Share with your friends

Legislative update: House passes highway bill containing revenue provisions

Highway bill containing revenue provisions

The House of Representatives today passed by a bipartisan vote of 312-119, a bill that would extend the highway trust fund authorization through December 18, 2015, from its current expiration date of July 31, 2015.


Related content

The bill—H.R. 3038 [PDF 133 KB]—contains provisions to raise approximately $8 billion in revenue to offset the cost of the additional five months of spending for surface transportation including:

  • Additional basis reported by estates
  • Enhanced mortgage reporting
  • Revisions to the tax-filing deadlines for partnerships, S corporations and C corporations
  • Clarification of the statute of limitations in case of overstatement of basis
  • Extended ability of employers to transfer of excess pension assets to retiree health accounts
  • The budgetary treatment of TSA fees

The Joint Committee on Taxation today released a revenue estimate of the tax provisions in H.R. 3038. Read JCX-100-15

White House reaction

The White House today released a statement of administration policy—SAP (July 15, 2015) [PDF 177 KB] stating that the administration “supports the passage of H.R. 3038 to give the House and Senate the necessary time to complete work on a long-term bill this year that increases investment to meet the … infrastructure needs.”

What is expected from Senate?

The Senate has not yet released its version of a highway funding bill, but is expected to do so within the next week.

© 2020 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

KPMG International Cooperative (“KPMG International”) is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.

The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.

Connect with us


Want to do business with KPMG?


loading image Request for proposal