Virginia has created a new dedicated fund for railroad improvement projects in response to warnings of a $2-billion funding shortfall in coming years. The fund will collect 3% of state rental car tax revenue, which is expected to total $23 million annually. An advisory board will govern the fund and recommend projects, says Karen Rae, a Virginia Dept. of Transportation official. The fund began gathering tax revenue July 1, but no money will be allocated until the end of the calendar year, she says.
Virginia Creates Fund To Push Rail Projects
July 11, 2005