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Federal Surface Transportation Program FUNDING AND FINANCING OUTLOOK FOR MAP-21 AND BEYOND

TRANSPO 2012 BONITA SPRINGS, FL WEDNESDAY 31 OCTOBER 2012. Federal Surface Transportation Program FUNDING AND FINANCING OUTLOOK FOR MAP-21 AND BEYOND Joung H. Lee Associate Director for Finance and Business Development American Association of State Highway and Transportation Officials.

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Federal Surface Transportation Program FUNDING AND FINANCING OUTLOOK FOR MAP-21 AND BEYOND

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  1. TRANSPO 2012 BONITA SPRINGS, FL WEDNESDAY 31 OCTOBER 2012 Federal Surface Transportation Program FUNDING AND FINANCING OUTLOOK FOR MAP-21 AND BEYOND Joung H. Lee Associate Director for Finance and Business Development American Association of State Highway and Transportation Officials

  2. PRESENTATION OUTLINE • MAP-21 Highlights and Funding Levels • Highway Trust Fund condition and estimates • Revenue Options for Surface Transportation • Financing Options for Consideration

  3. HIGHLIGHTS ANDFUNDING LEVELS Moving Ahead for Progress in the 21st Century Act (MAP-21)

  4. HIGHLIGHTS • Strong bipartisan support for passage of HR 4348 in Congress • House 373-52; Senate 74-19 • Became PL 112-141 on 6 July 2012 • Key provisions • Stable current-level funding through end of FY 2014 • Program consolidation • Expedited program delivery

  5. STRONG HIGHWAY FORMULA PROGRAM Source: Transportation Weekly Source: Transportation Weekly

  6. FY 2013 APPROPRIATIONS AND SEQUESTRATION • FY 2013 Continuing Resolution • 6 months through 27 March 2013 • Flat obligation limit for Highways • 0.612% increase for transit • Continued 6-month funding for USDOT, TIGER, Amtrak • Sequestration • Gramm-Rudman-Hollings Balanced Budget and Deficit Control Act of 1985 exempts contract authority programs (e.g., Federal-aid Highway Program) • 8.2% reduction in non-exempt, non-defense, discretionary funding

  7. HIGHWAY TRUST FUNDCONDITION AND ESTIMATES

  8. IMPACT OF REDUCED HTF RECEIPTSFROM CAFE STANDARDS $57B drop Source: Congressional Budget Office

  9. REVENUE OPTIONS FORSURFACE TRANSPORTATION

  10. STATE TRANSPORTATION FUNDING OPTIONS State revenue sources for roads, bridges, rail and transit: • Fuel taxes (all states + DC + PR); 6 index; largest single source of highway funds used by half the states • Sales taxes on fuel, or other taxes on distributors or suppliers (14 states + PR) • Motor vehicle or rental car sales taxes (29 states) • Vehicle registration, license or title fees (48 states + PR) • Vehicle or truck weight fees (37 states) • Tolls (24 states + PR, plus non-state toll entities) • General funds (34 states + DC; Vt. on occasion) • Interest income (37 states + DC + PR) • Other (40 states + DC + PR) States provide about half of all surface transportation funding

  11. Overall, the Real Value of State Gas Taxes Has Fallen… • 14 states have not raised gas taxes in more than 20 years • Only 8 states and D.C. legislatively increased gas taxes since 2008 • After adjusting to account for growth in construction costs, the average state’s gas tax has fallen by 20 percent since last increase • State gas taxes have fallen by a combined $10 billion each year • Often small increases lag behind funding needs Sources: CSG, 2011; Institute on Taxation and Economic Policy, 2011; American Petroleum Institute, 2012.

  12. STATE TRANSPORTATION FUNDING IN 2012 LEGISLATIVE SESSIONS At least these state legislatures have looked at transportation funding options in 2012: • Raising fuel taxes:Hawaii; Iowa; Md.; Neb.; Pa.; Va. • Indexing fuel tax to inflation: Md.; Va. • Sales taxes on fuel, or other variable taxes: Md.; Mich. • Tolling: Hawaii; Mich.; Minn.; Mo.; Wash. • Fees:Hawaii; Iowa; Md.; Mass.; Pa.; Wash. • But states also have looked at reducing, suspending or caps on fuel taxes:Alaska; Conn.; (Hawaii); N.H.; N.Y.; N.C.; S.C. Source: National Conference of State Legislatures For bill details and links, see http://www.ncsl.org/default.aspx?tabid=13597 and http://www.ncsl.org/default.aspx?tabid=13012

  13. VMTS AND ALTERNATIVE FUELS IN 2012 LEGISLATIVE SESSIONS • VMT pilot projects:Hawaii; Ind.; Mass; Wash. • Special fees or taxes for electric or alternative fuel vehicles: Alaska; Ariz.; Iowa; Mass.; Va.; Wash. • Studies on the taxation of alternative fuel vehicles and electric vehicles: Iowa; N.H.; Okla. • Studies on feasibility of relying on gas tax:Kan. • Taxes on alternative fuels for transportation: None known • But many states have also looked at tax incentives or credits for alternative fuels Source: National Conference of State Legislatures For bill details and links, see http://www.ncsl.org/default.aspx?tabid=13597 and http://www.ncsl.org/default.aspx?tabid=13012

  14. Thank You Joung H. Lee Associate Director for Finance and Business Development American Association of State Highway and Transportation Officials 202-624-5818 / jlee@aashto.org / www.transportation-finance.org

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