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4 edition of Revenue issues related to the highway trust fund found in the catalog.

Revenue issues related to the highway trust fund

United States. Congress. Senate. Committee on Finance

Revenue issues related to the highway trust fund

hearing before the Committee on Finance, United States Senate, One Hundred Seventh Congress, second session, May 9, 2002

by United States. Congress. Senate. Committee on Finance

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Published by U.S. G.P.O., For sale by the Supt. of Docs., U.S. G.P.O. [Congressional Sales Office] in Washington .
Written in English

  • Motor fuels -- Taxation -- United States,
  • Roads -- United States -- Finance,
  • Federal aid to transportation -- United States

  • Edition Notes

    Other titlesHighway trust fund
    SeriesS. hrg -- 107-896
    The Physical Object
    Paginationiii, 91 p. :
    Number of Pages91
    ID Numbers
    Open LibraryOL17079610M
    ISBN 100160700906
    LC Control Number2003628000

    And in turn, the American Association of State Highway and Transportation Officials is working to support state DOTs in those efforts. AASHTO remains committed to responsibly following federal and state recommended workplace actions related to COVID We hope you’ll find these resources useful. Updated on   Dozens of revenue ideas face lawmakers as Congress weighs how to fix the Highway Trust Fund, and a new descriptive tool from the American Association of State Highway and Transportation Officials can let the public and policymakers quickly count the dollars various options would bring in.

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Revenue issues related to the highway trust fund by United States. Congress. Senate. Committee on Finance Download PDF EPUB FB2

Get this from a library. Revenue issues related to the highway trust fund: hearing before the Committee on Finance, United States Senate, One Hundred Seventh Congress, second session, May 9, [United States. Congress. Senate. Committee on Finance.]. REVENUE ISSUES RELATED TO THE HIGHWAY TRUST FUND HEARING BEFORE THE COMMITTEE ON FINANCE UNITED STATES SENATE ONE HUNDRED SEVENTH CONGRESS SECOND SESSION MAY 9, (Printed for the use of the Committee on Finance VerDate MAY Jkt PO Frm Fmt Sfmt.

Hearing, “Revenue Issues Related to the Highway Trust Fund” May 9, Chairman Baucus, you have been a true leader for many years in the area of transportation. I especially appreciate your eff orts to restore the integrity of the Highway Trust Fund.

I know that. Federal gasoline and diesel taxes are passed on to motorists, bus operators, and truckers at the pump, and then deposited into the federal HTF along with related fees. Past federal highway authorization bills increased HTF spending levels, permitting Congress to spend down the fund’s accumulated balance.

Beginning inCongress was spending more out of. The Highway Trust Fund (HTF) was established in to provide a more dependable source of funding from the federal government for the construction of the interstate highway system.

The HTF is comprised of two sub-funds: The Highway Account, which is largely devoted to construction and maintenance of highways and bridges; and. Highway Trust Fund and Taxes. Statutory citations: FAST Act Division C; Internal Revenue Code (26 U.S.C.) Extension of Highway-User Taxes. The FAST Act generally extends the imposition of highway-user taxes through Septem with no change to the tax rates, which are summarized in the table below.

mation on the following issues related to the Highway Trust Fund: (1) the sources and amounts of trust fund revenues generated during fiscal years through ; (2) the uses of these revenues; (3) the esti- mated balance remaining in the trust fund when federal-aid highway.

The Highway Revenue Act of established the Highway Trust Fund as an accounting mechanism to help finance federal highway programs.

According to DOT, the Highway Trust Fund was created as a user-supported fund—that is, the tax revenues of the Highway Trust Fund were dedicated for financing highways, and were to be paid by the highway users.

U.S. Department of Transportation Federal Highway Administration New Jersey Avenue, SE Washington, DC The Highway Trust Fund (HTF) is a government fund that was established to hold federal highway user taxes that are devoted for highway and transit related purposes.

The HTF was created by the Highway Revenue Act. Actual spending from the Highway Trust Fund, revenues credited to the trust fund, and thus any future shortfalls could vary from CBO’s projections because of many factors, including weather-related construction delays, the responses of states and local governments to federal policies, changes in the price of motor fuels, and the price and.

Download FISCAL FACT No. Options to Fix the Highway Trust Fund (PDF) Key Findings. The Highway Trust Fund is facing an estimated $ billion shortfall over the next decade and absent any general fund transfers will run out of funds by mid-yeardue to increased spending and an eroding gas tax.

The Highway Trust Fund is a transportation fund in the United States which receives money from a federal fuel tax of cents per gallon on gasoline and cents per gallon of diesel fuel and related excise taxes.

It currently has two accounts, the Highway Account which funds road construction and other surface transportation projects, and a smaller 'Mass Transit Account'. The use of the Trust Fund provides two direct benefits to the highway program: (1) It allows the program to operate with contract authority through the Budget Act, and (2) it provides the opportunity for revenue aligned budget authority (see discussion under "Appropriations").

The following section briefly describes the operation of the HTF. This statistic represents revenue and interest credited to the highway account of the Highway Trust Fund from the fiscal year of to the fiscal year of We appreciate the opportunity to testify on important Highway Trust Fund issues.

The Highway Account within the Highway Trust Fund is the revenue for the Highway Account, and approximately 84 percent of the amount of motor fuels and truck-related taxes levied for the Highway Trust Fund and how receipts from the taxes are allocated.

Highway Trust Fund’s Tax Receipts Flatten in Fiscal While Traffic Sets Record Highs Story Content Total collections of federal excise taxes for the Highway Trust Fund flattened in the first 10 months of the latest fiscal year, the Treasury Department has reported, even as traffic volume on U.S.

roads continues to climb to ever-higher. The Highway Trust Fund finances construction for the nation’s interstate highway and mass transit systems. It is the primary source of funding for state projects that improve and maintain transportation, and it is nearing insolvency.

The Highway Trust Fund is set to run out of money in September and Congress wants to save it with a one-time repatriation tax. The proposal would allow companies to repatriate off-shore income at a tax rate of percent with the revenue directly funding the Highway Trust Fund.

The problem with this plan is that it is a short-term, one-time solution. Recommendation: To reduce the risk of errors and increase the reliability of the information used to distribute highway program funds to the states, the Secretary of the Treasury should place greater emphasis and priority on the agency's efforts to improve its process for allocating receipts to the Highway Trust Fund and other excise-tax-related trust funds by.

Other articles where Highway Revenue Act is discussed: roads and highways: The United States and Canada: Aid Highway Act and the Highway Revenue Act of provided funding for an accelerated program of construction.

A federal gasoline tax was established, the funds from which, with other highway-user payments, were placed in a Highway Trust Fund. A Plan to Save the Highway Trust Fund Aug 9, | Other Spending | Taxes House Transportation and Infrastructure Committee Chairman Bill Shuster (R-PA) recently introduced a discussion draft of legislation to improve the finances of the Highway Trust Fund by raising the gas tax, enacting other taxes and fees, and setting the stage for a new.

Fixing the Highway Trust Fund and/or Re-evaluating the Federal Role Abstract The Federal Highway Trust Fund was established in as a mechanism to maintain the interstate highway system.

The fund derives its revenue from a fixed amount of tax on gasoline sales. Inthe last year in which the tax was increased. the Highway Trust Fund excise taxes that have been introduced in the Senate during the th Congress.

1 This document may be cited as follows: Joint Committee on Taxation, Overview of Highway Trust Fund Excise Taxes and Related Internal Revenue Code Expenditure Provisions, (JCX), May 7, Texas Road Finance (Part I) Paying for Highways and Byways by Ginger Lowry and TJ Costello Published May Texas’ highway network, the nation’s largest, is the backbone of its economy.

Our economic growth depends in large part on the efficiency, reliability and safety of our highways and transportation systems, which support individual mobility needs as well as.

This revenue was then funneled into the Highway Trust Fund. What happens if the Highway Trust Fund shuts down. If federal funding is disrupted, over $ billion in projects is at risk, according Author: Kristen Doerer. Gas Taxes and Highway Trust Fund Fawn Johnson talked about the role and solvency of the national Highway Trust Fund and the role federal and state gas July 7, Moreover, with its current revenue sources, the Highway Trust Fund cannot support spending at the current rate.

The Congressional Budget Office estimates that spending in fiscal year for highways and transit programs funded from the Highway Trust Fund will be $44 billion and $8 billion, respectively, whereas revenues collected.

The Highway Trust Fund, and the transportation system it supports, is far too valuable a resource to allow it to dry up. Congress is excellent at spending money; now it needs to get serious about fixing a trust fund running on empty.

Status of the Highway Trust Fund Kim P. Cawley Chief Natural and Physical Resources Cost Estimates Unit Before the Subcommittee on Highways and Transit Committee on Transportation and Infrastructure U.S.

House of Representatives J This document is embargoed until it is delivered at a.m. (EDT) on Tuesday, J The. USDOT’s Highway Trust Fund needing a last minute deposit during the summer of as a temporary life preserver to keep the Department above water. And though spokespeople for the FDOT say there is no need to worry and that they are still working within budget, the FDOT receives about 30 percent of its entire budget from the Size: 36KB.

Bond Sales - Recent Issues. About | Highway and Bridge Trust Fund | State Personal Income Tax | General Revenue | General Revenue Junior Indebtedness Obligations October Report of Traffic Engineer: NYSTA T & R Report | Bond Sales: Current Issues | Recent Issues | Schedule of Debt: | Note: All bond issues are tax exempt unless otherwise noted.

The Highway Trust Fund’s funding shortfalls The fund includes two accounts: highway and transit, which are funded by six taxes, two of which provide about 85% of its revenue. These taxes have not been increased since ( cents per gallon on. The Federal Excise Tax on Gasoline and the Highway Trust Fund: A Short History Congressional Research Service Summary Excise taxes have long been a part of our country’s revenue history.

In the field of gasoline taxation, the states led the way with Oregon enacting the first tax on motor fuels in By. The Congressional Budget Office estimates that the Highway Trust Fund will require $15 billion in additional revenue in FY to remain solvent and a total of $ billion over the next 10 years.

U.S. Highway Trust Fund revenue by source ; U.S. highways - government funding ; U.S.: state highway infrastructure spending per driver   The following chart shows Highway Trust Fund annual new spending obligation authority granted by Congress (obligation limitations, exempt-from-obligation contract authority, and direct appropriations), net tax receipts, and average annual bailout transfers from the general fund or LUST Trust Fund (starting in ), in billions of dollars.

The report further highlights the challenges facing Congress as they try to fill the revenue gap in the Highway Trust Fund to provide a six-year highway & transit bill. The Budget Office predicts a deficit in the trust fund over the next six years to be about $ billion.

The fund was intended to support highways by collecting taxes from those who use them the most—primarily through an 18 cent tax on gasoline, but also taxes on diesel, tires and some vehicles. Congress needs to start being realistic and serious about the future of the Highway Trust Fund, writes Howard Gleckman.

Although the Highway Trust Fund worked in the past, it is time for a long Author: Howard Gleckman. The RTP funding represents a portion of the revenue received by the Federal Highway Trust Fund from the federal motor fuel excise tax paid by users of off-road recreational vehicles such as snowmobiles, off-road motorcycles, all-terrain vehicles, and off-road light trucks.Although Trust Fund balances are currently expected to be sufficient to avoid the potential of cash management until that time, should the authorization for these programs lapse on Octo the Department will be unable to obligate new expenditures from the Highway and Transit programs, impacting reimbursements to States other entities.2.

Set meaningful priorities for the Highway Trust Fund, to balance spending with existing revenues. 3. Encourage state efforts to develop mileage-based user fee models that address the many current unknowns and concerns over this proposed transition.

4. Give states improved tools to make their existing transportation funding go further.