Transportation investment bill one step closer to passage
The Missouri House Rules Committee has given approval to Senate Bill 262, sending the transportation investment legislation to the floor for a final vote.
The bill would provide approximately $500 million annually in additional funding for MODOT to put toward roads and bridges by gradually increasing the gas tax by 2.5 cents each year over five years. It includes a rebate mechanism so drivers who do not wish to pay the increase can get their money back. The language also phases in increased fees on electric vehicles.
“We cannot continue to kick this can down the road. This investment is the single most impactful thing our state can do to boost our economic recovery this session,” said Daniel P. Mehan, president and CEO of the Missouri Chamber of Commerce and Industry. “Research shows that the return on investment is incredibly substantial — $1.8 billion positive impact on our economy, an overall increase of $722 million in earnings across the state and more than 17,000 jobs. The Missouri Chamber, our broad coalition of Missouri stakeholders and the hundreds of businesses and individuals who cosigned our letter asking for action on this issue urge the Missouri House to swiftly approve this bill.”