Incentivizing Value Capture for Greener Transportation Act

The Incentivizing Value Capture for Greener Transportation Act establishes a federal program to help states and local governments develop strategies for funding public transit through value capture, which involves collecting a portion of the increased economic value generated by government infrastructure investments. To receive grants under this program, recipients must demonstrate that their plans will increase transit ridership and reduce greenhouse gas emissions, vehicle miles traveled, and traffic congestion while maintaining existing funding levels for these initiatives. The legislation also requires that construction projects funded by these grants adhere to prevailing wage standards and mandates an evaluation of the program's effectiveness three years after funding is received. Additionally, the bill directs the Secretary of Transportation to create voluntary best practices for value capture and publish a report on existing state and local laws that successfully promote affordable transit-oriented development.