BOISE - Two House Republicans say they have a last-minute proposal to raise $70 million to $100 million per year in new transportation funding.

The House Transportation and Defense Committee is slated to consider the eleventh-hour proposal today. The plan would draw from overall tax revenue growth and a temporary 5-cent fuel tax increase to tackle the state's $262 million annual transportation shortfall.

Reps. Jason Monks from Meridian and Greg Chaney from Caldwell say they are optimistic the bill strikes a compromise between legislators split on using general funds on transportation maintenance.

The plan comes as Republican leadership is pushing the Idaho Legislature to adjourn by March 27.

"Holding out for the perfect bill is going to leave us with nothing, I fear," Chaney said. "The fact of the matter is we've been in the discussion phase long enough."

If Idaho's general fund revenue increases by 4 percent or more in a year, the plan would designate four-tenths of a percent to road funding - roughly $12 million, according to Monks. As that money cumulates annually, the 5-cent per gallon gas tax would gradually decrease, Monks said.

The plan also includes a registration fee hike for hybrid and electric cars, as well as a 2-cent transfer fee increase.

"There could always be more changes, especially when you are talking about the Senate," Chaney said. "But it's time to move the process along."

Legislators have been searching for transportation funding since 2010, when a task force unveiled a $262 million annual shortfall for road maintenance and an additional $281 million shortfall for necessary improvements.

However, House Majority Caucus Chair Rep. John Vander Woude said GOP House leadership is working on a separate last-minute effort. He said his plan would raise fuel taxes and registration fees to collect roughly $100 million.