To amend title 49, United States Code, to permit certain revenues of private vanpool contractors received from providing public transportation to be used for the purpose of acquiring rolling stock that is not funded, in part, by Federal, State, or local government assistance, and to permit certain expenditures of private vanpool contractors to be credited toward the local matching share of the costs of public transportation projects.

[AI summary unavailable — showing source text] Amends federal transportation law to allow the local matching share provided by a recipient of federal assistance for a capital project to include amounts expended by a private vanpool contractor of the recipient to acquire rolling stock used by the contractor to provide turnkey public transportation. Allows such contractor to use revenues received in providing public transportation that are in excess of the operating costs of the contractor to acquire such stock.…