WASHINGTON, D.C. – October 22, 2015 – (RealEstateRama) — The House Committee on Transportation & Infrastructure began markup on a six-year Highway Bill that essentially maintains current funding levels. The American Society of Civil Engineers has given America’s infrastructure a D+ grade and have stated that we need an additional $3.6 trillion in infrastructure investment by 2020.
The Highway Trust Fund will lose spending authority on October 29. Earlier this year, Delaney introduced the Infrastructure 2.0 Act (H.R. 625), which uses revenues from international tax reform to fund a six-year highway bill at increased levels and creates a new permanent national infrastructure fund to provide financing to state and local governments.
“America’s infrastructure is falling apart and our country is falling behind our economic competitors – we won’t be able to catch up if we simply keep our inadequate infrastructure investment on cruise control,” said Congressman Delaney. “For years we have had a major funding deficit on infrastructure and the old politics and the old answers have failed us. If we continue with baseline funding, in another six years we’ll be in even worse shape. I know that my colleagues want to find a solution on this critical issue and over the last three years I have built a large bipartisan coalition in support of a new approach using international tax reform. Smart infrastructure investment will create millions of good-paying jobs, strengthen our economy, make the country safer and upgrade our quality of life. Let’s work together on a bipartisan solution that truly rebuilds America.”
Since 2013, Delaney has built broad bipartisan support for using revenues from corporate profits abroad to rebuild America. Over 40 Democrats and 40 Republicans in Congress have endorsed Delaney’s plan to use international tax reform to rebuild America. The Infrastructure 2.0 Act provides $120 billion in additional funding to the Highway Trust Fund and establishes a $50 billion dollar American Infrastructure Fund to provide loans, bond guarantees and equity for additional projects. Under the Infrastructure 2.0 Act, existing overseas profits will be taxed at an 8.75% rate and deferral will be ended.
H.R. 3763 provides up to $325 billion for transportation projects over the next six years.