A bill to facilitate the movement of persons and goods in interstate commerce, and to aid in eliminating the burdens on interstate commerce which result from the lack of adequate coordination of highway and other transportation facilities and systems in many parts of the United States, through a comprehensive program of Federal assistance to States and localities to aid in the provision of such transportation facilities.
Federal Transportation Act - Expresses the findings of Congress and declares that it is the purpose of this Act to establish a program of coordinated Federal assistance for all forms of transportation in the United States. Defines the terms used in this Act.
Establishes the Federal Transportation Trust Fund, and transfers and appropriates specified amounts into such fund. Makes it the duty of the Secretary of the Treasury to: (1) hold the trust fund; (2) report annually to Congress on its financial status; and (3) invest portions of the fund not required to meet current withdrawals.
Makes technical and conforming amendments to the Internal Revenue Code of 1954.
States that amounts from the fund shall be used, as provided by appropriation acts, in making payments to carry out approved comprehensive State transportation plans for fiscal years beginning after 1975 and before 1985. Sets forth the conditions of eligibility for State and political subdivisions plans. Prescribes an allocation procedure for distribution of fund moneys among States, based on a population ratio.
Authorizes to be appropriated such sums as are necessary for the administrative expenses of carrying out this Act.
Referred to Senate Committee on Commerce.
Introduced in House
Introduced in House
Referred to House Committee on Ways and Means.
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