Highway Formula Modernization Act of 2023

Highway Formula Modernization Act of 2023

This bill requires the Department of Transportation (DOT) to study the methods and data used to apportion certain federal-aid highway funding and develop recommendations for a new apportionment method. DOT must also (1) consult with state departments of transportation and representatives of local governments on the study and recommendations, and (2) report annually to Congress on the progress of the study and submit a final report on completion of the study.

Bill 118 s 352, also known as the Highway Formula Modernization Act of 2023, is a piece of legislation currently being considered by the US Congress. The main goal of this bill is to update and modernize the formula used to allocate federal funding for highway projects across the country.

The current formula for distributing federal highway funds is outdated and does not accurately reflect the needs of states and localities. The Highway Formula Modernization Act aims to address this issue by creating a more equitable and efficient system for distributing funds based on factors such as population, traffic volume, and infrastructure conditions.

One key provision of the bill is the establishment of a new formula that takes into account the specific needs of each state and region. This will help ensure that federal funding is allocated in a way that maximizes the impact of highway projects and improves overall transportation infrastructure. Additionally, the Highway Formula Modernization Act includes provisions to streamline the application process for federal highway funds, reduce bureaucratic red tape, and increase transparency in how funds are allocated. This will help expedite the delivery of much-needed infrastructure improvements and ensure that taxpayer dollars are being used effectively. Overall, the Highway Formula Modernization Act of 2023 is a bipartisan effort to modernize the way federal highway funds are distributed and improve the nation's transportation infrastructure. If passed, this bill has the potential to benefit communities across the country by facilitating the timely completion of critical highway projects.