(MENAFN – GlobeNewsWire – Nasdaq) itemprop=”articleBody”>DOTHAN, Ala., March 14, 2019 (GLOBE NEWSWIRE) — Construction Partners, Inc. (NASDAQ: ROAD) (the ‘Company’), a vertically integrated civil infrastructure company specializing in the construction and maintenance of roadways across five southeastern states, today issued a statement following the enactment of the Rebuild Alabama Act earlier this week, which provides for an increase in Alabama’s gas tax to be used for transportation infrastructure projects.
‘We applaud Governor Ivey and the Alabama legislature for working in a bipartisan manner to ensure a stable source of funding for transportation infrastructure projects across the state,’ said Charles E. Owens, President and Chief Executive Officer of the Company. ‘The additional resources generated by the Rebuild Alabama Act will continue to drive economic development and public safety efforts in the state. We look forward to playing our part in rebuilding Alabama’s roads and bridges.’
The Rebuild Alabama Act provides for a ten-cent increase in Alabama’s tax on gasoline (currently 18 cents per gallon) and diesel fuel (currently 19 cents per gallon) that will be phased in over three years, with an increase of six cents per gallon on October 1, 2019, two cents per gallon on October 1, 2020, and two cents per gallon on October 1, 2021. Beginning in 2023, the tax will be tied to the National Highway Construction Cost Index and will be subject to automatic adjustments of up to one cent every two years. The law, which represents the first increase in Alabama’s gas tax since 1992, is expected to generate approximately $320 million in additional annual funding for investment in Alabama’s roads and bridges when fully implemented.[*]
About Construction Partners, Inc.
Construction Partners, Inc. is a vertically integrated civil infrastructure company operating across five southeastern states, with 31 hot mix asphalt plants, nine aggregate facilities