It actually happened. Infrastructure Week — or more accurately, weeks — finally is real. And it will be officially celebrated on Monday, Nov. 15, when President Joe Biden signs H.R. 3684, the Infrastructure Investment and Jobs Act, into law.
The measure, of course, provides fund for traditional transportation projects across the United States. It also includes money for soft infrastructure efforts, notably extending broadband internet service to the more rural parts of the country, as well as several environmental components.
Overall, the bill costs $1.2 trillion. Of that amount, $550 billion of new federal spending will be allocated over the next five years.
Those dollar figures obviously mean there are some revenue provisions involved. Yep, this is the bill with that new cryptocurrency reporting rule.
The tax implications also mean that this weekend's Saturday Shout Outs go to articles with information on the tax provisions in the Infrastructure Investment and Jobs Act.
The shout outs go to overviews of the bill, as well as items with a more specific tax focus. Here goes:
- Infrastructure bill overview from EY (Ernst & Young Global)
- America has an infrastructure bill. What happens next? from The Brookings Institution — The graphic below is from this report. Links to more infrastructure items follow it.
- Tax News & Views, Capitol Hill briefing: Senate clears bipartisan infrastructure bill from Deloitte
- Legislative update: House passes bipartisan infrastructure bill with tax provisions, completing congressional action from KPMG
- Biden's infrastructure bill to become official on Monday. Here's what's in it for you by C|Net
- Infrastructure bill tax provisions include ERC termination from Journal of Accountancy
- Infrastructure Bill To Be Signed By President Biden Includes Tax Provision Concerning To Cryptocurrency Community from Yahoo
- Infrastructure bill includes some tax provisions from Accounting Today
- Digital Asset Reporting in H.R. 3684 Infrastructure Legislation from 21st Century Taxation
- Congress Passes Infrastructure Investment and Jobs Act, Sent to the President for Signature from Current Federal Tax Developments
Yeah, that's a lot of road maps for the infrastructure bill, but it's understandable since it took us almost five years to arrive at Infrastructure Week.
You also might find these items of interest:
- Most support cryptocurrency taxes to fund infrastructure
- $5,000 electric vehicle tax credit hike clears Senate panel
- No gas tax increase in federal infrastructure bill, but Missouri's fuel hike will stand