Legislative update - Ways and Means to mark up highway authorization 

July 8: The House Ways and Means Committee is scheduled on Thursday, July 10, to mark up H.R. 5021, the Highway and Transportation Funding Act of 2014.

Ways and Means Committee Chairman Dave Camp (R-MI) announced a proposed $20.6 billion extension of surface transportation spending by:

  • Transferring $10.7 billion from other government accounts
  • Extending customs user fees
  • Changing the method of determining the interest rates used generally for calculating pension plan liabilities

JCT documents

The Joint Committee on Taxation today released the following documents relating to H.R. 5021:

  • A description of the provisions—JCX-79-14 [PDF 70 KB]
  • A revenue estimate—JCX-80-14 [PDF 12 KB]
  • An estimate of the general fund and trust fund effects—JCX-81-14 [PDF 15 KB]

Status of trust fund

The Highway Trust Fund, which finances federal highways, is expected to run out of money this summer.

The Congressional Budget Office has said the highway fund requires $8 billion in new financing to meet anticipated obligations and remain solvent through December 31.

The markup by Ways and Means would be the first congressional action on highway funding since the Senate Finance Committee on June 26 delayed action on a companion measure.

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