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Financial
Highlights
The Federal Highway
Trust Fund is the main source of funding for federal-aid highway and transit
programs. The funds are generated from excise taxes on gasoline, diesel,
and other motor fuels, as well as excise taxes related to the sale and
use of commercial trucks. The Federal Highway Trust Fund has two accounts:
Highways and Mass Transit. Programs and activities of FHWA are supported
from Highway Account revenues.
Innovative Financing
FHWA uses several innovative methods of project finance, beyond the traditional
pay-as-you-go grants, to reduce project costs, expedite project completion,
and leverage additional non-federal funds for transportation projects.
- The Transportation
Infrastructure Finance and Innovation Act (TIFIA), provides federal
credit assistance for critical national highway transportation investments
such as intermodal facilities, border-crossing infrastructure, highway
trade corridors, and regional transit or passenger rail facilities.
Current transportation improvement projects funded through the TIFIA
program include:
- Miami International Center, Florida
- Farley Penn Station, New York
- Cooper River Bridge, South Carolina
- Tren Urbano, Puerto Rico
- Central Texas Turnpike, Texas
- Reno Rail Corridor, Nevada
- A State Infrastructure
Bank (SIB) is a state or multi-state fund that offers loans and credit
enhancements to highways and transit project sponsors. SIBs have been
approved in 39 states.
- A Grant Anticipation
Revenue Vehicle (GARVEE) is a transportation bond issued by a state
or local government and repaid with federal-aid highway funds apportioned
or allocated to the state over the life of the bond issue.
Five states have approved the use of GARVEE bonds
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