1. Short title This Act may be cited as the Toll Credit Marketplace Act of 2020 . 2. Transfer and sale of toll credits (a) Definitions In this section: (1) Originating State The term originating State means a State that— (A) is eligible to use a credit under section 120(i) of title 23, United States Code; and (B) has been selected by the Secretary under subsection (d)(2). (2) Pilot program The term pilot program means the pilot program established under subsection (b). (3) Recipient State The term recipient State means a State that receives a credit by transfer or by sale under this section from an originating State. (4) State The term State has the meaning given the term in section 101(a) of title 23, United States Code. (b) Establishment of pilot program The Secretary of Transportation shall establish and implement a toll credit exchange pilot program in accordance with this section. (c) Purposes The purposes of the pilot program are— (1) to identify the extent of the demand to purchase toll credits; (2) to identify the cash price of toll credits through bilateral transactions between States; (3) to analyze the impact of the purchase or sale of toll credits on transportation expenditures; (4) to test the feasibility of expanding the pilot program to allow all States to participate on a permanent basis; and (5) to identify any other repercussions of the toll credit exchange. (d) Selection of originating States (1) Application In order to participate in the pilot program as an originating State, a State shall submit to the Secretary an application at such time, in such manner, and containing such information as the Secretary may require, including, at a minimum, such information as is required for the Secretary to verify— (A) the amount of unused toll credits for which the State has submitted certification to the Secretary that are available to be sold or transferred under the pilot program, including— (i) toll revenue generated and the sources of that revenue