Pit & Quarry, March 2015
Legislators are actively formulating plans to shore up the Highway Trust Fund T he aggregates industry has been asking for another multi year transportation infrastructure bill for years and talk of one has heated up in recent months in Washington Heres a look at a couple of the highway funding proposals that were recently put forth as well as a taste of some of the discussions that have been taking place in the nations capital Obama proposes six year plan President Barack Obama proposed a 14 percent tax on overseas profits that would raise 238 billion over six years and create a 478 billion infrastructure budget the National Stone Sand Gravel Association NSSGA reports This transition tax would mean that companies have to pay U S tax right now on the 2 trillion they already have overseas rather than being able to delay paying any U S tax indefinitely a White House official says The official added that the tax would encourage firms to create more jobs in the United States According to the White House the 238 billion would be used to fund a broader 478 billion public works program of road bridge and public transport upgrades The remaining 240 billion would come from the federal Highway Trust The president proposes a 478 billion six year highway funding plan Fund which is financed by gas taxes NSSGA reports The aggregates industry welcomes the presidents proposal because it focuses much needed revenue to rebuild our nations crumbling infrastructure says Mike Johnson president and CEO of NSSGA While this approach avoids some of the political difficulties that many other measures face it will be an uphill struggle to get it through Congress Senators have own proposal In addition to Obamas proposal Sens Barbara Boxer D Calif and Rand Paul R Ky announced plans to introduce their own bill in the Invest in Transportation Act of 2015 which they say would extend the Highway Trust Fund boost economic growth and create jobs The legislation would allow companies to voluntarily return their foreign earnings to the U S at a tax rate of 65 Sen Rand Paul percent the senators say It would also ensure that a portion of the repatriated funds would be used for increased hiring wages and pensions In addition through the bill all tax revenues from the repatriation program would Gaining momentum Sen Barbara Boxer 16 PIT QUARRY March 2015 www pitandquarry com ISTOCK COM JORGE VILLALBA The clock is ticking on Capitol Hill where government officials are making plans related to transportation infrastructure funding ahead of the highway bills May 31 expiration
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