Three large pieces of legislation have been passed in the last 15 months with a collective goal of revitalizing and revamping domestic infrastructure, advanced manufacturing, and clean energy. There are many various impacts to the construction and real estate industry.
Employers need to react quickly to the new guidance to pay in amounts as if they were incurred on Dec. 31, 2021.
On November 5, 2021, Congress passed a $550 billion Infrastructure Investment and Jobs Act. This bill is separate from the Build Back Better Act, which includes the highly discussed and more significant tax proposal changes. Read on for a summary of tax changes passed by the infrastructure bill and proposed changes from the Build Back Better Act.
Bipartisan infrastructure bill passes House with bipartisan vote. President Biden expected to sign by end of next week.