Funding new infrastructure
The Infrastructure Investment and Jobs Act ("the Act") calls for $550 billion in new spending with revenue offsets that include new cryptocurrency information reporting requirements and reinstating a Superfund tax on chemicals.
Among those offsets, the Act forsees $30 billion from strengthening tax reporting requirements and enforcement for cryptocurrency and $14 billion from reimposing Superfund excise tax on chemicals.
Other offsets include redirecting unspent pandemic emergency relief funds, various user fees, Medicare savings, an extension of interest rate smoothing options for defined benefit plans and projected revenue gains generated from the expected economic growth effects of infrastructure improvements.
The message for business
Corporations and individuals should assess the potential effects of increased federal support for US infrastructure while also continuing to communicate with policy makers on the potential effects of President Biden’s tax increase proposals on their employees, job creation and investments in the United States.
Modernize
Billions of federal dollars are allocated to road, bridge, rail and other modernization projects, with significant implications for businesses that depend on this infrastructure.
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Decarbonize
The provisions signal that the drive toward a more sustainable economy powered by low-carbon alternatives—including wind, solar, hydropower and nuclear—is bipartisan and considered to be in the national interest.
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Secure
Cybersecurity is not optional. The bipartisan deal allocates funding for governments to upgrade their networks, and invests to better secure power and water infrastructures.
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Fund new infrastructure
The infrastructure agreement draws on unused pandemic relief funds, strengthened tax enforcement for cryptocurrency and other offsets for funding.
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