PaintSquare.com
Follow us on Twitter Follow us on LinkedIn Like us on Facebook Follow us on Instagram Visit the TPC Store
Search the site

 

Advertisement

PaintSquare


Coatings Industry News

Main News Page


Bridge Bill Leverages Foreign Capital

Wednesday, May 15, 2013

Comment | More

U.S. Sen. Rand Paul has proposed a bill to fix deteriorating roads and bridges using taxes and dividends from overseas corporations with shareholders in the U.S.

Paul (R-KY) introduced S.911, "A bill to establish an emergency transportation safety fund, and for other purposes," on Thursday (May 9) to create funding for emergency transportation projects.

The measure would provide funds for new construction and repair existing bridges and roads.

The projects would be funded by repatriating overseas capital back to the U.S. at a rate of 5 percent. The existing repatriation rate can be as high as 35 percent;  by reducing it, Paul contends, U.S. companies would have a greater incentive to bring funds back to the U.S.

emergency transportation bill
fastlane.dot.gov

Sen. Rand Paul's proposed bill would use funds from overseas capital to repair emergency transportation projects, which would be prioritized by a list of criteria.

Some of the U.S.'s largest corporations, including Google, Apple and Microsoft, have amassed large profits outside the country and have pressed Congress and the Obama administration for a tax break to bring the money home, the New York Times reports.

Paul's bill would address that need while putting some of the money corporations save to public use.

No Increase to Debt

"While we are faced with a fiscal crisis, our nation also has critical infrastructure needs that demand immediate attention," Paul said in announcing the bill.

"The Emergency Transportation Safety Fund Act is a fiscally responsible approach by providing the necessary resources to rebuild and enhance America's infrastructure."

He also said that his bill would not increase the national debt.

"My plan will not only save our infrastructure from collapsing, but also encourage reinvestment here at home without increasing the debt," said Paul.

Prioritizing Projects

Amounts deposited into the Emergency Transportation Safety Fund are authorized "to be obligated to carry out, in priority order, the projects on the current list compiled by the Secretary."

Ran Paul

"My plan will not only save our infrastructure from collapsing, but also encourage reinvestment here at home without increasing debt," Paul said.

The list of projects and transportation priorities would be compiled by the Secretary of Transportation after consulting with a "representative sample" of state and local government transportation officials. The list will include prioritized emergency transportation projects to guide the allocation of funding.

The Secretary will have a list of criteria, and can establish additional criteria, to rank priorities by:

  • Whether the project is part of the interstate highway system;
  • Whether the project is a road or bridge that is closed for safety reasons;
  • The impact of the project on interstate commerce;
  • The volume of traffic affected by the project; and
  • The overall value of the project or entity.

If enacted, the Secratary would have 120 days to submit a report to Congress that includes a list of prioritized emergency projects and a description of the criteria used.

Additionally, the Secretary would have to provide quarterly updates, sending a copy to Congress and making a copy available to the public through the Department of Transportation's website.

The bill was referred to the Committee on Finance.

   

Tagged categories: Bridges; Business matters; Department of Transportation (DOT); Government; Infrastructure; Laws and litigation; Roads/Highways

Comment Join the Conversation:

Sign in to our community to add your comments.

Advertisements
 
Industrial Vacuum Equipment Corp.
 
Hurricane Vacuums
& Dust Collectors
 
Vacuum and dust collector hose, filters and related accessories.
IndustrialVacuum.com
 

 
Strategic Materials Inc.
 
Crushed Glass Abrasives
 
Competitively priced, high-performing crushed glass abrasive. Available today. Toll-free 1-866-775-6226
 

 
SAFE Systems, Inc.
 
Enduroguard -
The Tough Cable
for a Tough Industry.
 
Reduce maintenance costs and down time, increase job site safety with Enduroguard Cable. Available exclusively from SAFE Systems. UL listed, flexible, abrasion resistant and cut resistant.
 

 
CS Unitec
 
Remove Coatings, Corrosion & More!
 
For metal & concrete. Scalers, scabblers, deck hammers & scarifiers. Safe for hot work zones. Call our specialists: 800-700-5919.
Demo videos at www.csunitec.com.
 

 
SABRE Autonomous Solutions
 
Safety
 
Removing blasting operators from harmful environments is our key objective.
 

 
Abrasives Inc.
 
Need more MAGIC around?
 
Black Magic® is a premier solution for abrasive blast media. Stop by our new website & find out how you can get more Magic. www.AbrasivesInc.com 800-584-7524
 

 
US Minerals
 
POST-HARVEY: OPEN FOR BUSINESS
 
U.S. Minerals Galveston, TX and Harvey, LA plants are open for business. Abrasive products are dry and ready to blast. Connect with a sales rep at BlackDiamondAbrasives.com.
 

 
W Abrasives
 
Optimize your blasting process and operations!
 
Blasting is a complex process that goes above and beyond the simple question of the shot used, no matter how innovative and efficient it is. W Abrasives is there to help.
 

 
HoldTight Solutions Inc.
 
NO FLASH RUST - NO CONTAMINANTS
 
Our HoldTight®102 salt remover & flash rust
preventer prevents flash
rust by removing surface contaminants. Contact us
for your nearest distributor.
(800) 319.8802 sales@holdtight.com
 

 
Termarust Technologies
 
Termarust (HR CSA) Chemically Stops
Active Corrosion
 
Arch truss treated with Termarust's (HR CSA) in 2003. This steel arch bridge is rust free on all surfaces including the crevice corroded joints and connections.
 

 
 
 

Technology Publishing Co., 1501 Reedsdale Street, Suite 2008, Pittsburgh, PA 15233

TEL 1-412-431-8300  • FAX  1-412-431-5428  •  EMAIL webmaster@paintsquare.com


The Technology Publishing Network

Durability + Design PaintSquare the Journal of Protective Coatings & Linings Paint BidTracker

 
EXPLORE:      JPCL   |   PaintSquare News   |   Interact   |   Buying Guides   |   Webinars   |   Resources   |   Classifieds
REGISTER AND SUBSCRIBE:      Free PaintSquare Registration   |   Subscribe to JPCL   |   Subscribe to PaintSquare News
MORE:      About PaintSquare.com   |   Privacy policy   |   Terms & conditions   |   Site Map   |   Search   |   Contact Us