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The Highway Trust Fund Understanding The Basics

The Highway Trust Fund Understanding The Basics. The History of the Highway Trust Fund. Key Legislation: Federal-aid Highway Act of 1956 Surface Transportation Assistance Act of 1982 Moving Ahead for Progress in the 21st Century Act (MAP-21)

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The Highway Trust Fund Understanding The Basics

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  1. The Highway Trust Fund Understanding The Basics

  2. The History of the Highway Trust Fund • Key Legislation: • Federal-aid Highway Act of 1956 • Surface Transportation Assistance Act of 1982 • Moving Ahead for Progress in the 21st Century Act (MAP-21) • Fixing America’s Surface Transportation (FAST) Act

  3. What’s the Purpose of a Federal Trust Fund? • General Fund • Private Trust vs. Federal Trust Fund • Dedicated and Self-Sustaining • What is Budget Authority? • Appropriated Budget Authority vs. Contract Authority • Roles of Authorization and Appropriations Act for the Highway Trust Fund

  4. Sources of HTF Funding & How Revenues are Deposited • Excise Taxes / User Fees • FY 2015 Revenues Collected Gasoline / Diesel 18.4 / 24.4 cents 0.1 / 0.1 cent L.U.S.T. Trust Fund 15.44 / 21.44 cents 2.86 / 2.86 cents

  5. Sources of HTF Funding & How Revenues are Deposited • Steps in the revenue collection process

  6. Sources of HTF Funding & How Revenues are Deposited • Fund Transfers (Total = $143.427 billion)

  7. Structure of the Highway Trust Fund • Highway Trust Fund Accounts • Highway Account • Mass Transit Account

  8. HTF Fund Distribution • Formula Funding • Discretionary Funding

  9. HTF Disbursement

  10. HTF Outlays

  11. Structural Shortfall – Why Are We Here? • How did we end up with a shortfall problem? • History of 2008 shortfall

  12. Funding Solutions Commonly Offered • Vehicle Miles Traveled (VMT) • Gas tax increases • Corporate tax reform/Repatriation of foreign earnings • Align HTF spending with incoming gas tax receipts • De-federalize / Devolution

  13. Tax Type Tax Rate Gasoline and gasohol 18.4 cents per gallon Diesel 24.4 cents per gallon Special Fuels: General rate 18.4 cents per gallon Liquefied petroleum gas 18.3 cents per gallon Liquefied natural gas 24.3 cents per gallon M85 (from natural gas) 9.25 cents per gallon Compressed natural gas 18.3 cents per 126.67 cubic feet Tires: (maximum rated load capacity) 0-3,500 pounds No Tax Over 3,500 pounds 9.45 cents per each 10 pounds in excess of 3,500 Truck and Trailer Sales 12 percent of retailer’s sales price for tractors and trucks over 33,000 pounds gross vehicle weight (GVW) and trailers over 26,000 pounds GVW Heavy Vehicle Use Annual tax: Trucks 55,000 pounds and over GVW, $100 plus $22 for each 1,000 pounds (or fraction thereof) in excess of 55,000 pounds (maximum tax of $550) Current User Fee Structure

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