State Treasurer Requested MVFT Legislation Signed Into Law
OLYMPIA – The Office of the State Treasurer requested Motor Vehicle Fuel Tax (MVFT) legislation that will provide the state more flexibility in how future bond debt service is repaid was signed into law today by Washington Governor Jay Inslee.
Senate Bill 5898, sponsored by Sen. Marko Liias (D-Everett), aids the state in keeping pace with infrastructure needs by supplementing existing highway bond authorizations with an additional pledge of vehicle-related fees for future bond issuances.
“As our transportation system shifts away from fossil fuel powered vehicles and towards renewable energy, we need to be sure we can still pay off our debts,” said Sen. Liias. “This is a commonsense bill that will do just that. I am grateful to have worked with Treasurer Mike Pellicciotti and Sen. Curtis King on this bill to both save our state money and move towards a more sustainable transportation sector.”
This bill provides the state with increased flexibility in how future bond debt service is repaid while also allowing the state to better accommodate the transition from gasoline to battery-powered vehicles.
“I want to thank the Governor for enacting this law today that will modernize how our state issues its transportation bonds, encourages more green transportation, and saves Washingtonians money in the years ahead,” said State Treasurer Mike Pellicciotti. “I’m proud of my office for proposing this creative solution and for uniting bipartisan legislative support to get it passed so we can better navigate uncertainty in the future of personal transportation.”
Senate Bill 5898 goes into effect 90 days after adjournment of the legislative session.