Full Utilization of the Harbor Maintenance Trust Fund
- Business & Finance
The U.S. House of Representatives has passed by a recorded vote the Full Utilization of the Harbor Maintenance Trust Fund (HMTF), H.R. 2440.
The vote was 296 in favor and 109 opposed.
The voting required a two-thirds super majority of the House in order to pass under “suspension of the rules.”
There were seventeen (17) bills presented in the House of Representatives yesterday with fifteen (15) bills passing by voice vote. The Full Utilization of the HMTF was one of two bills where a recorded vote was ordered.
“We’re very pleased with the outcome today of the Full Utilization of the Harbor Maintenance Trust Fund,” said William P. Doyle, Chief Executive Officer of Dredging Contractors of America. “Where the government collects taxes from taxpayers, and that tax is codified into federal law to be used for a specific purpose, then the tax must be used for that specific purpose. It’s very simple. The Harbor Maintenance Trust receipts are collected from shippers and are to be used for harbor maintenance dredging.”
In 1986, Congress enacted the Harbor Maintenance Tax (HMT) to recover the operation and maintenance dredging costs for commercial ports from maritime shippers.
The HMT is directly levied on importers and domestic shippers using coastal or inland ports as a 0.125 percent ad valorem tax on the value of imported cargo (e.g., $1.25 per $1,000 value) and is typically passed along to U.S. taxpayers on the purchase of imported goods or services.
These revenues are deposited into the Harbor Maintenance Trust Fund within the U.S. Treasury from which Congress currently appropriates funds to USACE for harbor maintenance dredging.
The bill will now head to U.S. Senate for consideration.