H.R. 1664 · 115th Congress
Investing in America: A Penny for Progress Act
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Never voted on. It didn't reach a floor vote before the 115th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
DeFazioSponsor28 cosponsors · 27 D, 1 R
R
Barletta
MC
D
Capuano
MD
D
DeSaulnier
JH
D
Huffman
EJ
D
Johnson
HJ
D
Johnson
RL
D
Larsen
JN
D
Nadler
RN
D
Nolan
EN
D
Norton
GN
D
Napolitano
DP
D
Payne
AS
D
Sires
FW
D
Wilson
SC
D
Cohen
AC
D
Carson
AL
D
Lowenthal
EB
D
Blumenauer
BB
D
Boyle
WC
D
Clay
DE
D
Evans
MP
D
Pocan
PW
D
Welch
JM
D
McNerney
MD
D
Doyle
JL
D
Larson
AE
D
Espaillat
CM
D
Maloney0 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
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.
What it does: CRS summary · Introduced in House · Mar 22, 2017
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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Investing in America: A Penny for Progress Act
Latest action (Mar 23, 2017): Referred to the Subcommittee on Highways and Transit.
Policy area: Taxation · Origin: House · Introduced: Mar 22, 2017
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.