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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 infrastructure bill has had a long and meandering journey. However, the bill was held up for months in the House as progressive Democrats (and party leaders) used it as leverage in the party’s negotiations over the broader social spending bill.
After months of work, a bipartisan group in the Senate developed a bill that the Senate passed on a strong bipartisan basis in August. While the Senate had already passed the legislation on a 69-30 vote in August it was passed in the House on November 5, on a 228-206 vote. Thirteen (13) Republicans joined the Democrats to vote in favor of the bill, however six of the Democrats also opposed it.
This finally ended weeks of back-and-forth negotiations between moderate and progressive lawmakers, who wanted to tether the smaller infrastructure bill to a larger tax and spending plan.
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.
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.
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:
Top administration officials, as well as the President, have said it will take some time for Americans to see and feel the results of the bill's investments. The White House is projecting that the investments will add, on average, about 2 million jobs per year over the coming decade.
As highlighted above, This bill includes a new IRS reporting requirement for cryptocurrency transactions, a move that has caused an outcry in the industry. The provision applies to “cryptocurrency brokers,” a broad category that could include miners, hardware manufacturers, and software developers. Besides, several key changes will affect clients now and next filing season.
For sure, the Bipartisan Infrastructure bill has received a lot of attention from all walks of 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.
This IRS-Approved CE course is recommended for CPAs, EAs, AFSPs, and Other Tax Professionals, interested in updating themselves about the latest infrastructure bill and other proposed legislations.
30 Nov, 12:00 PM EST
30 Nov, 01:00 PM EST
30 Nov, 12:30 PM EST
30 Nov, 04:00 PM EST
30 Nov, 11:00 AM EST
30 Nov, 01:30 PM EST
30 Nov, 12:30 PM EST
The author, Mr. Gamble is the Owner and Managing Partner of Gamble and Associates, LLC, which is a CPA firm that provides accounting, tax and business consulting services to high net-worth individuals, and Small Businesses such as Sole Proprietorships, Corporations, S-Corporations, Partnerships, LLC’S and Trusts.