By now, you have likely heard about the transportation funding reform measures secured during the 2015 legislative session. Thanks in part to the collective voice of the aligned business community our elected leaders were encouraged to tackle the transportation funding crisis now, before it could derail North Carolina’s competitive growth. We thank you for helping to provide the base of support that sustained that collective voice throughout the long session.
The transportation funding reforms passed in 2015 will provide $708 million in new, recurring transportation revenue every two years and allow $2 billion to be invested in transportation projects over the next decade. Including the $450 million in additional revenue made available by the passage of Senate Bill 20, a total of $1.158 billion in additional transportation funds will be made available over the next biennium. Add in a new motor fuel tax formula tied to future growth, streamlined procedures for the long-term delivery of transportation projects and $70 million for port modernization efforts, and you have a reform that secures the future of our entire transportation network for decades to come.
The NC Chamber is excited about the new opportunities these successes provide to grow our economy and support new job creation, and we appreciate the leadership of the Governor and members of the House and Senate to courageously address this issue in 2015. Stay tuned in the coming weeks as we provide you with more details on how these generational reform measures will impact your company and the future growth of North Carolina.
Gary J. Salamido
Vice President, Government Affairs
North Carolina Chamber