On Tuesday, July 13th Governor Mike Parson signed SB 262 into law. The bill increases funding for transportation and critical state and local infrastructure projects across Missouri.
Over the last 25 years, the state has not significantly increased funding streams for state or local transportation projects, while the cost to maintain Missouri roadways has continued to increase significantly.
"With nearly $1 billion in unfunded transportation needs each year, we can no longer wait for another day or another generation. We must change course and address these problems head-on,"said Parson.
Gov. Parson explained that the redevelopment projects will also contribute to the long term benefits of efficiency and safety, inviting travelers and businesses, while saving Missourians money.
Under SB 262 the project funding will be acquired through a 2.5 cent increase on each gallon of gasoline annually for five years, starting in October 2021. However, Missourians that do not wish to increase their contributions to state and local roadway repair and replacement projects can submit documentation to the Missouri Department of Revenue each year for a refund.
Once fully implemented, SB 262 could increase transportation funding by more than $450 million, and nearly $125 million would go directly to cities and counties for local transportation projects.
Governor Parson explained that SB262 is a collective, state-wide investment that will reward generations of Missourians.
"Whether rural, suburban, or urban, all Missourians benefit from better roadways," said Parson.
