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Proposal to devote vehicle and tire sales taxes to transportation fund advances to budget review
Summary
Chairman Hawk outlined HB1683 to use sales taxes on vehicle sales and tires as a recurring revenue stream for the state's transportation fund; the fiscal note estimates a recurring stream roughly $800 million annually and the bill was placed behind the budget.
Chairman Hawk presented House Bill 16-83 to dedicate sales tax on vehicle sales (and on tires) to the state transportation fund. Hawk said the current budget includes large nonrecurring sums for transportation — $3 billion in the 2024 package and $1 billion in the current budget — and that HB16-83 would create a recurring revenue source from sales taxes to sustain road and bridge work.
Hawk told the committee the fiscal analysis estimates the change would provide roughly $800,000,000 per year on a recurring basis to address statewide transportation needs. Committee members asked clarifying questions but had no objections to placing the bill behind the budget for the finance process.
