A number of legislators are working to solve the Highway Trust Fund crisis.
Reps. Jim Renacci (R-Ohio) and Bill Pascrell (D-N.J.) introduced a bill which would index the gas tax to inflation and establish a Highway Trust Fund “supercommittee” to find a long-term funding solution by September 2016. According to the National Stone, Sand & Gravel Association (NSSGA), the gas tax would increase the user fee by 4 cents.
Reps. John Delaney (D-Md.) and Richard Hanna (R-N.Y.) sent a letter to leaders of the House Transportation and Infrastructure and Ways and Means committees urging them to look at their Infrastructure 2.0 Act as a solution, reports NSSGA. The act would use international corporate tax reform to patch the Highway Trust Fund for six years. It would also create a $50 billion infrastructure fund for state and local governments.
In addition, Sens. Barbara Boxer (D-Calif.) and Rand Paul (R-Ky.) introduced a bill that would offer multinational corporations a tax holiday on their overseas earnings. This would allow them to bring home offshore profits at a 6.5 percent tax rate, with the proceeds filling the Highway Trust Fund gap.
