Bi-Partisan Infrastructure Bill and Beyond

SUGAR LAND, Texas - Nov. 23, 2021 - PRLog -- November 15 is going to be a landmark day in the legislative history of the United States as President Biden is expected to have a signing ceremony to sign the long-stalled $1.2 trillion infrastructure package into law. This law has been an integral part of his economic agenda and among the largest investments in the nation's roads and bridges infrastructure.

The new law (the bipartisan infrastructure bill) promises to reach almost every corner of the country. The package, which includes $550 billion in new spending, is meant to repair and enhance the country's (beleaguered) infrastructure, which has languished as investment has slowed. About $650 billion of the funding will be reallocated from already existing projects and funds.

TRANSPORTATION: $312 BILLION

The legislation directs $110 billion to fix America's roads and bridges; $66 billion to mainly improve Amtrak's Northeast Corridor line as well as other routes; $65 billion to expand broadband internet access; $65 billion to modernize the nation's electrical grid; $55 billion for water and sewage systems; $39 billion to expand public transportation systems; $25 billion to renovate airports; and $7.5 billion for electric vehicle charging stations, among other investments.

HOW WILL THE MEASURE BE PAID FOR?

The house has voted on something and they have finally passed the bipartisan infrastructure bill, a cornerstone for all these many months of the Biden Agenda. Here are all of the revenue sources listed by the White House:

• Strengthen tax enforcement when it comes to cryptocurrencies like Bitcoin
• Unemployment insurance program integrity
• Redirect unused unemployment insurance relief funds
• Repurpose unused relief funds from 2020 COVID-19 emergency relief legislation
• State and local investment in broadband infrastructure
• Allow states to sell or purchase unused toll credits for infrastructure
• Extend expiring customs user fees
• Reinstate Superfund fees for chemicals
• 5G spectrum auction proceeds
• Extend mandatory sequester
• Strategic petroleum reserve sale
• Public-private partnerships, private activity bonds, direct pay bonds and asset recycling for infrastructure investment
• Macroeconomic impact of infrastructure investment

For sure, the Bipartisan Infrastructure bill has received a lot of attention from all walks of the profession, including from CPAs and Tax Professionals. There is a lot of speculation and guesswork still doing the rounds and a lot of you must be more than willing to know more about it. This is the reason why myCPE has brought up webinars by Jason Dinesen, EA, LPA that will not just help you know all about the impacts of the bill, but also help you serve your client firms better. Best of all, it is a CPE enabled webinar worth 1 Credit in Taxes.