S.2823 - Transportation Empowerment Act110th Congress (2007-2008)
|Sponsor:||Sen. DeMint, Jim [R-SC] (Introduced 04/07/2008)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 04/07/2008 Read twice and referred to the Committee on Finance. (All Actions)|
This bill has the status Introduced
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Summary: S.2823 — 110th Congress (2007-2008)All Information (Except Text)
Introduced in Senate (04/07/2008)
Transportation Empowerment Act - Authorizes appropriations out of the Highway Trust Fund (HTF) for the interstate maintenance program, emergency relief, the interstate bridge program, the federal lands highways program, highway safety programs, surface transportation research, and certain administrative expenses. Authorizes a state, upon determining that excess funds have been made available, to transfer the excess funds to, and use them for, any surface transportation purpose (including mass transit and rail) in the state. Revises requirements regarding state apportionments under the interstate maintenance component for resurfacing, restoring, rehabilitating, and reconstructing the Interstate System.
Prohibits any restriction on the ability of a state, as part of any highway improvement project, to impose and collect a toll on any highway that is part of the Interstate System. Allows a state to use revenue collected from such toll only for a new highway infrastructure project in the state.
Amends the Internal Revenue Code (IRC) to: (1) extend, for five years, the availability of HTF funds for certain authorized expenditures; (2) set a core programs financing rate for gasoline, special motor fuels, kerosene, and diesel fuel; (3) establish in the HTF an Infrastructure Special Assistance Fund; and (4) provide for the return of excess tax receipts to states for transportation purposes.
Grants consent to states to enter into interstate compacts to establish infrastructure banks to invest in the construction of surface transportation projects.
Amends the IRC to reduce taxes on gasoline, diesel fuel, kerosene, and special fuels funding the HTF.