On Wednesday, House Ways and Means Committee Chairman Dave Camp (R-MI) released draft legislation to “fix America’s broken tax code by lowering tax rates while making the code simpler and fairer for families and job creators.” The plan dedicates $126.5 billion to the Highway Trust Fund (HTF) to fully fund highway and infrastructure investment through the HTF for eight years.
“This fiscally responsible provision would provide greater certainty for the Highway Trust Fund and the nation’s surface transportation infrastructure in the coming years,” said House Transportation and Infrastructure Chairman Bill Shuster (R-PA), in a statement. “The Transportation Committee continues to develop surface transportation legislation for action later this year, and this tax reform proposal could play a meaningful role in a bill that facilitates economic growth and helps America remain globally competitive.”
According to the U.S. Department of Transportation's Ticker, the HTF is slated to run out of money by September, with the current surface transportation bill, MAP-21, expiring in October.
To view the draft legislation, click here.
For more on the proposal from Bloomberg, click here.