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Between 2008 and 2023, insufficient revenues in the Highway Trust Fund led the federal government to spend $275 billion in general tax dollars to keep the system solvent. [ 1 ] The Highway Trust Fund is a transportation fund in the United States which receives money from a federal fuel tax of 18.4 cents per gallon on gasoline and 24.4 cents per ...
The FHWA's role in the Federal-aid Highway Program is to oversee federal funds to build and maintain the National Highway System (primarily Interstate highways, U.S. highways and most state highways). This funding mostly comes from the federal gasoline tax and mostly goes to state departments of transportation. [7]
The United States federal excise tax on gasoline is 18.4 cents per gallon and 24.4 cents per gallon for diesel fuel. [ 1 ] [ 2 ] Proceeds from the tax partly support the Highway Trust Fund . The federal tax was last raised on October 1, 1993, and is not indexed to inflation , which increased 111% from Oct. 1993 until Dec. 2023.
In 2012, after Hastert had departed from Congress, the highway project was killed after federal regulators retracted the 2008 approval of an environmental impact statement for the project and agreed to an Illinois Department of Transportation request to redirect the funds for other projects. [9]
Other excise taxes related to highway travel also accumulated in the Highway Trust Fund. [72] Initially, that fund was sufficient for the federal portion of building the Interstate system, built in the early years with "10 cent dollars", from the perspective of the states, as the federal government paid 90% of the costs while the state paid 10%.
The Federal-Aid Highway Act of 1952 authorized $550 million for the Interstate Highway System on a 50–50 matching basis, meaning the federal government paid 50% of the cost of building and maintaining the interstate while each individual state paid the balance for interstate roads within their borders.
$2.9 trillion in 18 managed trust funds (Social Security, Highway, etc.) $1.5 trillion in 228 other federal government trust and investment accounts; $218 billion invested by over 6,000 state and local governments; $789 billion loaned to 37 federal agencies; Summary Debt Accounting: $11.8 trillion outstanding $7.5 trillion held by the public
An act to authorize funds for Federal-aid highways, highway safety programs, and transit programs, and for other purposes: Acronyms (colloquial) FAST Act: Enacted by: the 114th United States Congress: Effective: December 4, 2015: Citations; Public law: Pub. L. 114–94 (text) Statutes at Large: 129 Stat. 1312: Codification; Acts amended ...