For Immediate Release
Contact: Jonathan Hurt, firstname.lastname@example.org, 202-857-1200
Motorists’ Group Endorses “TRIP Bonds” Legislation
Today the American Highway Users Alliance endorsed new legislation introduced by
U.S. Senators Ron Wyden (D-Ore.), John Hoeven (R-N.D.) and Mark Begich (D-Alaska) establishing a $50 billion dollar tax credit infrastructure program called TRIP (Transportation and Regional Infrastructure Project) bonds.
The Highway Users Alliance applauds the TRIP bonds concept, which would create federal incentives and funding for State Infrastructure Banks to issue infrastructure bonds in all fifty States. The bonds would be used to get major surface transportation projects built with advanced funding, while keeping federal bureaucracy and Washington politics out of the way. These bonds will enable the delivery of important projects that can move the economy forward. With transportation reauthorization still being negotiated and tight funding being a new reality facing the States, TRIP bonds are an important supplementary financing tool that can be employed to help States invest in financially-sound projects.
According to Highway Users President & CEO Greg Cohen, “Transportation investments boost our economy and TRIP bonds are a smart way to invest in the future. This legislation also offers a sensible way encourage the private sector to invest in public road projects. The bond program will provide upfront funding to expedite and encourage major construction efforts. The bipartisan nature of this legislation is very encouraging and demonstrates the widespread recognition that surface transportation financing must be a national priority.”
Over a six-year period TRIP will allocate one billion dollars in bonds to the infrastructure banks of each state. The banks will then issue the bonds and select the projects to which the funding will apply. States will have the option to collaborate with each other to undertake larger projects.
The American Highway Users Alliance represents motorists, RV enthusiasts, truckers, bus companies, motorcyclists, and a broad cross-section of businesses that depend on safe and efficient highways to transport their families, customers, employees, and products. Highway Users members pay the taxes that finance the federal highway program and advocate public policies that dedicate those taxes to improved highway safety and mobility.