Gov. Jared Polis last week signed a $5.4 billion transportation funding bill into law to go towards fixing and maintaining Colorado's roads and bridges.
The bill is named SB21-260—Sustainability Of The Transportation System and was sponsored by state Senators Stephen Fenberg and Faith Winter as well as state Representatives Alec Garnett and Matt Gray.
The funding is projected to be raised by the 2031-32 fiscal year. This includes $3.8 billion coming from new fees over 10 years, while $1.6 billion would come from state budget transfers and new state and federal stimulus dollars approved in recent months, according to The Denver Post.
The legislation also includes provisions for the creation of a community access enterprise within the Colorado energy office for the purpose of supporting the widespread adoption of electric vehicles and electric alternatives to motor vehicles, the state's General Assembly says.
According to the Cañon City Daily Record, over a third of the funding would go to new state transportation projects, mainly for highways, bridges, and tunnels. Other needs addressed by the funding would include local government transportation projects and maintenance as well as incentives for people to buy electric vehicles—including more charging stations—and air pollution mitigation projects. Just under 10% of the funding would go to driving alternatives projects such as public transit, bikeways, and pedestrian ways.
The legislation imposes "road usage" fees on gasoline and diesel purchases. According to the Denver Post, this would begin at 2 cents per gallon and would increase by 1 cent per year up to 8 cents in mid-2028. This would be in addition to the state’s existing 22-cents-per-gallon gas tax.
Other fees in the transportation funding plan include retail delivery fees, electric vehicle registration fees, ride-hailing fees, and car rental fees.
SOURCE: The Denver Post / Cañon City Daily Record / Colorado General Assembly