Yesterday, Senate Majority Leader Mitch McConnell (R-Ky.) indicated that he wants the Senate to start work on a highway bill next week. However, it is unclear whether the majority leader has identified a specific source of Highway Trust Fund revenue to pay for a multiyear transportation bill.
McConnell has made it clear that a gas tax is off the table and he is also skeptical of using any type of tax reform to pay for a reauthorization bill. However, other members of Congress see tax reform as a viable option. As previously reported, some members of Congress are considering using the repatriation of U.S. companies’ foreign earnings as a potential revenue source for a long-term surface transportation bill. For example, two Bipartisan Senate Finance Committee Working Groups on Tax Reform released reports recommending using international tax reform and estimated that repatriation would provide an estimated $90-$100 billion necessary to fill the funding gap in the Highway Trust Fund.
The situation in the Senate remains fluid. AGC continues to monitor the situation on the Hill as we encourage Congress to act as quickly as possible in passing a fully funded, long-term reauthorization of federal highway and transit programs.
For more information, please contact Sean O’Neill at oneills@agc.org or (202) 547-8892. Return to Top