About Maryland Transportation Funding Shortfalls
There’s word circulating that Maryland is running out of transportation funding. The lack of funding means Maryland will have to halt any new transportation projects and withhold money to maintain existing Maryland roads and transit.
From now until 2018 Maryland’s transportation trust fund only has $4 billion dollars to spend on transportation projects.
Any additional funding will depend on how much revenue the state can generate from fees such as titling tax.
In other words, Maryland will be unable to plan for the future because every dime will need to be reserved for maintaining existing infrastructures.
However, the following may be excellent alternatives to pay for transit expenses:
– The State could enter a public-private partnership that allows a private construction company to design, build, capital finance, operate and maintain transit lines a year.
– The Transportation Infrastructure Finance and Innovation Act (TIFA) can provide low-interest federal loans and credit assistance for 2013- 2018 transportation projects. The Intercounty Connector was funded this way.
– Enforce a Special Taxing District so Maryland can benefit from increases in property value that come with new transit system creation. This revenue tax will help support borrowing.
– Maryland should also pass state sales and gas taxes.
For more information, please contact Middleton and Meads by calling 410-752-5588 or click here today!
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