| March 17, 2010 -- The Senate today gave final
approval to the “Jobs” legislation and President Obama has signed it,
thus extending the embattled federal highway program through the end of
2010. “The jobs bill passed today will stabilize the federal highway and public transportation programs to help maximize employment and economic activity in the 2010 construction season," said American Road & Transportation Builders Association (ARTBA) president & CEO Pete Ruane. The bill is intended to promote job creation, and includes provisions to preserve and strengthen federal highway and transit programs, reported the Associated General Contractors. The bill, known as the HIRE Act, includes the following provisions of importance to the highway construction industry, AGC said: • Extends highway program authorization through Dec. 31, 2010 at current funding levels. • Provides additional revenue to keep the Highway Trust Fund solvent through the first quarter of 2011 by restoring $19.5 billion in interest payments foregone on the HTF’s previous cash balances. • Restores $12 billion in highway spending authority that was cut on September 30, 2009 due to an $8.7 billion budget rescission in SAFETEA-LU and a subsequent rescission of $3.2 billion. • Alters the way in which long-standing fuel tax exemptions provided to state and local governments are accounted for which are projected to increase HTF balances by about $1.7 billion annually, for a total of $9.8 billion over six years. • Provides $4.6 billion in additional authority for Build America Bonds which have been used extensively by state and local governments to fund infrastructure projects, including highway and bridge projects. • Extends section 179 expensing thresholds so that taxpayers may elect to write-off up to $250,000 of certain capital expenditures in 2010 in lieu of depreciating those costs over time. “The bill also pays back to the trust fund interest earnings sacrificed in 1998, and ensures that future interest generated will be dedicated for transportation infrastructure improvements," ARTBA's Ruane said. "And, it ends the practice of penalizing the trust fund for fuel tax exemptions granted to certain users—creating approximately $1.5 billion in additional revenue annually to support infrastructure investment." END
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