According to the EPW's press release, "The legislation builds on the success of the comprehensive reforms and performance-based approach to transportation investment in Moving Ahead for Progress in the 21st Century (MAP-21). It provides long-term funding, giving state and local governments the certainty and stability they need to improve and develop our nation's transportation infrastructure. These investments will create new jobs, provide a boost to our nation's economy and keep us competitive in the global marketplace."
MAP-21 expires on September 30 and the Highway Trust Fund is projected to run out of funds this summer.
Highlights of the bill's summary include:
- Long-term funding certainty
- Greater transparency on the use of federal funds
- Increased funding for existing core transportation formula programs
- Targeted funds for projects of high importance to a community
- Fully-funded freight and goods movement program
- Provides new funds to projects of national or regional significance through a competitive grant program
- Improves on the Transportation Infrastructure Finance and Innovation Act (TIFIA) program
- Expanded flexibility for state and local governments to promote cost-effective project delivery.
The bill will be marked up in the EPW Committee on Thursday, May 15th at 9:30 am.