05.04.15

Gardner Joins Bipartisan Highway Bill

Washington, DC – Senator Cory Gardner (R-CO) announced today that he has signed on as a co-sponsor to the Invest in Transportation Act introduced by Senator Rand Paul (R-KY) and Senator Barbara Boxer (D-CA). The Act would extend the Highway Trust Fund, authorization for which is currently set to expire at the end of May, while incentivizing U.S. companies to repatriate some of the estimated $2 trillion in foreign earnings currently being held overseas.

Those dollars brought back to the United States would be taxed at a 6.5% rate, with all revenues being directed to the Highway Trust Fund. At least 25% of the funds brought back into the United States would have to be used to increase hiring, wages, or pensions; research and development; environmental improvements; public-private partnerships; capital improvements; or acquisitions.

“Extending the Highway Trust Fund is of critical importance for all Coloradans, and is a bipartisan priority,” Gardner said. “Providing much-needed additions to this critical fund through a repatriation program is a vastly superior solution than imposing additional taxes on Coloradans. This bill would bring money currently held abroad back into our economy, while funding the key transportation investments our communities and businesses need to move forward.

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