Congressman Charles W. Boustany, Jr., M.D., (R-South Louisiana) issued the following statement after the House passed H.R. 5021, the Highway and Transportation Funding Act of 2014.
Due to a disparity between projected revenues and actual revenues entering the Highway Trust Fund (HTF) over the past year, the Fund is estimated to run out of funds at the end of this month, causing the federal government to be unable to pay for highway maintenance projects until the end of the fiscal year.
H.R. 5021 is a budget-neutral approach that uses three main provisions to ensure that our nation's highway infrastructure does not fall into disrepair, guaranteeing funding for transportation projects through May 31, 2015. These three provisions have received widespread bipartisan support in both the House and Senate in the past:
- Pension smoothing($6.4 billion): Employers are required to make payments into pension plans based on an average interest rate. When interest rates remain low for a long period of time, it costs employers more money. Interest rates have been held low by the Federal Reserve since 2008. This provision will provide employers relief from artificially low rates.
- Customs user fees($3.5 billion): The Secretary of the Treasury is authorized to collect passenger and conveyance process fees and a merchandise processing fee under current law. The current authorization expires after September 30, 2023, and this provision would extend the authorization period by one year.
- Leaking Underground Storage Tanks accounttransfer ($1 billion): The Leaking Underground Storage Tanks (LUST) Trust Fund is financed by a 0.1 cent per gallon gas tax and is used to pay expenses incurred by the Environmental Protection Agency (EPA) and states for preventing, detecting, and cleaning up leaks from underground gas tanks. It currently has a balance over $1.4 billion, with that total expected to grow. This legislation authorizes a $1 billion transfer to the Highway Trust Fund.
Boustany said:"Louisiana's highway infrastructure is a jobs supporter, allowing our businesses to move materials to market inexpensively and quickly. We must continue maintaining our roads and highways to keep Louisiana businesses competitive. This legislation will ensure that our infrastructure system remains among the best in the world without adding a dollar to the deficit. I'll continue looking for conservative solutions that will grow our economy and help create jobs for my constituents in Louisiana's Third Congressional District."