Highway Trust Fund’s May 2020 Tax Receipts Drop 79% Year-Over-Year
Net deposits of tax receipts credited to the Highway Trust Fund totaled only $674 million in May, according to the U.S. Department of the Treasury, down 79 percent from $3.238 billion in May 2019.
The unexpectedly large decline highlights the immediate need for Congress to pass the ACEC-backed $50 billion infusion to state DOTs to backstop revenue losses.
“While most current construction projects continue, we know that State DOT budgets are threatened by dramatic revenue losses as a result of declining fuel usage and other economic activity,” said ACEC Vice President Transportation Programs Matt Reiffer. “Some states are already delaying critical transportation projects, and we expect many more to follow.
“The $50 billion infusion of federal aid is urgently needed to prevent program disruptions and allow DOTs to continue planning, design, and construction engineering contracts. This federal backstop will also serve as a bridge to passage and implementation of a robust, bipartisan, and long-term surface transportation reauthorization bill that both the House and Senate are working to advance this summer.”