It’s been said many times: North Carolina cannot afford to wait to address its transportation funding crisis. We applaud the House and the Senate for their leadership in addressing North Carolina’s immediate transportation funding needs by passing Senate Bill 20 – the first JOBS Agenda bill to pass the General Assembly in 2015. Investing in infrastructure provides a 10 to 1 return on investment for short- and long-term economic activity. This legislation not only protects transportation projects critical to the safety of our network, but it will also help generate jobs, additional wages and economic growth.
Today the legislature gave final, bipartisan approval to legislation that stabilizes transportation funding fluctuation in order to meet existing transportation infrastructure needs. Senate Bill 20 would cut the current gas tax to 36 cents per gallon and phase in a new formula by 2017 that is more stable and certain than what we have in place today. Between now and 2017, the gas tax would fall gradually to 34 cents per gallon.
Senate Bill 20 now heads to Governor McCrory, where we urge his signature to resolve current funding challenges. Additionally, the NC Chamber continues to push for comprehensive, long-term solutions to meet the increasing transportation and infrastructure needs of the state.