HR 1664 115th Congress House Taxation Appropriations Congressional oversight Energy efficiency and conservation Government trust funds Inflation and prices Infrastructure development Motor fuels Motor vehicles Public transit Roads and highways Sales and excise taxes Securities Transportation programs funding Transportation safety and security

Investing in America: A Penny for Progress Act

Introduced: March 22, 2017 See on congress.gov

Everywhere this bill has been 3 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Mar 23, 2017

Referred to the Subcommittee on Highways and Transit.

Mar 22, 2017

Referred to the Committee on Ways and Means, and in addition to the Committee on Transportation and Infrastructure, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Mar 22, 2017

Introduced in House

Plain-English summary Congressional Research Service

Investing in America: A Penny for Progress Act

This bill amends the Internal Revenue Code to require federal taxes on gasoline and diesel fuel or kerosene to be increased annually after 2017 to account for: (1) highway construction costs, and (2) reduced fuel usage due to Corporate Average Fuel Economy (CAFE) standards. The bill exempts kerosene fuels used in aviation from the increases and limits the annual increases to 1.5 cents.

The bill also requires the Department of the Treasury to issue 30-year Invest in America Bonds in specified amounts annually through FY2030. The revenue from the bonds must be transferred to the Highway Trust Fund (HTF), with 80% allocated to the Highway Account and 20% allocated to the Mass Transit Account. The bill specifies requirements for allocating the additional funding from the HTF.

Treasury must repay the bonds using the revenues that are attributable to the increased taxes required by this bill. After all of the bonds have been redeemed, additional revenues attributable to the increases must be transferred to the HTF.

The bill also modifies Department of Transportation reporting requirements regarding: (1) infrastructure investment needs, and (2) public transportation investment needs.

The bill amends the Fixing America's Surface Transportation Act (FAST Act) to repeal a rescission of certain unobligated federal-aid highway funds apportioned among the states.

What's happening now March 23, 2017

Referred to the Subcommittee on Highways and Transit.

Committees of jurisdiction 3