House Energy and Commerce Committee Announces the Leading Infrastructure for Tomorrow’s America Act
The House Energy and Commerce Committee Announces the Leading Infrastructure for Tomorrow’s America Act, which would provide more than $312 billion in funding for infrastructure projects under the panel’s jurisdiction. The bill includes nearly $70 billion for clean energy and energy efficiency projects, with $3.5 billion for electric grid infrastructure and $17.5 billion for energy efficiency and conservation grants. It would also provide nearly $42 billion to support the deployment of electric vehicle infrastructure and to reduce emissions at ports.
The bill would authorize $80 billion to deploy high-speed broadband internet to unserved and underserved rural, suburban, and urban communities. It would also provide another $6 billion for the Emergency Broadband Connectivity Fund to subsidize internet costs for consumers. The American Rescue Plan provided $7.2 billion for the connectivity fund.
The House package would invest $37 billion in public health infrastructure, giving $7 billion to state, tribal, and local health departments, $4.5 billion to clinical laboratories, and $10 billion to community health centers. The funding would go to modernize health departments and hospitals as well as help renovate health-care facilities run by the Indian Health Services.
Conversely, Senate Minority Leader McConnell said there was no chance Republicans would back any tax increases to pay for this plan and/or President Biden’s infrastructure plan. “I don’t think there’s going to be any enthusiasm on our side for a tax increase.” While there is Republican support for infrastructure projects, the White House is looking at a broad package that includes longer-term economic stimulus and it aims to pay for it in part through a wide swath of tax increases on businesses and individuals earning more than $400,000, including rolling back some of former President Trump’s 2017 tax cuts. A corporate tax increase to 28%, higher levies on offshore business profits, a broader estate tax, and higher capital gains taxes for wealthy individuals are all under consideration. Rather than raise taxes, most Senate Republicans including McConnell are backing a complete repeal of the estate tax.