The decades-old federal gas tax rate will be seeing a boost in the coming year, if a new transportation bill proposed by the House of Representatives passes into law. The goal of the bill is to create a new means of funding for much-needed infrastructure repairs once the current system expires at the end of May. Read on to learn more about this new bill and its importance in our everyday lives!
Lawmakers Create New Transportation Bill to Supplement Floundering Funds
The proposed Bridge to Sustainable Infrastructure Act could not be coming at a better time, as the federal funding for infrastructure is about to be depleted and no alternative fund has been established to replace it yet. The Highway Trust Fund, the current mode of funding, will be out of money by July of this year according to the Department of Transportation, which means that roads and bridges in desperate need of repair will go untreated if something is not done.
The new transportation bill creates the necessary funding for the Highway Trust in a fairly straightforward way. By raising the gas tax, which has held at a steady 18.4 cents per gallon since 1993, funding could be created to finance projects, including repair work on existing infrastructure as well as the development of new road and bridge construction. The House Representatives who have sponsored the bill contend that by passing it, nearly $30 billion in revenue would be raised, which could support the Department of Transportation’s projects for up to two years. This temporary measure would allow lawmakers the time they need to develop a long-term solution to funding future infrastructure projects.
Though the Bridge to Sustainable Infrastructure Act does involve a temporary tax hike, it is vital that the country’s existing infrastructure is kept in good condition in the coming years. The longer certain problems go untended, the greater the risk to drivers will become. If it passes into law, this new transportation bill will end up benefitting the country significantly down the road.
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