If enacted, new bipartisan legislation known would increase the gas tax, tieing it to inflation to pay for much-needed infrastructure upgrades. The Bridge to Sustainable Infrastructure Act was introduced this month by Rep. Jim Renacci (R-OH) and co-sponsored by reps. Reid Ribble (R-WI), Bill Pascrell (D-NJ), Dan Lipinski (D-IL), and more than 15 others, and the intent is to find a long term solution to financing the Highway Trust Fund, set to run out of money by May 31.
The bill is projected to potentially raise $27.5 billion in just under two years, and if congress can't come up with another funding solution in three years, the tax would be raised again.
“We refuse to pass on the liability of our deteriorating roads and bridges to our children and grandchildren. The longer we wait to fix our crumbling infrastructure, the more it will cost in the long-run,” Reps. Renacci, Pascrell, Ribble, and Lipinski said in a joint statement.
The bill has reportedly gained support among stakeholder groups including AAA and the American Society of Civil Engineers, but there are still many lawmakers who oppose raising the gas tax, something the nation hasn't seen since 1993. There are also a number of other proposals that have been raised.