Legislative update: House passes highway bill containing revenue provisions

Highway bill containing revenue provisions

The House of Representatives today passed by a bipartisan vote of 312-119, a bill that would extend the highway trust fund authorization through December 18, 2015, from its current expiration date of July 31, 2015.

Related content

The bill—H.R. 3038 [PDF 133 KB]—contains provisions to raise approximately $8 billion in revenue to offset the cost of the additional five months of spending for surface transportation including:

  • Additional basis reported by estates
  • Enhanced mortgage reporting
  • Revisions to the tax-filing deadlines for partnerships, S corporations and C corporations
  • Clarification of the statute of limitations in case of overstatement of basis
  • Extended ability of employers to transfer of excess pension assets to retiree health accounts
  • The budgetary treatment of TSA fees

The Joint Committee on Taxation today released a revenue estimate of the tax provisions in H.R. 3038. Read JCX-100-15

White House reaction

The White House today released a statement of administration policy—SAP (July 15, 2015) [PDF 177 KB] stating that the administration “supports the passage of H.R. 3038 to give the House and Senate the necessary time to complete work on a long-term bill this year that increases investment to meet the … infrastructure needs.”

What is expected from Senate?

The Senate has not yet released its version of a highway funding bill, but is expected to do so within the next week.

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