Pick Your Community: | Hopkins | Muhlenberg | Daviess | Christian | Henderson | Lakes | McCracken | Webster

Bipartisan Coalition Introduces Plan to Provide $50 Billion for Transportation Infrastructure

State highway transportation 300FRANKFORT, Ky. (6/28/13) – U.S. Reps. Ed Whitfield (R – KY) and Allyson Y. Schwartz (D-PA) joined U.S. Sens. Ron Wyden (D-OR) and John Hoeven (R-ND) to introduce bipartisan legislation to make $50 billion available for projects to revitalize the nation’s transportation infrastructure by leveraging private investment.
 
The bipartisan, bicameral Transportation and Regional Infrastructure Project (TRIP) bonds legislation would allow states to issue up to a total of $50 billion – $1 billion per state – in bonds for transportation infrastructure projects over a six year period. The principal cost of the bonds would be covered by a trust fund composed of Customs User Fees. In lieu of interest, the bondholders would receive federal tax credits that could be applied against federal income tax liabilities.
 
Based on U.S. Department of Transportation's estimate of 30,000 jobs per $1 billion of transportation funding, TRIP bonds should yield approximately 1.5 million jobs.
 
The privately-leveraged, 30-year bonds could be used to fund a wide range of transportation and infrastructure projects including roads, bridges, transit, rail, and waterways. States would also be able to pool their funds for larger or multi-state projects.
 
“With millions of Americans still out of work and our infrastructure crumbling, TRIP bonds represent an opportunity to tackle both of these problems head-on, in a fiscally responsible manner,” stated Whitfield. “By leveraging private sector dollars, we can create jobs and make the infrastructure investments needed to stay economically competitive now and in the future. I look forward to working with my colleagues in a bipartisan, bicameral fashion to advance this legislation as part of a long-term surface transportation reauthorization.”
 
“America’s economic strength depends on the health of our infrastructure system. If we expect to sustain our leadership in an increasingly-competitive global economy, we cannot afford to ignore the structural deficiencies of our roads, bridges, airports and railways," said Schwartz. "This bipartisan legislation provides an efficient way to finance much-needed infrastructure investments that will sustain millions of jobs and maintain our nation's strength in the global marketplace."
 
“America’s economic future depends on expanding, maintaining and repairing its infrastructure,” Wyden said. “TRIP bonds provide an innovative, effective and low-cost way to create jobs and help strengthen our infrastructure by leveraging private funding.”
 
“TRIP bonds are an effective way to attract and leverage private sector investments to build and repair roads, bridges and other much-needed infrastructure in this country,” said Hoeven. “We’re working in a bipartisan and bicameral way to pass this legislation because TRIP bonds are about making our nation economically stronger and more dynamic in a highly competitive world market.”
 
According to a report by the American Society of Engineers, without the necessary investment in the nation’s infrastructure the economy will lose more than 3.5 million jobs and the GDP would be suppressed by $3.1 trillion by 2020.
 
TRIP bonds would originate with each individual state’s infrastructure bank. Each state infrastructure bank will be allocated two percent of the total amount of bonds to issue to projects of their discretion – a total of $1 billion per state. Most states have already created infrastructure banks, but those who have not can do so at any time to receive its portion of the TRIP bond funding.
 
TRIP bonds have been endorsed by a wide range of state and local officials as well as business and labor leaders including. Below are comments from some of those groups and people:
 
David Seltzer, Principal at Mercator Advisors: “The proposal demonstrates that a tax incentive to attract investment into transportation infrastructure can receive bipartisan support. This bill could serve as the basis for a major federal commitment to transportation projects without putting greater pressure on the discretionary budget.”
 
Bud Wright, American Association of State Highway and Transportation Officials (AASHTO) Executive Director: “Given the tremendous transportation investment needs facing our country, TRIP bonds provide supplemental project financing capacity directly to those who construct and manage transportation facilities—the states and their transportation agencies. We applaud Sen. Wyden, Sen. Hoeven, Rep. Whitfield, and Rep. Schwartz for their bipartisan, bicameral support for transportation infrastructure improvements that underpin economic growth and quality of life for all Americans.”
 
Robyn Boerstling, Director, Transportation and Infrastructure, National Association of Manufacturers: “While other nations are building and modernizing roads, bridges, transit systems, airports and ports at a rapid clip to serve manufacturing economies in Asia, South America and Europe, manufacturers in the United States need all the practical solutions we can find to invest in infrastructure. TRIP bonds will bring needed improvements to our transportation infrastructure that will strengthen our competitiveness and increase our export potential.”
 
Building America’s Future co-chair and former Pennsylvania Governor Ed Rendell: “As America’s infrastructure continues to crumble and our nation slips further behind as a global economic leader, it is critical that we find smart, creative ways to fund transportation projects. With the introduction of the TRIPs Bond Program, Representatives Schwartz and Whitfield and Senators Wyden and Hoeven are answering the nation’s call to action, providing $50 billion in new transportation infrastructure financing. I applaud these Congressional Members for working together to create a strong, bipartisan support for investing in our nation’s transportation systems. This innovative financing tool will help rebuild America’s transportation infrastructure and help put our nation back on the road to economic recovery.”
 
SurfKY News
Information provided by Chris Pack

© Copyright 2014 SurfKY News Group, Inc. All rights reserved. This material may not be published, broadcast, or rewritten without permission. SurfKY News encourages you to share this story by using one of the social media links below.

In Other News...

Providence Police Reports Released

PROVIDENCE, Ky. (9/1/14) ― The Providence Police Department released the following arrest reports Monday, Sept. 1.… Read More

Owensboro Police Department Activity Reports

OWENSBORO, Ky. (9/2/14) — Owensboro Police Department reported the following recent arrests and citations: Aaron… Read More

Most Read This Week (Site-Wide)

August 29, 2014 8585

Luke's Flea Market Vendors' Home Away…

in News by Charles W. Riley II, SurfKY News
August 30, 2014 8301

One Hospitalized After Officer-Involved…

in Top Stories by Charles W. Riley II, SurfKY News
August 31, 2014 6298

Passenger in Officer-Involved Shooting…

in Top Stories by Rita Dukes Smith, SurfKY News Director
August 29, 2014 4274

Business Spotlight - Magical Memories…

in Top Stories by Charles W. Riley II, SurfKY News
August 30, 2014 3298

Ponderosa Madisonville to Donate 10…

in Top Stories by Rita Dukes Smith, SurfKY News Director

Most Read Stories from Hopkins County

August 30, 2014 3298

Ponderosa Madisonville to Donate 10…

in Top Stories by Rita Dukes Smith, SurfKY News Director
September 01, 2014 1860

Hopkins County Misdemeanor Indictments

in Top Stories by Karen McKnight
August 30, 2014 1463

City of Madisonville Says 'Goodbye' to…

in Top Stories by Amber Averitt, SurfKY News
August 29, 2014 970

MCC Announces New Board Members

in Top Stories by Joyce Riggs
September 02, 2014 733

Dawson Springs Woman Arrested for…

in Top Stories by Madisonville Police Department

Most Read Stories from Owensboro

August 29, 2014 2968

Daviess County Sheriff’s Office Activity…

in News by Dennis Beard, SurfKY News
August 29, 2014 2815

Owensboro Police Department Activity…

in News by Dennis Beard, SurfKY News
August 30, 2014 2122

Owensboro Traffic Advisory

in News by Keith Todd
August 29, 2014 1120

Woman Charged in Assault of 3-Year-Old…

in Top Stories by Dennis Beard, SurfKY News
August 30, 2014 511

Smith, Hamilton honored at Distinguished…

in Top Stories by Dennis Beard, SurfKY News

Most Read Stories from Muhlenberg County

August 29, 2014 4274

Business Spotlight - Magical Memories…

in Top Stories by Charles W. Riley II, SurfKY News
August 30, 2014 2499

Skateboarders Enjoy Own Style of Cruise In

in Top Stories by Charles W. Riley II, SurfKY News
August 29, 2014 2463

School System Facing $5M Shortfall;…

in Top Stories by Charles W. Riley II, SurfKY News
August 29, 2014 2338

No College = Low Wages : A Muhlenberg…

in Top Stories by Ken Robinson

SurfKY News Group, Inc. Central Office & Printing Division
1125 Nebo Rd.  •  Madisonville, KY 42431  •  270.452.2249 (fax)
Main Number: 270.452.2727 (phone)  •  Printing Division Direct Line: 270.821.8600 (phone)

SurfKY Owensboro News Bureau
920 Frederica St. / Suite 210  •  Owensboro, KY 42301  •  270.683-8060 (phone)


Contact a member of our staff: www.surfky.com/contact
Copyright © 2014 SurfKY News Group, Inc.  •  Terms of Use  •  Site Map

social 03social 04social 22social 21social 06