Skip to main content

House passes bill to invest $34 billion in harbors

The Full Utilization of the Harbor Maintenance Trust Fund Act would invest revenues to be used for dredging and other projects.

The U.S. House of Representatives last week passed H.R. 2440, the Full Utilization of the Harbor Maintenance Trust Fund Act, by a 296-109 margin. The legislation would invest $34 billion in HMTF revenues toward port and harbor maintenance during the next 10 years.

The National Marine Manufacturers Association applauded House Transportation and Infrastructure Committee chairman Peter DeFazio (D-Ore.) and ranking member Sam Graves (R-Mo.) for their leadership in unlocking the funds.

Approximately $9.3 billion that has already been collected is sitting in the U.S. Treasury, and the Congressional Budget Office estimates the HMTF will collect an additional $24.5 billion in new revenues during the next decade, according to the NMMA. The organization said in a statement that Congress is on pace to invest $19.4 billion in harbor maintenance during the same decade, resulting in an HMTF balance of $14.4 billion by fiscal year 2029.

Full utilization of the Harbor Maintenance Trust Fund Act would establish budget authority to expend the funds collected over the next decade and would appropriate additional funds for harbor maintenance from the existing $9.3 billion balance to the HMTF.

The funding would allow the U.S. Army Corps of Engineers dredge all federal harbors to their constructed widths and depths.

Related

1_LIMESTONE

Limestone Secures Financing for Expansion

The company said the $6 million in credit will be used to improve its Tennessee manufacturing facility and buy new equipment.

1_MCKENZIE

Mastry Marine Names Repower Center

St. Augustine, Fla.-based McKenzie Marine is the engine distributor’s latest designated Suzuki Repower Center.

1_VANDERBILT

Vanderbilt Ships First Pontoon

The company said the 700T Series was the first model shipped from its new Fort Wayne, Ind., factory and was delivered to The Marina in Angola, Ind.

1_CHIPS.ACT

NMMA Celebrates CHIPS Act

The legislation aims to return semiconductor manufacturing to the U.S. and allows businesses to deduct R&D costs in the same year they are incurred.

1_COX

Cox Marine Hires Sales and Support Staff

The diesel outboard builder this week brought aboard a new regional sales director, regional sales manager and an aftersales manager.

1_DEALEROUTLOOK

Boating Interests Lose Wind Farm Battle

The Ohio Supreme Court has ruled that a proposed wind farm off the Cleveland, Oh., waterfront meets planning requirements.

1_INFLATION.JULY

July Inflation Data Lags June

Consumer Price Index results may indicate that inflation has peaked, and Producer Price Index data was below market expectations.

1_YAMAHA

Yamaha Posts Higher Sales, Profit

The company’s first half 2022 net sales increased to $1.93 billion, and segment income rose to $330 million.