Solve Virginia's Transportation Funding Shortfall

1. How big will the shortfall be?

billion dollars

2. How will we fund it?

Revenue Source Current Rate Increments of New Levy Increment Rate Amount Generated per Increment New Levy Total New Levy Total Raised % Change
Gas Tax ($0.01/gallon) $0.175 $0.01 $50,000,000 $0.00 $0.175 $0 -
Sales Tax on Gas (% at the rack) 0% 1% $140,000,000 5.50% 5.50% $770,000,000 -
Annual Vehicle License Fee ($/yr) $40.75 $1 $6,500,000 $0.00 $40.75 $0 -
Driver's License Fee ($/yr) $4.00 $1 $5,500,000 $0.00 $4.00 $0 -
 
New Tires ($/tire) $0 $1 $5,000,000 $0.00 $0.00 $0 -
Vehicle Repair (% of repair cost) 0% 1% $27,000,000 5.00% 5.00% $135,000,000 -
Hybrid Fee $0 $1 $130,000 $50.00 $50.00 $6,500,000 -
Pump Toll (Flat Charge Per Fill-Up) $0.00 $0.01 $3,800,000 $0.50 $0.50 $190,000,000 -
General Fund Money (millions) $0 $1m $1,000,000 $0.00 $0.00 $0 -
Money from Internet Sales Tax (Yes/No)     $330,000,000   $0.00 $0 -
Sales Tax Increase (Dedicated to Transport) 5% 0.1% $86,421,000 0% 0% $0 -
 
Estimated New Annual Revenue $1,626,500,000
Estimated Revenue Generated Over 20 Years $32,530,000,000
Remaining 20 Year Shortfall ($87,470,000,000)

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Based on a great spreadsheet from Delegate Scott Surovell. Contact Taber Andrew Bain with any questions.