$17.6 billion ‘jobs bill’ passes Senate, transfers $19.5 billion into Highway Trust Fund
American Road & Transportation Builders Association (ARTBA) President & CEO Pete Ruane says that the jobs bill passed on March 17 will stabilize the federal highway and public transportation programs to help maximize employment and economic activity in the 2010 construction season.
“The bill also pays back to the trust fund interest earnings sacrificed in 1998, and ensures that future interest generated will be dedicated for transportation infrastructure improvements,” Ruane said in a written statement. ”…it ends the practice of penalizing the trust fund for fuel tax exemptions granted to certain users — creating approximately $1.5 billion in additional revenue annually to support infrastructure investment.
“Today’s vote was a victory, but we must keep our eye on the larger objective: passage this year of a robust, multi-year highway and transit authorization bill,” Ruane continued.
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