Understanding America’s FAST ACT
The Fixing America’s Surface Transportation Act (often known as the "FAST Act"), which President Obama signed into law on December 4, 2015, is the first federal statute to guarantee long-term funding for surface transportation in more than ten years.
The FAST Act grants $305 billion during the fiscal years 2016 through 2020 for the Department’s initiatives in rail, research, technology, and statistics, as well as public transportation, motor carrier safety, hazardous materials safety, and highway, highway and motor vehicle safety.
Since it was enacted, States and local governments may now proceed with important transportation projects, like building new highways and transit lines, knowing that they will have a long-term partner from the federal government.
As Former Secretary Anthony Foxx put it, "It has been a long and bumpy trip to a long-term transportation bill after hundreds of Congressional meetings, two bus tours, visits to 43 states, and so much uncertainty – and 36 short term extensions. Although there is still work to be done, it is the kind of bipartisan agreement I always felt was possible."
Why It Matters
As a one-stop shop for state and local governments to receive federal money, financing, or technical support, the FAST Act creates a new National Surface Transportation and Innovative Finance Bureau inside the Department.
This advances the work of the Department’s Build America Transportation Investment Center and offers extra resources to enhance departmental collaboration in support of novel financing techniques. In line with our desire to create a specific permitting office, the Bureau has been entrusted with the role of promoting efficiency in the permitting process.
Quick FactOne of the notable provisions of the FAST Act is Section 7345, which grants the IRS the authority to request the Department of State to revoke, deny, or limit passports for individuals with seriously delinquent tax debts exceeding a specified threshold. This provision can have implications for taxpayers with significant unpaid federal taxes. |
The Act includes provisions aimed at improving tax administration and efficiency. These provisions may impact taxpayers indirectly by potentially enhancing taxpayer services, modernizing tax systems, or streamlining certain tax procedures.
It also has measures to enhance offshore tax compliance and reduce tax evasion. These provisions may impact taxpayers with offshore financial accounts or foreign income by imposing stricter reporting requirements and penalties for non-compliance.
If you or someone you are acquainted with requires assistance with tax relief, it is recommended to seek the guidance of a qualified professional. To arrange a complimentary consultation with Priority Tax Relief, please call 888-708-2872.
Frequently Asked Questions: America’s FAST ACT
While the primary focus of the FAST Act is transportation, it does include some provisions that may have implications for taxpayers. One notable provision is Section 7345, which grants the Internal Revenue Service (IRS) the authority to request the Department of State to revoke, deny, or limit passports for individuals with seriously delinquent tax debts. This provision can impact taxpayers with significant unpaid federal taxes.
Eligibility for assistance under AMERICA’s FAST ACT generally includes small businesses, including startups, independent contractors, and self-employed individuals. Specific eligibility criteria may vary based on the type of financial assistance being sought and the nature of the economic impact.
To apply for financial assistance, you typically need to submit an application through the appropriate federal agency or financial institution involved in the program. This may include providing documentation of your business’s financial situation, its impact from economic challenges, and other relevant information. Detailed application instructions are usually available on the respective agency’s website.
The act provides various types of financial assistance, including grants, low-interest loans, and other forms of funding designed to support small businesses. The specific types of assistance and their terms can vary, so it is important to review the details provided by the administering agencies.
Yes, funds received under AMERICA’s FAST ACT must be used for purposes outlined in the program guidelines. Common uses include operational expenses, payroll, and other essential business costs. Misuse of funds can result in penalties or the requirement to repay the assistance.
The processing time for financial assistance applications can vary depending on the volume of applications and the specific program requirements. Typically, applicants are advised to allow several weeks for processing. Agencies often provide estimated timelines and updates throughout the review process.
If your application is denied, you should review the feedback provided to understand the reasons for the denial. You may be able to appeal the decision or reapply after addressing any issues. Additionally, you can seek guidance from the administering agency or a professional advisor on alternative options for financial support.
Yes, you may still be eligible for assistance under AMERICA’s FAST ACT even if you have received other forms of federal aid. However, the total amount of aid and funding options may be subject to specific limitations or requirements. It is important to disclose all sources of funding in your application.
