This week, the top Democrat on the House Committee on Transportation & Infrastructure, Peter DeFazio (Ore), introduced the AGC-supported Investing in America: A Penny for Progress Act, which would provide approximately $500 billion – a 30 percent increase – in infrastructure investment for federal surface transportation programs. The bill finances these investments by authorizing Invest in America 30-year Treasury bonds, annually, through 2030. The bonds will be repaid through indexing federal gas and diesel taxes to the National Construction Cost Index and reduced motor fuel usage for the Corporate Average Fuel Economy (CAFE) standards. According to Rep DeFazio’s office, the bill is estimated to raise the gas and diesel takes by approximately 1 cent per year and includes a hard cap of 1.5 cents per year. For more information on the bill and a full list of supporters, click here.
While AGC supports Rep DeFazio’s legislation, which addresses our surface transportation needs through 2030, we will continue to focus our efforts on providing a permanent solution for the chronic Highway Trust Fund shortfall.
For more information, contact Sean O’Neill at email@example.com or (202) 547-8892.