The state of the U.S.’s infrastructure since the recession hit in 2008 has been steadily decaying.
In a May 14 speech at the foot of the Tappan Zee Bridge, President Barack Obama called for congress to pass a $302 billion transportation bill, according to Newsday. The president argued that the bill would support hundreds of thousands of jobs and repair the nation’s roads and bridges.
“Building a world class transportation system is one of the reasons America became an economic superpower in the first place,” the president said.
In his speech, Obama pressed House Republicans to support the four-year transportation package, who have recently called for a $723 million cut to the Department of Transportation and a $500 million reduction to the Transportation Investment Generating Economic Recovery, according to the news source.
The federal highway program relies on a tax of 18.4 cents on every gallon of gas that is sold, bringing in $37.4 billion in 2013, according to Fox Business. However, the highway fund is set to run out by this August.
In a May 14 interview, Sen. Mike Lee, R-Utah, explained to the news source that the amount of money coming in isn’t the problem, it is where that money is going. For this reason, he is proposing a bill that would bring the federal gas tax down to 3.7 cents per gallon over the next five years.
In response to Lee’s bill, Rep. Earl Blumenauer, D-Oregon, told the news source, “We can’t afford that in our fragile economic recovery. It’s time to look for serious solutions to fund our transportation infrastructure, not introduce bills that would undercut the federal/state partnership and make the problem worse, not better.”
Neither plan is likely to make it through Congress before the elections in November.
Section 363 Sales in Bankruptcy: What Businesses, Lenders, and Buyers Need to Know
When a company enters Chapter 11 bankruptcy, many assume the process will culminate in a lengthy reorganization plan. However, distressed businesses are increasingly being sold through a different mechanism — a sale under Section 363 of the United States Bankruptcy Code. A Section 363 sale allows a company, as a debtor-in-possession in bankruptcy, to sell […]
Zoning Laws Explained: What You Need to Know Before Buying Property
Before buying property, it is critical to determine whether local zoning laws may affect your plans. If you plan to redevelop the property, you will want to confirm that local zoning regulations permit development as intended. If acquiring property that is already developed, you must verify that the use is permitted in the underlying zoning […]
Special Needs Trusts in New Jersey: Planning for Your Loved One’s Future
For parents of a child with a disability, estate planning raises concerns that go well beyond deciding who will inherit their assets. Parents may spend years making sure their child has the right care, services, and support. Eventually, they must also confront a difficult question: Who will take over when they can no longer do […]
What Every Real Estate Investor Should Know Before Buying a Rental Property
Before buying a New Jersey rental property, an investor should verify realistic operating numbers, the property’s legal and regulatory status, lead-based paint and flood compliance, the existing leases and tenant protections, and the right ownership structure. A rental property is more than a piece of real estate; it is an operating business subject to legal, […]
Can You Change an Irrevocable Trust in New Jersey?
In New Jersey, an irrevocable trust can sometimes be modified even though its name suggests otherwise, and one of the primary tools for doing so is a process called decanting. Whether decanting is available depends on the specific terms of the trust and the discretion given to the trustee. Key takeaways: New Jersey has no […]
How Intellectual Property Valuation Will Impact Business Transactions
Intellectual property valuation determines the monetary value of a business’s IP assets, and it drives outcomes in licensing deals, joint ventures, mergers and acquisitions, financing, and ownership disputes. The most valuable assets of a business are often the things that cannot be seen or touched: a proprietary process, a copyrighted work, brand recognition, or the […]
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