Highway Formula Modernization Act of 2023

This bill requires the Secretary of Transportation to conduct a study assessing how federal highway funds are distributed to states. The study will evaluate whether current funding formulas fairly reflect highway user payments and tax contributions, while also checking if they meet transportation goals. It mandates an assessment of existing data factors, data accuracy, and potential new metrics for future funding formulas. The Secretary must report findings and recommendations to Congress within two years, including options for a revised apportionment method. This study directly affects all states receiving federal highway funds, but does not change current funding allocations.