Harbor Maintenance Trust Fund
In 1986, Congress established the Harbor Maintenance Tax (HMT) to provide 100% of the cost of operations and maintenance, primarily dredging, of the nation’s deep draft and coastal ports and harbors. Since 2003, HMT collections have far exceeded funds appropriated for harbor maintenance, resulting in a large and growing surplus in the trust fund (GAO, 2008). In 2008, over $1.6 billion was collected and symbolically placed in the Harbor Maintenance Trust Fund (HMTF), but only $766 million was expended. Currently, the surplus of collections over expenditures is over $4.7 billion.
PNWA supports H.R.104 and S.412 which allow full utilization of HMT revenue for its intended purposes