I 

115TH CONGRESS 

1ST SESSION H. R. 1664 

To amend the Internal Revenue Code of 1986 to index the gas and diesel 

tax and rebuild our roads, bridges, and transit systems. 

IN THE HOUSE OF REPRESENTATIVES 

MARCH 22, 2017 

Mr. DEFAZIO introduced the following bill; which was referred to the Committee on Ways and Means, and in addition to the Committee on Transportation and Infrastructure, for a period to be subsequently determined 

by the Speaker, in each case for consideration of such provisions as fall 

within the jurisdiction of the committee concerned 

A BILL 

To amend the Internal Revenue Code of 1986 to index 

the gas and diesel tax and rebuild our roads, bridges, 

and transit systems. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Investing in America: 

5 A Penny for Progress Act’’. 


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1 SEC. 2. DOUBLE INDEXATION OF GASOLINE AND DIESEL 

2 FUELS TAX. 

3 (a) IN GENERAL.—Paragraph (2) of section 4081(a) 

4 of the Internal Revenue Code of 1986 is amended by add5 ing at the end the following new subparagraph: 

6 ‘‘(E) INDEX FOR HIGHWAY CONSTRUCTION

7 COST INFLATION AND FUEL EFFICIENCY.— 

8 ‘‘(i) IN GENERAL.—In the case of any 

9 calendar year after 2017, the 18.3 cents 

10 rate in subparagraph (A)(i), the 24.3 cents 

11 rate in subparagraph (A)(iii), and the 19.7 

12 cents rate in subparagraph (D), shall each 

13 be increased by an amount equal to— 

14 ‘‘(I) such dollar amount, multi15 plied by 

16 ‘‘(II) the double indexation for 

17 the calendar year. 

18 Any increase determined under this sub19 paragraph shall be rounded to the nearest 

20 tenth of a cent. 

21 ‘‘(ii) EXCEPTION FOR FUEL USED IN

22 AVIATION.—The adjustment under clause 

23 (i) shall not apply with respect to the rate 

24 of tax under subparagraph (A)(iii) for fuel 

25 referred to in subparagraph (C). 


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1 ‘‘(iii) SPECIAL RULES TO STABILIZE

2 RATES.— 

3 ‘‘(I) If an adjustment of rates 

4 under clause (i) for a calendar year 

5 would result in rates in subpara6 graphs (A)(i), (A)(iii), and (D) in ef7 fect for the calendar year greater than 

8 1.5 cents more than the rates in effect 

9 under such subparagraphs for the pre10 ceding calendar year— 

11 ‘‘(aa) the rates in subpara12 graphs (A)(i), (A)(iii), and (D) 

13 for the calendar year shall be the 

14 rates in effect under such sub15 paragraphs for the preceding cal16 endar year plus 1.5 cents, 

17 ‘‘(bb) any adjustment of 

18 rates that would have occurred 

19 under clause (i) if item (aa) were 

20 not in effect shall be applied 

21 under that clause— 

22 ‘‘(AA) in the succeeding 

23 calendar year or years after 

24 the rate is established under 

25 clause (i) for that year, and 


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1 ‘‘(BB) until the cumu2 lative adjustment of rates 

3 equals the adjustment that 

4 would have applied under 

5 clause (i) if item (aa) were 

6 not in effect, and 

7 ‘‘(cc) an adjustment of rates 

8 under item (bb) remains subject 

9 to item (aa). 

10 ‘‘(II) If an adjustment of rates 

11 under clause (i) for a calendar year 

12 would result in rates in subpara13 graphs (A)(i), (A)(iii), and (D) in ef14 fect for the calendar year less than 

15 the rates in effect under such sub16 paragraphs for the preceding calendar 

17 year— 

18 ‘‘(aa) no adjustment of such 

19 rates shall be made for the cal20 endar year, and 

21 ‘‘(bb) the rates in subpara22 graphs (A)(i), (A)(iii), and (D) 

23 for the calendar year shall be the 

24 rates in effect under such subVerDate Sep 11 2014 00:15 Mar 24, 2017 Jkt 069200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6201 E:\BILLS\H1664.IH H1664

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1 paragraphs for the preceding cal2 endar year. 

3 ‘‘(iv) DOUBLE INDEXATION.—For 

4 purposes of clause (i), the double index5 ation for any calendar year is the sum of— 

6 ‘‘(I) the highway construction 

7 cost adjustment, and 

8 ‘‘(II) the CAFE fuel saved ad9 justment. 

10 ‘‘(v) HIGHWAY CONSTRUCTION COST

11 ADJUSTMENT.—For purposes of clause 

12 (iv), the highway construction cost adjust13 ment for any calendar year is the percent14 age (if any) by which— 

15 ‘‘(I) the National Highway Con16 struction Cost Index for the preceding 

17 calendar year, exceeds 

18 ‘‘(II) the National Highway Con19 struction Cost Index for calendar year 

20 2016 or, if applicable, the first year of 

21 a successor index. 

22 ‘‘(vi) NATIONAL HIGHWAY CONSTRUC23 TION COST INDEX FOR ANY CALENDAR

24 YEAR.—For purposes of clause (v), the 

25 National Highway Construction Cost Index 


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1 for any calendar year is the average of the 

2 National Highway Construction Cost Index 

3 as of the close of the 12-month period end4 ing on June 30 of such calendar year. 

5 ‘‘(vii) NATIONAL HIGHWAY CON6 STRUCTION COST INDEX.—For purposes of 

7 clause (v), the term ‘National Highway 

8 Construction Cost Index’ means the last 

9 National Highway Construction Cost Index 

10 published by the Department of Transpor11 tation or successor index. 

12 ‘‘(viii) CAFE FUEL SAVED ADJUST13 MENT.—For purposes of clause (iv), the 

14 CAFE fuel saved adjustment for a cal15 endar year is the percentage (if any) by 

16 which annual motor fuel use is reduced by 

17 the estimated CAFE fuel saved for that 

18 calendar year from the annual motor fuel 

19 use for the prior calendar year. 

20 ‘‘(ix) ESTIMATED CAFE FUEL

21 SAVED.—The term ‘estimated CAFE fuel 

22 saved’ for a calendar year means— 

23 ‘‘(I) In the case of the 18.3 cents 

24 rate in subparagraph (A)(i), the com25 bined gasoline fuel saved estimates 


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1 issued by the National Highway Traf2 fic Safety Administration and the En3 vironmental Protection Agency for 

4 passenger automobiles and light 

5 trucks published in the Federal Reg6 ister on May 7, 2010, and October 15, 

7 2012, and for medium and heavy-duty 

8 engines and vehicles published in the 

9 Federal Register on September 15, 

10 2011, and October 25, 2016, as part 

11 of final rules to implement corporate 

12 average fuel economy standards, and 

13 such successor estimates included in 

14 successor rules. 

15 ‘‘(II) In the case of the 24.3 

16 cents rate in subparagraph (A)(iii) 

17 and the 19.7 cents rate in subpara18 graph (D), the combined diesel fuel 

19 saved estimates issued by the Na20 tional Highway Traffic Safety Admin21 istration and the Environmental Pro22 tection Agency for medium and heavy23 duty engines and vehicles published in 

24 the Federal Register on September 

25 15, 2011, and October 25, 2016, as 


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1 part of final rules to implement cor2 porate average fuel economy stand3 ards, and such successor estimates in4 cluded in successor rules. 

5 ‘‘(x) ANNUAL MOTOR FUEL USE.— 

6 The term ‘annual motor fuel use’ means— 

7 ‘‘(I) In the case of the 18.3 cents 

8 rate in subparagraph (A)(i), the total 

9 number of gallons of gasoline used in 

10 a calendar year in highway use, as 

11 published by the Federal Highway 

12 Administration as part of its annual 

13 motor fuel data survey. 

14 ‘‘(II) In the case of the 24.3 

15 cents rate in subparagraph (A)(iii) 

16 and the 19.7 cents rate in subpara17 graph (D), the total number of gallons 

18 of diesel used in a calendar year in 

19 highway use, as published by the Fed20 eral Highway Administration as part 

21 of its annual motor fuel data survey. 

22 ‘‘(xi) NOTICE.—Not later than De23 cember 15, 2017, and annually thereafter, 

24 the Secretary shall publish the rates of tax 


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1 as adjusted under this subparagraph for 

2 the succeeding calendar year.’’. 

3 (b) RETAIL FUEL EXCISE TAX.—Subsection (a) of 

4 section 4041 of such Code is amended by adding at the 

5 end the following new paragraph: 

6 ‘‘(4) HIGHWAY INFLATION ADJUSTMENT.—If 

7 an increase in rates is made under section 

8 4081(a)(2)(E) for any calendar year after 2017, 

9 then each dollar amount in paragraphs (1)(C)(iii)(I), 

10 (2)(B)(i), (2)(B)(ii), (2)(B)(iv), and (3)(A) of this 

11 subsection and in subsections (b)(2)(A)(i), 

12 (b)(2)(C)(i), and (m)(1) shall be increased in the 

13 same manner and subject to the same conditions 

14 that are applicable under section 4081(a)(2)(E).’’. 

15 (c) CONFORMING AMENDMENT.—Subparagraph (A) 

16 of section 4081(a)(2) of such Code is amended by striking 

17 ‘‘The rate’’ and inserting ‘‘Except as provided in subpara18 graph (C), the rate’’. 

19 (d) EFFECTIVE DATE.—The amendments made by 

20 this section shall apply to periods beginning after July 31, 

21 2017. 

22 SEC. 3. TRANSPORTATION BONDS. 

23 (a) ISSUANCE.—The Secretary of the Treasury shall, 

24 pursuant to subchapter I of chapter 31 of title 31, United 

25 States Code, issue bonds, to be known as ‘‘Invest in AmerVerDate Sep 11 2014 00:15 Mar 24, 2017 Jkt 069200 PO 00000 Frm 00009 Fmt 6652 Sfmt 6201 E:\BILLS\H1664.IH H1664

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1 ica Bonds’’, which meet the terms and conditions of sub2 section (b), and the bond revenue shall be transferred to 

3 the Highway Trust Fund with 80 percent allocated to the 

4 Highway Account (as defined in section 9503(e)(5)(B) of 

5 the Internal Revenue Code of 1986) and 20 percent allo6 cated to the Mass Transit Account. 

7 (b) TERMS AND CONDITIONS.— 

8 (1) TERM.—Bonds issued under subsection (a) 

9 shall have terms of 30 years. 

10 (2) FREQUENCY.—Bonds shall be issued under 

11 subsection (a) every fiscal year. 

12 (3) FACE AMOUNT FORMULA FOR FISCAL

13 YEARS 2017 THROUGH 2020.—Bonds issued under 

14 subsection (a) for each of fiscal years 2017 through 

15 2020 shall have a face amount that equals, for that 

16 fiscal year— 

17 (A) the Federal share (as defined in sec18 tion 503(b)(8)(C)(v) of title 23, United States 

19 Code, and section 308(e)(3)(E) of title 49, 

20 United States Code) of the most recent esti21 mates required under section 503(b)(8)(C)(iv) 

22 of title 23, United States Code, and section 

23 308(e)(3)(D) of title 49, United States Code; 

24 minus 


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1 (B) the sum of the amount authorized in 

2 section 5338(a)(1) of title 49, United States 

3 Code, the amounts authorized in section 

4 1101(a) of the FAST Act (Public Law 114–94; 

5 129 Stat. 1322), the amounts authorized in sec6 tion 4001(a) of the FAST Act (Public Law 

7 114–94; 129 Stat. 1497), and the amounts au8 thorized in section 31104(a) and 31110(a) of 

9 title 49, United States Code, for that fiscal 

10 year. 

11 (4) FACE AMOUNT FORMULA FOR FISCAL

12 YEARS 2021 THROUGH 2013.—Bonds issued under 

13 subsection (a) for each of fiscal years 2021 through 

14 2030 shall have a face amount that equals, for that 

15 fiscal year— 

16 (A) the Federal share (as defined in sec17 tion 503(b)(8)(C)(v) of title 23, United States 

18 Code, and section 308(e)(3)(E) of title 49, 

19 United States Code) of the most recent esti20 mates required under section 503(b)(8)(C)(iv) 

21 of title 23, United States Code, and section 

22 308(e)(3)(D) of title 49, United States Code; 

23 minus 

24 (B) the expected revenue deposited into the 

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1 cal year not including revenues attributed to 

2 this section. 

3 (5) AMOUNT OUTSTANDING.—Notwithstanding 

4 paragraphs (3) and (4), the total face amount of 

5 bonds issued under subsection (a) may not exceed 

6 the amount the Secretary of the Treasury and the 

7 Secretary of Transportation determines can be re8 deemed, taking into account this section and section 

9 9503(g) of the Internal Revenue Code of 1986. 

10 (6) SUNSET.—No bonds may be issued under 

11 subsection (a) after September 30, 2030. 

12 (c) CAPITAL INVESTMENT GRANT SPECIAL RULE.— 

13 Prior to the application of section 105 of title 23, United 

14 States Code, for a fiscal year, an amount equal to a per15 centage of bond revenue transferred to the Highway Trust 

16 Fund and allocated to the Mass Transit Account equal 

17 to the ratio of the funds appropriated in the preceding 

18 fiscal year to carry out section 5309 of title 49, United 

19 States Code, to the funds made available in the same fiscal 

20 year to carry out section 5338(a)(1) of title 49, United 

21 States Code, shall be available to make additional grants 

22 pursuant to section 5309 of title 49, United States Code. 

23 (d) SET-ASIDE SPECIAL RULE.— 

24 (1) IN GENERAL.—In determining the addi25 tional amounts of contract authority to be made 


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1 available under section 105 of title 23, United States 

2 Code, for a fiscal year, the Secretary shall make ad3 justments under section 105(c)(1) of title 23, United 

4 States Code, for a set-aside from the Highway Ac5 count (as defined in section 9503(e)(5)(B) of the In6 ternal Revenue Code of 1986) or Mass Transit Ac7 count referred to in paragraph (2)— 

8 (A) by determining the ratio that— 

9 (i) the amount authorized to be ap10 propriated for the set-aside from the ac11 count for that fiscal year; bears to 

12 (ii) the total amount authorized to be 

13 appropriated for that fiscal year for all 

14 programs (except as provided in section 

15 105(d) of title 23, United States Code) 

16 under such account; 

17 (B) by multiplying the ratio determined 

18 under subparagraph (A) by the amount of the 

19 adjustment for the account determined under 

20 section 105(b)(1)(B) of title 23, United States 

21 Code; and 

22 (C) by adjusting the amount that the Sec23 retary would have allocated for the set-aside for 

24 that fiscal year but for section 105 of title 23, 


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1 United States Code, by the amount calculated 

2 under subparagraph (B). 

3 (2) SET-ASIDES.—The set-asides referred to in 

4 paragraph (1) are the amounts reserved for a fiscal 

5 year under each of— 

6 (A) section 104(b)(5)(B) of title 23, 

7 United States Code; 

8 (B) sections 104(h)(1) and 104(h)(2) of 

9 title 23, United States Code; 

10 (C) section 130(e)(1) of title 23, United 

11 States Code; 

12 (D) section 133(h)(1)(A) of title 23, 

13 United States Code; 

14 (E) section 1519(a) of MAP–21 (126 Stat. 

15 524), as amended by section 1418 of the FAST 

16 Act (129 Stat. 1423); and 

17 (F) section 5336(h)(1) of title 49, United 

18 States Code. 

19 (3) CONFORMING AMENDMENTS.—Section 

20 105(g) of title 23, United States Code, is amend21 ed— 

22 (A) in paragraph (2) by inserting ‘‘or the 

23 Temporary Transportation Bond Repayment 

24 Account’’ before the period at the end; and 

25 (B) by adding at the end the following: 


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1 ‘‘(4) TEMPORARY TRANSPORTATION BOND RE2 PAYMENT ACCOUNT.—The term ‘Temporary Trans3 portation Bond Repayment Account’ means the 

4 Temporary Transportation Bond Repayment Ac5 count of the Highway Trust Fund established under 

6 section 9503(g) of the Internal Revenue Code of 

7 1986.’’. 

8 (e) TEMPORARY TRANSPORTATION BOND REPAY9 MENT ACCOUNT.—Section 9503 of the Internal Revenue 

10 Code of 1986 is amended by adding at the end the fol11 lowing new subsection: 

12 ‘‘(g) ESTABLISHMENT OF TEMPORARY TRANSPOR13 TATION BOND REPAYMENT ACCOUNT.— 

14 ‘‘(1) CREATION OF ACCOUNT.—There is estab15 lished in the Highway Trust Fund a separate ac16 count to be known as the ‘Temporary Transpor17 tation Bond Repayment Account’ consisting of such 

18 amounts as may be transferred or credited to the 

19 Temporary Transportation Bond Repayment Ac20 count as provided in this section. 

21 ‘‘(2) TRANSFERS TO TEMPORARY TRANSPOR22 TATION BOND REPAYMENT ACCOUNT.—The Sec23 retary of the Treasury shall transfer to the Tem24 porary Transportation Bond Repayment Account the 

25 portion of the amounts appropriated to the Highway 


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1 Trust Fund under subsection (b) which are attrib2 utable to the increase in taxes under— 

3 ‘‘(A) section 4041 by reason of section 

4 4041(a)(4), and 

5 ‘‘(B) section 4081 by reason of section 

6 4081(a)(2)(E). 

7 ‘‘(3) EXPENDITURES FROM ACCOUNT.— 

8 Amounts in the Temporary Transportation Bond 

9 Repayment Account shall be available for redeeming 

10 bonds and paying interest payments issued under 

11 section 3 of the Investing in America: A Penny for 

12 Progress Act. 

13 ‘‘(4) TERMINATION.—When all bonds issued 

14 under section 3 of the Investing in America: A 

15 Penny for Progress Act have been redeemed— 

16 ‘‘(A) the Temporary Transportation Bond 

17 Repayment Account shall close, and 

18 ‘‘(B) all amounts in the account (and all 

19 future revenue that, absent this paragraph, 

20 would have been transferred to the account pur21 suant to paragraph (2)) shall be transferred to 

22 the Highway Trust Fund with 80 percent allo23 cated to the Highway Account (as defined in 

24 section 9503(e)(5)(B) of the Internal Revenue 


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1 Code of 1986) and 20 percent allocated to the 

2 Mass Transit Account.’’. 

3 (f) CONFORMING AMENDMENT.—Section 

4 9503(e)(5)(B) of the Internal Revenue Code of 1986 is 

5 amended by inserting ‘‘or the Temporary Transportation 

6 Bond Repayment Account’’ before the period at the end. 

7 (g) EFFECTIVE DATE.—The amendments made by 

8 this section shall apply upon enactment of this law. 

9 SEC. 4. CONDITIONS AND PERFORMANCE REPORTING. 

10 (a) REPORT ON INFRASTRUCTURE INVESTMENT

11 NEEDS.—Section 503(b)(8) of title 23, United States 

12 Code, is amended to read as follows: 

13 ‘‘(8) REPORT ON INFRASTRUCTURE INVEST14 MENT NEEDS.— 

15 ‘‘(A) IN GENERAL.—Not later than July 

16 31, 2018, and July 31 of every second year 

17 thereafter, the Secretary shall submit to the 

18 Committee on Transportation and Infrastruc19 ture of the House of Representatives and the 

20 Committee on Environment and Public Works 

21 of the Senate a report that describes— 

22 ‘‘(i) the current conditions and per23 formance of highway and bridge facilities 

24 in the United States, including the backlog 

25 of current highway and bridge needs; and 


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1 ‘‘(ii) the future needs of highway and 

2 bridge facilities in the United States. 

3 ‘‘(B) COMPARISONS.—A report under this 

4 paragraph shall include all information nec5 essary to relate and compare the conditions and 

6 performance measures used in the previous bi7 ennial reports to the conditions and perform8 ance measures used in the current report. 

9 ‘‘(C) REPORT REQUIREMENTS.—In devel10 oping a report under this paragraph, the Sec11 retary shall— 

12 ‘‘(i) prepare a complete assessment of 

13 highway and bridge facilities in the United 

14 States; 

15 ‘‘(ii) for the succeeding 20-year pe16 riod, estimate future capital requirements 

17 for highway and bridge facilities in the 

18 United States at specified levels of service; 

19 ‘‘(iii) for the succeeding 20-year pe20 riod, estimate the annual expenditures nec21 essary to fund capital projects in the 

22 United States that— 

23 ‘‘(I) are necessary to address the 

24 current and future needs of highway 

25 and bridge facilities; and 


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1 ‘‘(II) have a benefit-cost ratio 

2 greater than or equal to 1; 

3 ‘‘(iv) for the period ending December 

4 31, 2036, estimate the annual expenditures 

5 necessary to fund capital projects in the 

6 United States that— 

7 ‘‘(I) are necessary to address the 

8 current and future needs of highway 

9 and bridge facilities; and 

10 ‘‘(II) have a benefit-cost ratio 

11 greater than or equal to 1; and 

12 ‘‘(v) for the preceding 10-year period, 

13 estimate the average annual percentage of 

14 the total expenditures made for highway 

15 and bridge capital projects by all levels of 

16 government that was derived from Federal 

17 funds.’’. 

18 (b) REPORT ON PUBLIC TRANSPORTATION INVEST19 MENT NEEDS.—Section 308(e) of title 49, United States 

20 Code, is amended to read as follows: 

21 ‘‘(e) REPORT ON PUBLIC TRANSPORTATION INVEST22 MENT NEEDS.— 

23 ‘‘(1) IN GENERAL.—Not later than July 31, 

24 2018, and July 31 of every second year thereafter, 

25 the Secretary shall submit to the Committee on 


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1 Transportation and Infrastructure of the House of 

2 Representatives and the Committee on Banking, 

3 Housing, and Urban Affairs of the Senate a report 

4 that describes— 

5 ‘‘(A) the current conditions and perform6 ance of public transportation systems in the 

7 United States, including the state of good re8 pair backlog among existing public transpor9 tation systems; and 

10 ‘‘(B) the future needs of public transpor11 tation systems in the United States. 

12 ‘‘(2) COMPARISONS.—A report under this sub13 section shall include all information necessary to re14 late and compare the conditions and performance 

15 measures used in the previous biennial reports to the 

16 conditions and performance measures used in the 

17 current report. 

18 ‘‘(3) CONTENTS.—In developing a report under 

19 this subsection, the Secretary shall— 

20 ‘‘(A) prepare a complete assessment of 

21 public transportation systems in the United 

22 States; 

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1 lic transportation systems in the United States 

2 at specified levels of service; 

3 ‘‘(C) for the succeeding 20-year period, es4 timate the annual capital expenditures nec5 essary to fund capital projects in the United 

6 States that have a benefit-cost ratio greater 

7 than one and are necessary— 

8 ‘‘(i) to achieve and maintain a state of 

9 good repair for public transportation sys10 tems; and 

11 ‘‘(ii) to support the long-term trend 

12 rate of public transportation ridership 

13 growth, plus an additional 0.3 percent; and 

14 ‘‘(D) for the period ending December 31, 

15 2036, estimate the annual capital expenditures 

16 necessary to fund capital projects in the United 

17 States that have a benefit-cost ratio greater 

18 than one and are necessary— 

19 ‘‘(i) to achieve and maintain a state of 

20 good repair for public transportation sys21 tems; and 

22 ‘‘(ii) to support the long-term trend 

23 rate of public transportation ridership 

24 growth, plus an additional 0.3 percent; and 


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1 ‘‘(E) for the preceding 10-year period, esti2 mate the average annual percentage of the total 

3 expenditures made by all levels of government 

4 for public transportation capital expenditures 

5 that was derived from Federal funds.’’. 

6 (c) INTERIM REPORTING METHOD.—Prior to the 

7 publication of the reports required under the amendments 

8 made by subsections (a) and (b), the Secretary of Trans9 portation shall provide to the Secretary of the Treasury 

10 the data necessary to calculate the bond face amount 

11 under section 3(b) using the most recent published reports 

12 required by section 503(b)(8) of title 23, United States 

13 Code, and section 308(e) of title 49, United States Code. 

14 SEC. 5. REPEAL OF FAST ACT RESCISSION. 

15 Section 1438 of the FAST Act (Public Law 114–94; 

16 129 Stat. 1432), and the item relating to that section in 

17 section 1(b) of that Act, are repealed. 

Æ 


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