House Democrats Introduce Long-Term Transportation Bill, Funded in Part by Cracking Down on Corporate Tax Inversions
Increased Funding Would Add Nearly 2 Million Jobs to U.S. Economy
Washington, DC – Today Maryland Congressman Chris Van Hollen, Ranking Member of the House Budget Committee, introduced the GROW AMERICA Act with Congressman Steve Israel (D-NY), Chair of the House Democratic Policy and Communications Committee, Transportation and Infrastructure Ranking Member Peter DeFazio (D-OR), Ways and Means Ranking Member Sandy Levin (D-MI), and Congresswoman Eleanor Holmes Norton (D-DC), Ranking Member of the Highways and Transit Subcommittee. The legislation would provide six years of expanded transportation funding, and crack down on corporate tax inversions to help pay for that investment.
The bill would authorize President Obama’s six-year transportation plan, providing $478 billion over that period to rebuild America’s infrastructure – a major increase over current levels that would add nearly 2 million jobs to our economy. It includes a significant down payment on that investment by tightening restrictions on corporate tax inversions, limiting the ability of American companies to avoid U.S. taxation by moving their mailing address overseas. This raises $41 billion and, combined with existing highway trust fund revenues, would pay for the first two years of this legislation.
“The GROW AMERICA Act would make the critical investment necessary to improve America’s crumbling infrastructure and put millions of people to work at good paying jobs. It also makes a significant down payment on that investment by cracking down on companies that try to renounce their American citizenship to avoid paying their fair share in taxes,” said Congressman Van Hollen. “Together, we can finally stop governing by crisis, create jobs, rebuild our roads and bridges, and bring America’s infrastructure into the 21st century.”
Congressman Israel said, “House Republicans have continually kicked the can down the road when it comes to fixing our crumbling roads, bridges and public transit. Today, I’m proud to introduce legislation with Reps. Van Hollen, Levin, DeFazio and Norton that will invest in our infrastructure, boost our economy and provide jobs over a six-year period. This will provide hardworking Americans with the certainty they need to get ahead and stay ahead and ensure that we are continuing to compete in the global economy.”
“This bill represents what the House should be taking up today on surface transportation. The bill provides certainty by authorizing highway, transit, and safety programs for six years. It is what States, counties, cities, construction contractors and transportation workers want. Not a five month stop-gap, which is what Republican leadership brought to the floor,” said Congressman DeFazio.
“Increasing funding for our nation’s infrastructure by closing a tax loophole that allows corporations to avoid paying their fair share of taxes by moving their headquarters overseas is a true win-win,” said Congressman Levin. “Americans deserve a long-term solution from this Congress that provides certainty and addresses our nation’s overwhelming infrastructure needs.”
“A long-term transportation bill provides predictable investments for our nation’s roads bridges, highways, and transit systems, creating millions of jobs and building a 21st-century infrastructure,” said Congresswoman Holmes Norton. “Short-term extensions leave states with little certainty, forcing them to kill potential construction projects, which prevents billions of dollars in investments from economic development projects that depend on roads, bridges, and transit. This bill will grow our economy from the ground up, and it has a pay-for by closing costly corporate tax loopholes. Republican and Democratic mayors and governors around the nation are begging us to pass a long-term bill, and it is time Congress acted.”
To read a fact sheet on the legislation, click here.