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House approves transportation funding overhaul to boost TIF and permit early Centennial Fund transfers
Summary
The Utah House passed First Substitute House Bill 314 to raise the Transportation Investment Fund edicated sales tax share from 8.3% to 10.1% (a projected ~$36 million) and to allow Centennial Highway Fund surplus cash flow and certain right-of-way work to flow into the TIF; vote was 49—or, 18 gainst.
The Utah House on Feb. 22 approved First Substitute House Bill 314, a measure to revise the Transportation Investment Fund (TIF) and shift a larger share of dedicated sales tax receipts to transportation projects.
Representative Rebecca Lockhart, sponsor of the bill, told colleagues the proposal increases the TIF-dedicated sales-tax share from 8.3% to 10.1%, a change she said would cost the general fund "approximately $36,000,000." She also said the bill allows positive cash flow in the Centennial Highway Fund —expected in the 2010 fiscal year—to be…
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