Highway Investment, Job Creation, and Economic Growth Act of 2012

The taxes dedicated to the Highway Trust Fund generally do not apply after March 31, 2012. The Highway Trust Fund expenditure authority also terminates on March 31, 2012. On May 17, 2011, the Committee on Finance held a hearing on highway taxes. The Committee heard from a variety of witness regarding the financing for the Highway Trust Fund, including representatives from industry and government. With respect to the Highway Trust Fund, the Committee has been advised that a shortfall of $5.6 billion is forecast for fiscal year 2013. The Senate Committee on Finance marked up original legislation (the ‘‘Highway Investment, Job Creation, and Economic Growth Act of 2012’’) on February 7, 2012, to be included in S. 1813 (the ‘‘Moving Ahead for Progress in the 21st Century Act’’) and, with a majority and quorum present, ordered the bill favorably reported, with amendments on that date.1 This report describes the provisions of the bill.