Proposition 1 in Texas was a state-wide ballot proposition for transportation funding overwhelmingly supported by Texas voters on Nov. 4, 2014, according to the Texas Department of Transportation. Proposition 1 will provide billions of dollars in new transportation funding for the state's roads and critical infrastructure without requiring new taxes, fees or debt.Continue Reading
In fiscal year 2015, Proposition 1 provides a total of $1.74 billion in new financing for the state's roadway system by tapping into the state's tax collections on oil and gas production, as the Dallas Morning News indicates. Authorization to access these funds was granted on Dec. 15, 2014, says the Texas Department of Transportation.
Taking a long-term view, Proposition 1 will help Texas maintain its future economic growth without being forced to rely on new taxes or debt. It takes money that would have normally flowed into the state's rainy day fund (known as the Economic Stabilization Fund) and instead deposits the money into the State Highway Fund, the Texas Department of Transportation indicates. This will enable both the building of new infrastructure projects as well as the maintenance and repair of older roads and highways within Texas, notes Move Texas Forward.
The funding will not be used for toll roads. The Texas Transportation Commission suggested a formula for allocating these funds that address congestion in busy metropolitan areas, the need for connectivity between cities and regions, the need for maintenance of older roads, and the need for updated roads in Texas' energy sector, according to the Texas Department of Transportation.Learn more about Law