WASHINGTON, D.C. – May 1, 2015 – (RealEstateRama) — This week, the House Appropriations Subcommittee on Transportation, Housing and Urban Development (THUD) passed their fiscal year 2016 funding bill. The bill includes funding for the Department of Transportation, the Department of Housing and Urban Development, and other related agencies.
Total spending in the bill is $55.3 billion – an increase of $1.5 billion above fiscal year 2015 and $9.7 billion below the president’s budget request. It should be noted that the president’s request is significantly higher due to his proposal to levy a 14 percent tax on every U.S. corporation’s past foreign earnings (deemed repatriation). The bill provides $40.25 billion from the Highway Trust Fund for the Federal-aid Highway Program and $10.7 billion for the Federal Transit Administration, including $8.6 billion for formula grants and $1.9 billion for Capital Investments Grants, known as “New Starts.” Additionally, the legislation funds TIGER grants at $100 million – $400 million below fiscal year 2015 and $1.15 billion below the president’s request.
The bill is expected to be considered by the full Appropriations Committee the week of May 16.
For more information, please contact Sean O’Neill at (link sends e-mail) or (202) 547-8892.