On November 26, 2019, U.S. Senators Cory Booker (D-New Jersey) and Jeanne Shaheen (D-New Hampshire) announced the introduction of the Toll Credit Marketplace Act.
According to a press release issued by Senator Booker, the “bill directs the Secretary of Transportation to establish a marketplace for the sale and purchase of toll credits, which are accrued when states use toll revenues to invest in transportation projects that benefit the interstate system. These credits can be used toward match requirements on federally funded transportation projects.”
“Allowing states like New Jersey to sell its available toll credits in order to raise revenue to invest in our roads, bridges, and rail systems is an innovative way to gather more resources while boosting transportation investment around the country,” said Senator Booker.
“My bill presents an innovative path forward for Congress to support states’ investments in critical highway infrastructure projects to make our roads safer and our economy stronger,” said Senator Shaheen.
The press release states the Toll Credit Marketplace Act would also:
- Require participating states to report on the transactions and the intended uses for the proceeds and toll credits;
- Direct the Secretary of Transportation to report to Congress on the progress of the marketplace each year after establishment and to follow up upon the completion of the pilot program with a report outlining the viability of continuing the marketplace; and
- Direct the Government Accountability Office to conduct a study of the program’s results after one year to evaluate the effectiveness of the toll credit marketplace.
In July, the Senate’s Environment and Public Works Committee passed a broader surface transportation reauthorization bill, the America’s Transportation Infrastructure Act (ATIA) of 2019, that includes a roughly similar provision.
The Toll Credit Marketplace Act, as introduced, can be viewed here.
We will continue to track the evolution of surface transportation legislation.
It is not too early to save the dates for next year’s 60th Annual Meeting and Policy Forum which will be hosted by the State of New Hampshire from August 23 to August 26, 2020 in Manchester.