Here’s a good summary of the Transportation Bill. (Please note some items were not passed in the Senate version.)

This legislation is very similar to the comprehensive transportation package that passed with bipartisan support in 2007.  However, notable efforts to compromise with the Governor and Republican colleagues are incorporated.  This legislation includes:
•  A five-cent gas tax increase, indexed for inflation.
•  Counties in the metropolitan area, by board resolution, may form a joint powers board to levy a half-cent sales tax for transportation funding.  Sales tax revenues would be allocated 50% to transit, 25% to local roads, and 25% to a flexible fund.  The sales tax is reduced to a quarter-cent after 20 years.
•  Counties in Greater Minnesota, upon voter approval, may levy a half-cent sales tax for transportation projects.
•  Vehicle registration tax caps are removed.  The vehicle depreciation schedule is accelerated to reflect the true value of the vehicle, resulting in a savings to vehicle owners.
•  The lowest tax bracket will receive a $25 income tax credit to offset the gas tax increase.
•  Revenues from the leased vehicle sales tax will be dedicated to transportation funding.  After paying for the income tax offset, remaining revenues would be allocated 50% to Greater Minnesota transit, 25% to metropolitan area transit, and 25% to local roads.
•  A $2.2 billion bonding program is authorized.  The bonding program is front-loaded, providing $500 million in each of the first two years.  Of this amount, $300 million will be dedicated to replacing fracture critical trunk highway bridges, based on a tiered system which identifies bridge replacement needs.
•  A surcharge on the gas tax, capped at 2.5 cents, is created to assist in paying the debt service on the bonds.  This surcharge reduced the debt burden on future generations by providing real dollars to pay the interest bonds.
•  Components of the Governor’s 2008 bonding proposals are included.  This bill provides $50 million in bonds for local bridge replacement, $10 million in bonds for local roads, and $55 million for the state match of the federal Urban Partnership Agreement grant.

(emphasis mine)

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