Highway Formula Modernization Act of 202 3 This bill requires the Department of Transportation (DOT) to study the methods and data used to apportion certain federal-aid highway funding and develop recommendations for a new apportionment method. DOT must also (1) consult with state departments of transportation and representatives of local governments on the study and recommendations, and (2) report annually to Congress on the progress of the study and submit a final report on completion of the study.