U.S. TAX BREAKS PROPOSED FOR HIGHWAY, FREIGHT TRANSFER STATIONS
U.S. transportation secretary Norman Y. Mineta announced the Bush administration’s new six-year $247 billion surface transportation reauthorization proposal, the largest investment of its kind in the country’s history.
“The proposal I have submitted to the Congress is more than a simple spending plan,” Mineta said. “It is a key blueprint for investment.”
The 2003 Safe, Accountable, Flexible and Efficient Transportation Equity Act (SAFETEA) more than doubles funding for highway safety over levels provided by the Transportation Equity Act for the 21st Century (TEA-21).
SAFETEA continues the Transportation Infrastructure Finance and Innovation Act program and expand it by allowing rail freight projects to qualify for credit assistance. SAFETEA would also create a new category of tax-exempt private activity bonds to finance highway projects and freight transfer facilities.
Mineta emphasized that SAFETEA will help ensure transportation projects are “completed on budget and on time, while protecting the environment.”
A copy of the administration’s proposal is available online at http://www.fhwa.dot.gov/reauthorization/.