1. Short title This Act may be cited as the Highway Formula Modernization Act of 2023 . 2. Highway formula modernization study (a) In general Not later than 2 years after the date of enactment of this Act, the Secretary of Transportation (referred to in this section as the Secretary ), in consultation with State departments of transportation and representatives of local governments (including metropolitan planning organizations), shall conduct a highway formula modernization study to assess the method and data used to apportion Federal-aid highway funds under subsections (b) and (c) of section 104 of title 23, United States Code, and issue recommendations relating to that method and data. (b) Assessment The highway formula modernization study required under subsection (a) shall include an assessment of, based on the latest available data, whether the apportionment method described in that subsection results in— (1) an equitable distribution of funds based on the estimated tax payments attributable to— (A) highway users in the State that are paid into the Highway Trust Fund; and (B) individuals in the State that are paid to the Treasury, based on contributions to the Highway Trust Fund from the general fund of the Treasury; and (2) the achievement of the goals described in section 101(b)(3) of title 23, United States Code. (c) Considerations In the assessment under subsection (b), the Secretary shall consider the following: (1) The factors described in sections 104(b), 104(f)(2), 104(h)(2), 130(f), and 144(e) of title 23, United States Code, as in effect on the date of enactment of SAFETEA–LU ( Public Law 109–59