The High-Speed Rail Investment Act of 2001 (S. 250)

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A briefing report issued by the General Accounting Office with an abstract that begins "The High-Speed Rail Investment Act of 2001 would allow the National Railroad Passenger Corporation (Amtrak) to issue up to $12 billion in "tax credit bonds" over 10 years, primarily for capital improvement projects designated high-speed rail corridors and on Amtrak's Northeast Corridor. This report reviews the (1) cost of the bond-financing mechanism and alternatives to the U.S. Treasury, (2) degree to which bond proceeds would meet the capital needs of federally designated high-speed rail corridors, and (3) extent of the federal oversight role. GAO found that ... continued below

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United States. General Accounting Office. June 25, 2001.

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Description

A briefing report issued by the General Accounting Office with an abstract that begins "The High-Speed Rail Investment Act of 2001 would allow the National Railroad Passenger Corporation (Amtrak) to issue up to $12 billion in "tax credit bonds" over 10 years, primarily for capital improvement projects designated high-speed rail corridors and on Amtrak's Northeast Corridor. This report reviews the (1) cost of the bond-financing mechanism and alternatives to the U.S. Treasury, (2) degree to which bond proceeds would meet the capital needs of federally designated high-speed rail corridors, and (3) extent of the federal oversight role. GAO found that the estimated tax credit for Amtrak bonds would cost the U.S. Treasury between $16.6 billion and $19.1 billion (in nominal dollars) over 30 years. The overall capital needs of fully developed federally designed high-speed rail corridors are unknown because these initiatives are in various stages of planning, but preliminary estimates by Amtrak puts the capital costs for fully developed high-speed rail corridors and its Northeast Corridor at between $50 billion and $70 billion over 20 years.The proposed legislation would require the Secretary of the Treasury to report annually on whether the amount of money in the trust account is sufficient to repay the bonds. The Department of Transportation would approve projects selected by Amtrak before Amtrak issues the bonds."

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Government Accountability Office Reports

The U.S. Government Accountability Office (GAO) is an independent, nonpartisan agency that works for the U.S. Congress investigating how the federal government spends taxpayers' money. Its goal is to increase accountability and improve the performance of the federal government. The Government Accountability Office Reports Collection consists of over 13,000 documents on a variety of topics ranging from fiscal issues to international affairs.

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  • June 25, 2001

Added to The UNT Digital Library

  • June 12, 2014, 7:50 p.m.

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United States. General Accounting Office. The High-Speed Rail Investment Act of 2001 (S. 250), report, June 25, 2001; Washington D.C.. (digital.library.unt.edu/ark:/67531/metadc298904/: accessed October 23, 2018), University of North Texas Libraries, Digital Library, digital.library.unt.edu; crediting UNT Libraries Government Documents Department.