The Senate today held a procedural vote to begin consideration of a bill to fund and authorize highway and infrastructure spending.
The Senate bill—Developing a Reliable and Innovative Vision for the Economy Act or “DRIVE Act’’—would, as currently drafted, extend authorization for spending from the highway trust fund and other related funds through 2021. Read text [PDF 1 MB] of the statutory language.
The Senate bill contains tax and spending provisions to offset a portion of the cost of the highway and infrastructure expenditures.
In addition to extending through 2023 of a variety of highway-related taxes—such as the taxes imposed upon gasoline, diesel fuel and kerosene, certain tires and heavy trucks and trailers—the Senate bill also contains tax enforcement provisions that are similar to those included in the highway funding bill passed by the House last week.
However, the House version of the highway bill varies significantly from the Senate bill in a number of ways, including the fact that the House bill would authorize highway trust fund spending only through December 18, 2015.
Other provisions included the Senate bill are measures that would:
The Senate has scheduled a series of procedural votes for Sunday, July 26. If these votes are passed and completed, the Senate is expected to vote next week on passage of its version of the highway bill and then send that version of the bill to the House for its consideration (given that, as noted above, the version of the highway bill passed last week by the House varies from the Senate version).
At this time, it is unclear how the House and Senate would reconcile the numerous differences between the House-passed highway funding bill and the version currently under consideration in the Senate before the current highway trust fund spending authorization expires on July 31, 2015.
© 2017 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.