HMTF Receives Strong Support
- Business & Finance
Congressman Charles W. Boustany, Jr., M.D., (R-South Louisiana), Congresswoman Janice Hahn (D-CA), and Members of the Congressional PORTS Caucus led a letter with 86 total House signatories to the House Appropriations Committee advocating for funding of the Harbor Maintenance Trust Fund (HMTF).
In 2014, Congress passed the Water Resources and Reform Development Act (WRRDA), which included targets for annual incremental funding increases leading to full use of Harbor Maintenance Tax (HMT) revenues by FY2025.
According to the WRRDA law, FY2015’s target funding level was 67% of FY2014 HMT revenues, equaling $1.16 billion, which the House met last year.
The letter asks the House Appropriations Committee to allocate 69% of FY2015 HMT revenues, or $1.25 billion, for FY2016.
Boustany said: “Congress voiced its strong support for our ports and harbors during the debate and eventual passage of landmark water resources development legislation last year. Now, it’s time to follow through. Keeping America’s ports and harbors maintained to the proper width and depth is critical to ensure our businesses can compete in global markets.”