House and Senate Committees Advance Highway Trust Fund Patch

Posted on: July 11th, 2014 by NADO Admin

This week, the House Ways and Means and Senate Finance Committees approved separate measures to keep the Highway Trust Fund solvent through May 31, 2015. The Highway Trust Fund (HTF) faces a looming shortfall on August 1, at which time the U.S. Department of Transportation (USDOT) will slow down highway reimbursements to states. The House measure, the Highways and Transportation Funding Act of 2014, would add $11 billion to the Highway Trust Fund with revenue generated from pension plan changes, additional custom fees, and a transfer of funds from the Leaking Underground Storage Tank (LUST) Trust Fund. The House is expected to consider the bill on the floor next week. The Senate’s proposal, the Preserving America’s Transit and Highway (PATH) Act, is similar to the House bill in funding size and estimated duration. Its revenue-generating measures, however, are slightly broader than the House bill’s including more changes to tax provisions to arrive at $11 billion additional in revenue for the HTF. No timetable has been set for Senate floor consideration of the PATH Act.

 

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