Legislation recently reintroduced in the U.S. Senate would create a program to help states increase resources for highway and transit projects.
Under the Toll Credit Marketplace Act, the secretary of transportation would be directed to establish a marketplace for the sale and purchase of toll credits. The secretary would be required to report to Congress on the progress of the marketplace a year after the program is created. When the pilot program is complete, another report is required outlining the viability of continuing the marketplace.
States use toll credits as part of their required matching share on federally funded highway and mass transit projects. They received them from the federal government when toll revenue is used to fund projects that benefit the interstate system or interstate commerce. Many states have more credits than they can use.
The bill also allows states to purchase toll credits on behalf of metropolitan planning organizations and local governments and requires states to report on transactions and intended uses for the proceeds and toll credits.
U.S. Sens. Cory Booker (D-NJ) and Jeanne Shaheen (D-NH) reintroduced the legislation.
“Allowing states like New Jersey to sell its available toll credits to raise revenue to invest in our roads, bridges, and rail systems is an innovative way to gather more resources while boosting transportation investment around the country,” Booker said.