Amends the Internal Revenue Code (IRC) to: (1) extend the availability of HTF funds for authorized expenditures; (2) set a essential programs financing rate for gasoline, special motor fuels, kerosene, and diesel fuel; (3) establish in the HTF an Infrastructure Special Assistance Fund; and (4) provide for the return of excess tax receipts to States for transportation purposes.
Directs the head of each executive agency to: (1) assist State and local governments in efforts to privatize their transportation infrastructure assets; and (2) approve requests from such governments to privatize such assets and waive or modify conditions relating to the original Federal program that funded the asset under specified circumstances.
Amends the IRC to reduce taxes on gasoline, diesel fuel, kerosene, and special fuels funding the HTF.