House Committee on Appropriations Releases the Transportation, Housing and Urban Development Bill
On Tuesday morning, 4/28, the House Committee on Appropriations released the draft Transportation, Housing and Urban Development (THUD) Appropriations bill for Fiscal Year (FY) 2016. This bill is scheduled to be brought before the THUD Subcommittee Wednesday morning for a markup. The measure appropriates discretionary spending totaling $55.3 billion, which is $1.5 billion above FY 2015 level, but $9.7 billion below the President’s budget request. With reduced offsets, however, the bill represents an actual increase of only $25 million above the current level.
Legislative Alert: U.S. DOT Secretary Foxx Releases Revised GROW AMERICA Act
On Monday, March 30th, U.S. Department of Transportation Secretary Anthony Foxx unveiled a revised version of the GROW AMERICA Act, the Administration’s proposal for a multi-year surface transportation bill. As newly proposed, the GROW AMERICA Act would authorize a strong funding level of $478 billion over six years (as opposed to $302 billion over four years authorized in the previous version). As in the previous version, the Administration recommends that highway, transit, and passenger rail programs be funded through a restructured Transportation Trust Fund. Funding for that Trust Fund would be a combination of current Highway Trust Fund revenue supplemented by a 14 percent transition tax on the approximate $2 trillion of foreign earnings that U.S. companies have accumulated overseas (“repatriation”).