Finance Committee Mulls Taxable Bond Program for Transit

Sanchez, Humberto
April 2003
Bond Buyer;4/28/2003, Vol. 344 Issue 31623, p5
Trade Publication
Leaders of the Senate Finance Committee of the U.S. are exploring the possibility of establishing a new taxable bond finance program to build mass transit projects around the nation, while redirecting funds earmarked for transit to pay for highway construction. The federal government typically funds highway and transit projects through the highway trust fund, which is funded by the gas tax and distributed to states each year by formula. To finance the nation's transit program, the proposal would authorize the Department of Treasury to issue either taxable tax-credit bonds or conventional taxable bonds, with the proceeds designated to fund transit projects. The plan, if formally proposed, will put the finance panel, which opposes increasing the gas tax, at odds with the House Transportation and Infrastructure Committee, which is backing an increase in the federal gas tax by adjusting the levy for inflation.


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