H.R. 10019 — Incentivizing Value Capture for Greener Transportation Act

This section finds that transportation is the largest source of U.S. greenhouse gas emissions, releasing 1,900,000,000 tons of carbon dioxide annually. It states that vehicle miles traveled reached 3,210,000,000,000 in 2018, that Americans lost 97 hours per person to congestion that year at a cost of nearly $87,000,000,000, and that residents near high-capacity transit own half as many cars per household as those living elsewhere.

This section establishes a grant program authorizing the Secretary of Transportation to award funds to State and local governments to develop value capture mechanisms that support long-term public transportation funding, mobility improvements, and affordable transit-oriented development. Grantees must meet performance benchmarks increasing transit capacity and ridership while reducing carbon dioxide emissions, vehicle miles traveled, and congestion; maintain prior funding levels with limited waivers; comply with Davis-Bacon prevailing wage rules; and evaluate results after three years. The Secretary must issue a public report on existing value capture policies within 15 months of enactment and establish voluntary standards and best practices by October 1 of the fiscal year beginning two years after enactment.