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| AASHTO Press
Release |
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Sunny Mays
Schust
(202)
624-5800
Tuesday, July
16, 2002 09:29 AM |
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| AASHTO to Testify Before House
Subcommittee on Long-Term Transportation Financing Prospects,
Transportation Finance Corporation |
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Larry King, AASHTO Secretary-Treasurer and Deputy Secretary
for Planning at the Pennsylvania Department of Transportation, is
slated to testify before the House Transportation and Infrastructure
Subcommittee on Highways and Transit on the long-term viability of
motor-fuel tax as a funding source for the Highway Trust Fund. The
testimony will be at 10 a.m. in the Rayburn House Office Building,
Room 2167.
King, who
has chaired the finance work team within AASHTO's effort toward
reauthorization of the Transportation Equity Act for the 21st
Century (TEA-21), is expected to address the financing of vitally
important highways, bridges and transit systems. He will
specifically speak on possible transfer of the 2.5-cent-per-gallon
tax on gasohol now going to the General Fund to the Highway Trust
Fund and letting a blue-ribbon commission of experts assess the
current system of financing the trust fund.
King is also expected to outline
AASHTO's proposal for a Transportation Finance Corporation, which
would leverage federal funds through tax-credit bonding. An AASHTO
plan for creation of such an entity envisions an increase in
authorizations for highways rising from $34.1 billion in FY 2004 to
$41 billion in FY 2009, and an increase in transit authorizations
from $7.5 billion in FY 2004 to $10 billion by FY
2009.
King is also
expected to recommend the reimbursement of revenues lost to the
Highway Trust Fund through the 5.3-cent tax exemption for gasohol
and other ethanol-based blended fuels.
For more information, contact Sunny
Schust at AASHTO, (202) 624-5800.
A PDF version of this release is
available for download below:
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