Governor Corbett Announces Plan To Address Decades Of Underfunding For Pennsylvania's Transportation Infrastructure
By the fifth year of the plan's full implementation, it is estimated to provide:
- Approximately $250 million for transit.
- Roughly $200 million for locally owned roads and bridges.
- Approximately $80 million for a multi-modal fund providing improvements to bicycle and pedestrian facilities, ports, airports and railways.
- Approximately $85 million for the Pennsylvania Turnpike Commission to pay for expansion projects.
- Approximately $1.2 billion for improvements to PennDOT-maintained roads and bridges.
The Oil Company Franchise Tax is a tax levied by the state on wholesale oil distributors based on the wholesale price of gasoline. By gradually eliminating the cap of $1.25 which was put in place in the early 80's, Pennsylvania expects to realize approximately $1.8 billion by the fifth year of the plan. The wholesale price of gas reached the $1.25 ceiling in 2006, so funding from the OCFT has not grown since.
The governor's plan updates a decades-old funding structure that is no longer serving the interest of Pennsylvanians. It sets Pennsylvania's transportation future on a firm and sustainable path.
The governor's long-term funding solution includes components such as:
- Reducing the "flat tax" portion of the gas tax by 17 percent over two years.
- Gradually deregulating and uncapping over five years the artificial ceiling on the Oil Company Franchise Tax that is levied on the wholesale price of gasoline.
- Creating a pool of matching funds for private or local improvements to a non-state road if the improvement benefits the state system.
- Replacing Pennsylvania's current annual vehicle registrations with a two-year registration and the current four-year driver's license with a six-year license.
- Eliminating vehicle registration stickers.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV