President Biden signed the $1.2 trillion bipartisan Infrastructure Investment and Jobs Act on Nov. 15. The legislation provides $550 billion in new funding for infrastructure projects over the next five years including roads, bridges, ports, rail, waterways, airports, public transit, broadband and other physical infrastructure. This bill is different from the $1.75 trillion Build Back Better (BBB) budget reconciliation proposal, which Democrats are trying to advance separately.
In addition to new investments in physical infrastructure, the legislation includes funding for several energy efficiency grant programs and does not include any new tax increases on individuals or small businesses.
Infrastructure Investment and Jobs Act Summary, as summarized by the Window & Door Manufacturers Association:
- Physical Infrastructure Investments: Provides $1.2 trillion for physical infrastructure projects, $550 billion of which is new spending above baseline levels that will be allocated over the next five years.
- Federal Permitting and Environmental Reviews: Includes reforms to streamline and expedite the federal permitting and environmental review processes. Will help improve housing affordability by providing more certainty in the housing review process.
- Energy Efficiency Upgrades for Residential and Commercial Buildings:
- Creates a pilot program to provide grants to nonprofit organizations for energy efficiency improvements;
- Provides grants to states to establish revolving loan funds for energy audits and efficiency improvements in residential and commercial buildings; and
- Provides grants for energy efficiency improvements in public school facilities.
- No Tax Increases: Does not include any new tax increases on individuals or small businesses.
