Ten things to know about the road funding solution
November 10, 2015
Governor Rick Snyder signed a package of bills today to make the largest investment in Michigan’s roads and bridges in a half-century. At the Michigan Infrastructure and Transportation Association, lawmakers and dozens of stakeholders joined the governor as he signed the bills.
This road funding solution is critically important as we work to reinvent Michigan, and here are the top ten things to know about the solution:
- This solution is a $1.2 billion investment for improving Michigan's roads & bridges.
- The increase of the gasoline tax is 7.3 cents starting in Jan. 2017.
- We are increasing the diesel tax to the point where it is the same as the gas tax.
- This new plan adjusts for inflation to ensure sustainability & buying power of dollars moving forward.
- This road funding solution is the largest investment in roads in a half-century.
- Money going to the roads will help accelerate more than 330 transportation projects.
- $600M of investment in our roads will come from existing resources with no budget cuts on key priorities anticipated.
- This road funding solution includes an expansion of the Homestead Property Tax Credit for low-and middle-income families
- This road funding solution includes an income tax cut during times of economic growth.
- Over 60% of the funding is designated for local and county roads.