Bus Rolling Stock Modernization Act of 2024

This bill amends federal transportation funding rules to change how transit agencies can pay for new buses. It allows recipients of federal bus funding to make advance payments to manufacturers (up to 20% of the total cost) without needing prior government approval or requiring manufacturers to provide performance bonds. Transit agencies must still have a signed contract with advance payment terms, preaward authority, and meet other existing requirements. The change directly affects local transit agencies receiving federal funds under Title 49, streamlining their purchasing process while capping early payments to protect public funds.