Thursday, October 6, 2022

What’s in the U.S. Senate’s bipartisan $1 trillion infrastructure bill? By Reuters

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© Reuters. FILE PHOTO: A view of the U.S. Capitol Building in Washington, D.C., U.S. December 21, 2020. REUTERS/Ken Cedeno

WASHINGTON (Reuters) – The U.S. Senate pushed ahead on Monday with a roughly $1 trillion bipartisan infrastructure bill to update America’s roads, bridges and broadband networks, clearing the way for a possible vote on the package later this week.

The legislation includes $550 billion in new spending, while the rest of the $1 trillion is comprised of previously approved funding.

Here are some of the details of the bipartisan bill:

SPENDING

* Highways: $343 billion

* Broadband infrastructure: $65 billion

* Water infrastructure, such as eliminating lead pipes: $55 billion

* Army Corps of Engineers for flood mitigation and water management: $17 billion

* Electric vehicle infrastructure, including chargers: $7.5 billion

* Low carbon and zero emission school buses and ferries: $7.5 billion

* Brownfields, Superfunds and recycling: $5.6 billion

* Ecosystem restoration: $2.6 billion

FINANCING

The plan has a number of proposals to finance the spending, including the following items and the revenue gains from each over the next decade, as estimated by Congress’ nonpartisan Joint Committee on Taxation.

* Reinstating Superfund fees: $14.5 billion

* Applying information reporting requirements to cryptocurrency: $28 billion

* Extending available interest rate smoothing options for pension funds: $2.9 billion

* Terminating coronavirus-related employee retention credits for employers: $8.2 billion

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