Lawmakers cut $4 billion from transportation package
SALEM — Lawmakers have halved the amount of a statewide transportation funding bill from $8.2 billion to approximately $4 billion and put a cost cap on the state's low-carbon fuels standard in order to gain enough votes for passage.
Under the most recent proposal, the state's existing 30-cent gas tax would increase gradually over an eight-year period to a total of 40 cents, according to multiple sources close to the negotiations. The first 4-cent increase would start in 2018, with subsequent 2-cent hikes every other year. Revenue from the gas tax and hikes in registration fees would raise the some $4 billion over eight years, though the exact number could not be confirmed Thursday, June 29.
Under the deal, the excise tax on the sale of new vehicles would be reduced from 1 percent to 0.5 percent. About $12 million of the revenue from the proceeds would go toward rebates for the purchase of electric vehicles.
No change has been made to a $15 flat fee on the purchase of new adult bicycles with a value of $200.
Read more: http://portlandtribune.com/pt/9-news/364830-245902-lawmakers-cut-4-billion-from-transportation-package
