Congress today passed the conference agreement for H.R. 22, the “Fixing America’s Surface Transportation (FAST) Act”—a bill to extend authorization for spending from the highway trust fund and other related funds through September 30, 2020. The House passed the legislation by a vote 359-65. Later in the evening, the Senate passed the legislation by a vote of 83-16.
The current spending authorization for the affected highway and related trust funds expires tomorrow (December 4). The Senate is expected to vote on the conference agreement later today. If the Senate passes the agreement, the president is expected to sign it into law.
NOTE: The president signed the legislation on December 4, 2015.
The conference agreement would extend through September 30, 2022, a variety of highway-related taxes such as the taxes imposed upon gasoline, diesel fuel and kerosene, and certain tires. It also would extend the heavy vehicle use tax through September 30, 2023. It also contains a number of tax enforcement provisions very similar to those included in various versions of highway spending bills passed by the House and Senate earlier this year.
Provisions in the conference agreement include:
© 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.