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Titles (2)

Short Titles

Short Titles - House of Representatives

Short Titles as Introduced

Investing in America: A Penny for Progress Act

Official Titles

Official Titles - House of Representatives

Official Title as Introduced

To amend the Internal Revenue Code of 1986 to index the gas and diesel tax and rebuild our roads, bridges, and transit systems.


Actions Overview (1)

Date
03/22/2017Introduced in House

All Actions (5)

Date
03/23/2017Referred to the Subcommittee on Highways and Transit.
Action By: Committee on Transportation and Infrastructure
03/22/2017Referred to the Committee on Ways and Means, and in addition to the Committee on Transportation and Infrastructure, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Action By: House of Representatives
03/22/2017Referred to the Committee on Ways and Means, and in addition to the Committee on Transportation and Infrastructure, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Action By: House of Representatives
03/22/2017Referred to the Committee on Ways and Means, and in addition to the Committee on Transportation and Infrastructure, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Action By: House of Representatives
03/22/2017Introduced in House
Action By: House of Representatives

Committees (2)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Reports
House Ways and Means03/22/2017 Referred to
House Transportation and Infrastructure03/22/2017 Referred to
House Transportation and Infrastructure Subcommittee on Highways and Transit03/23/2017 Referred to

As of 09/22/2018 no related bill information has been received for H.R.1664 - Investing in America: A Penny for Progress Act.


Latest Summary (1)

There is one summary for H.R.1664. View summaries

Shown Here:
Introduced in House (03/22/2017)

Investing in America: A Penny for Progress Act

This bill amends the Internal Revenue Code to require federal taxes on gasoline and diesel fuel or kerosene to be increased annually after 2017 to account for: (1) highway construction costs, and (2) reduced fuel usage due to Corporate Average Fuel Economy (CAFE) standards. The bill exempts kerosene fuels used in aviation from the increases and limits the annual increases to 1.5 cents.

The bill also requires the Department of the Treasury to issue 30-year Invest in America Bonds in specified amounts annually through FY2030. The revenue from the bonds must be transferred to the Highway Trust Fund (HTF), with 80% allocated to the Highway Account and 20% allocated to the Mass Transit Account. The bill specifies requirements for allocating the additional funding from the HTF.

Treasury must repay the bonds using the revenues that are attributable to the increased taxes required by this bill. After all of the bonds have been redeemed, additional revenues attributable to the increases must be transferred to the HTF.

The bill also modifies Department of Transportation reporting requirements regarding: (1) infrastructure investment needs, and (2) public transportation investment needs.

The bill amends the Fixing America's Surface Transportation Act (FAST Act) to repeal a rescission of certain unobligated federal-aid highway funds apportioned among the states.