On Aug. 10, 2021, the Senate passed the infrastructure bill, called the Infrastructure Investment and Jobs Act (IIJA) in a 69-30 vote. The bill will now wait for consideration in the House of Representatives. The total cost of the bill is $1.2 trillion with $548 billion in new spending. The bill reauthorizes the traditional surface
Senate Committee Releases Topline Priorities for FY22 Budget Reconciliation Bill
On Monday, Aug. 9, 2021, the Senate Budget Committee released its budget resolution for fiscal year 2022. The bill will serve as the foundation for the broad, sweeping spending bill that Democrats and President Biden hope to pass this fall. The bill aims to fulfill many of the promises made by the administration related to
Senate Advances Bipartisan Infrastructure Deal
On Wednesday, July 28, a bipartisan group of Senators, along with the White House, announced an infrastructure agreement. That evening, the Senate then voted to invoke cloture on the motion to proceed with consideration of the agreement by a vote of 67-32.
Every Senate Democrat voted in favor of the motion, in addition to 17
Update on Cannabis Administration and Opportunity Act
On Wednesday, July 14, 2021 Senators Chuck Schumer (D-NY), Cory Booker (D-NJ), and Ron Wyden (D-OR) released draft legislation titled the Cannabis Administration and Opportunity Act. Today, adult use of cannabis, which is classified as a Schedule 1 controlled substance under the Controlled Substances Act (CSA), is legal in 18 states, and the medical use
Summary of White House Supply Chain Review
On June 8, 2021 the administration released a report detailing its findings from a 100-day review of vulnerabilities within the supply chains of four critical products:
- semiconductors;
- large capacity batteries;
- critical minerals and materials; and
- pharmaceuticals
The report is in response to President Biden’s Feb. 24, 2021 executive order calling for an assessment of the
Biden Administration Debuts American Jobs Plan, Made in America Tax Plan
American Jobs Plan
On Wednesday, March 31, 2021, the Biden Administration released their American Jobs Plan, which constitutes the first of two sections of a larger infrastructure package. This section contains roughly $2.5 trillion in federal spending over eight years, with the majority of that coming in one-time investments.
Takeaways
- $621 billion for surface transportation
The Return of Earmarks to Congress
Earmarks are making a return to Congress. House Democrats have announced their intention to bring back earmarks after a moratorium lasting a decade. Removing the moratorium will give more power to individual lawmakers, especially Congressional members on the appropriations committees and the committees drafting the new infrastructure bill. It also provides stakeholders an opportunity to
Breaking Down the Byrd Rule – Will My Provision Be Included in the COVID-19 Relief Bill?
Later this week, the U.S. House of Representatives will introduce and likely vote on the COVID-19 relief bill supported by President Biden. As the vote nears, however, the Byrd rule will be key in determining which provisions, such as raising the minimum wage to $15, will survive the congressional process.
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Major COVID-19 Provisions in Year-End Funding Bill
Summary
On December 21, 2020, Congress released and passed its long-awaited coronavirus relief package, which was part of a nearly 5,600 page 2021 government appropriations bill. The $900 billion COVID-19 stimulus is the result of weeks of intense bipartisan negotiations. Congress voted to approve the bill on Monday night, and President Trump is expected to
Near-Term Liquidity, Tax, and Unemployment Business Provisions for COVID-19
On March 25, 2020, the Senate passed a $2 trillion economic stimulus bill, the Coronavirus Aid Relief and Economic Security Act (CARES Act). The House is expected to pass the bill on Friday.
Visit the McGuireWoods Consulting website for a full summary of the major business provisions in the bill, including:
- Direct Financial Support
- Tax