Representative Sherrill Co-Leads Toll Credit Marketplace Act
Washington, DC — Representative Mikie Sherrill (NJ-11), along with Reps. Chris Pappas (NH-01), Tom Malinowski (NJ-07), and Marie Newman (IL-03), introduced the Toll Credit Marketplace Act of 2021 last week. The bill would establish an innovative marketplace that will help states increase the resources available for important transportation and infrastructure projects.
“As we begin a major national push to broadly invest in infrastructure projects, there’s no better time to maximize states’ ability to invest in crucial infrastructure projects of their own,” said Rep. Sherrill. “This common sense change to our current toll credits system will allow New Jersey and states across the country to utilize every option available when pursuing projects that will create good jobs, restore our crumbling physical infrastructure, and pave the way into the future.”
Under current law, toll credits accrued by states can be used to cover the match requirements for federal funded transportation projects. However, these toll credits can only be used for federally funded projects within the state where the credits were received, meaning that many states have more credits than they are allowed to use. This legislation creates a marketplace for states to sell toll credits to bring in new revenue, which can be used to fund state and regional transportation projects.
As of 2019, there was over a $29 billion balance in unused toll credits nationwide. New Jersey has $5.3 billion in unused toll credits, the most of any state.