Public-private partnership (PPP) transportation franchises should not be singled-out for tax treatment that differentiates such franchises from franchises for other asset classes. The Treasury has observed that foreign investors might be subject to the Foreign Investment in Real Property Tax Act ("FIRPTA") if tolling rights are a type of real property interest as apposed to an intangible interest. Also of concern is recently circulated draft legislation calling for the amortization period for tolling rights to coextensive with the term of underlying leases, as if the intangible asset (tolling rights) is a real property interest. The net affect of these actions would be to extend amortization periods beyond the typical 15 years depreciation period for intangible assets and subject concessionaires to withholding taxes, significantly affecting the after tax return for private investors. It is more appropriate to guide PPP policy through helping states and local governments establish best practices versus singling out and establishing discriminatory tax treatment of tolling concessions.