The U.S. House of Representatives has passed the historic bipartisan Infrastructure Investment and Jobs Act, bringing the nation one step closer to significant infrastructure investment. U.S. Senator Bill Cassidy, M.D. (R-LA) released a statement expressing his support for the bill, which aims to strengthen American infrastructure and create jobs.
Today's witnesses at the hearing can provide valuable insights on various aspects of the Infrastructure Investment and Jobs Act's implementation. The act, also known as the Bipartisan Infrastructure Law (BIL), was signed by President Biden in November 2021. It authorizes up to $108 billion for public infrastructure projects, addressing critical needs across the country.
In a recent development, the Internal Revenue Service (IRS) has announced that taxpayers will not be required to report transactions involving digital assets under the new law. This transitional guidance provides clarity for individuals involved in the digital asset space.
The White House award data, updated on November 15, 2023, reflects the addition of 3,738 new projects. This data highlights the continuous progress in infrastructure investment and job creation since the enactment of the Bipartisan Infrastructure Law.
With over $1 trillion earmarked for major infrastructure projects, the implementation of the Infrastructure Investment and Jobs Act is expected to usher in a new era of investment in American infrastructure. This funding will play a crucial role in rebuilding and modernizing roads, bridges, broadband networks, and other essential systems.
Adie Tomer, a senior fellow at Brookings Metro, has expressed confidence in the implementation of the Infrastructure Investment and Jobs Act. Tomer believes that the act is on track and will deliver significant improvements to the nation's infrastructure, benefiting both urban and rural areas.
Recognizing the need to promote electric vehicle (EV) adoption and address concerns over "range anxiety," the Infrastructure Investment and Jobs Act and the Infrastructure and Resilience Accelerator (IRA) have allocated targeted funding for charging infrastructure. This investment aims to encourage consumers to switch to EVs by expanding the availability of charging stations nationwide.
In conclusion, the passage of the historic Infrastructure Investment and Jobs Act by the U.S. House of Representatives marks a significant milestone in the nation's commitment to infrastructure improvement. With substantial funding allocated to public infrastructure projects and measures to support EV adoption, this legislation promises to create jobs, enhance connectivity, and drive economic growth across the country.
