The bipartisan leadership of the House Committee on Transportation and Infrastructure late yesterday (February 9) re-introduced their version of the re-authorization of the TEA-21 legislation. The legislation is still called "TEA-LU". In the 109th Congress it carries a new number -- H.R. 3 -- which is indicative of the high priority the House leadership places on its passage.

The package reflects the $283.9 billion funding level agreed to by the administration for the six-year period fiscal 2004 - 2009. House leadership appears committed to moving it quickly. The bill is slated for committee action the week of March 7 and floor action shortly thereafter.

Highway funding in this bill would escalate from $34.4 billion in fiscal 2004 to $41.0 billion in fiscal 2009. Transit funding would start at $7.3 billion in 2004 and increase to $10.3 billion in fiscal 2009.

The bill does not contain a provision on the minimum guarantee for states' return on gas tax contributions they make to the highway account of the Highway Trust Fund. This would appear to indicate the leadership has yet to decide how high the guarantee will be.

Of particular note is that the legislation continues to support the creation of a new program for Projects of National and Regional Significance at $6 billion. It also includes $11.1 billion for High Priority Projects.

The press release is right here. Some highlights include:

Executive Summary

• TEA LU reauthorizes the federal highway, public transportation, highway safety, and motor carrier safety programs for six years, from fiscal years 2004 through 2009. The policy features of the bill from the last Congress are retained.
• The legislation provides a total of $283.9 billion in guaranteed funding – a 42 percent increase over the guaranteed funding for TEA 21 (1998-2003).
• The bill’s funding level has been formally endorsed by the Administration. President Bush’s updated reauthorization proposal, which was submitted with the fiscal year 2006 Budget, supports a six-year reauthorization at $283.9 billion.
• The legislation’s guaranteed funding level of $283.9 billion reflects the same funding level that Congressional negotiations had centered on in the closing days of the 108th Congress.
• The bill’s guaranteed funding is $4.5 billion higher than that the guaranteed funding level of $279.4 billion passed by the House of Representatives in April 2004, due to recent tax law changes made in last October’s American Jobs Creation Act. The law restores ethanol-related losses to the Highway Trust Fund resulting from the 5.2 cents per gallon subsidy and revokes the diversion of 2.5 cents per gallon from the Highway Trust Fund to the General Fund.
• The legislation will continue and protect existing U.S. jobs in the transportation sector and related industries. Millions of new jobs will be created and sustained by the infrastructure funding increases in TEA LU.
• TEA LU grows highway obligation authority from $34.4 billion in 2004 to $41 billion in 2009; public transportation funding grows from $7.3 billion in 2004 to $10.3 billion in 2009.
• The same new highway programs authorized by the House last year are included in this legislation to improve congestion and move freight more efficiently. The bill authorizes a new $6 billion “Projects of National and Regional Significance” program to help States pay for high-cost highway projects that have significant national or regional benefits.

We've also got a copy of the legislation in .pdf format located on the analysis side of the website.