The reconciliation bill is where most of the tax changes will be found. This package focuses more on “individual infrastructure” items, such as education, child care, health care, climate change and much more. This is a spending package of $3.5 to $4 trillion and could swell to $5 trillion if the infrastructure proposal discussed above cannot be agreed to and is added to this reconciliation bill. A confusing process to say the least, and we are not done yet. There is a backup plan to add this infrastructure spending to the separate reconciliation bill. If a final agreement is not passed, the infrastructure spending bill is not doomed. The vote to move forward with the infrastructure plan passed with 67 votes on July 28, but the bill is not final yet – and additional work and votes are planned.Įven if the infrastructure bill passes in the Senate, the House has stated it will not take up the bill unless the separate reconciliation bill (discussed next) also passes in the Senate. The key with this infrastructure plan is that it requires 60 votes (out of 100) to pass in the Senate.
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One stumbling block for the bipartisan group was how to fund the $1.2 trillion infrastructure package. **Update as of : The Senate released the statutory text on August 1. The Senate still needs to complete the statutory text of the bill, but the members have agreed on all major provisions. (Please click to view the Summary (from Politico) of various infrastructure provisions, as well as a White House Fact Sheet ). With a bipartisan group of 22 senators working on this proposal, there is a lot in the bill – nonetheless, on July 28, 2021, the group reached an agreement. Approximately half (or $550 billion) represents new spending over the next five years. This legislation offers about $1.2 trillion in spending on various infrastructure projects, from highways and bridges to other transit areas, energy and technology. Each has different provisions, amounts and rules for passage while still being linked, and Congressional leaders are planning to pass both. It is divided into two packages: (1) a bipartisan infrastructure bill and (2) a partisan reconciliation bill. The legislation is following a different path than normal, beginning in the Senate rather than in the House.
Congressional leaders have been working hard behind the scenes ever since to put the legislation together. These initiatives offered general tax policy themes but were short on specifics. Unlike the speed in which we saw Congress enact legislation last year, the House and Senate are currently a long way from firing up the grill.įollowing the passage of the American Rescue Plan ( ARP ), the Administration outlined its recommendations for business and individual tax changes as part of the American Jobs Plan and American Families Plan. To put it in perspective, as it relates to tax legislation, this article provides a snapshot of where we are now as proposed tax legislation slowly moves forward.
From picnics and cookouts to parades and water balloons, this summer already looks different than this time last year. It’s summertime, and people are eager to enjoy time spent outside.
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