill!)United States through October 14, 2026.
</summary>

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== Status of the Legislation ==

<status>
Latest Major Action: 9/6/2007: Referred to Senate committee. Status: Read twice and referred to the Committee on Finance.
</status>

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== Points in Favor ==

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== Points Against ==

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