Build Back Better Advances to the Senate
On Friday, November 19, 2021, the House voted 220-213 to advance The Build Back Better Act (BBBA), also known as the reconciliation bill, which focuses on “human infrastructure” such as social services and programs including education, healthcare, housing, and the environment. BBBA now goes to the Senate, where Republicans are expected to be unified in opposition. ASA has relentlessly protected the current tax policy known as “stepped-up basis” from elimination in BBBA. ASA continues to monitor the following provisions in the legislation and their potential impact on the construction industry:
- increases OSHA fines up to $700,000 and OSHA Inspectors and Investigators to levy such fines;
- creates a new small business tax by expanding a 3.8% Obamacare tax to pass-through business owners;
- provides $44.9 billion for IRS enforcement; and it
- includes Electric Vehicle Tax credits (up to $12,500 per vehicle) to purchase EVs without establishing a method for these vehicles to contribute to the Highway Trust Fund.
Senate Majority Leader Schumer would like to have BBBA passed before Christmas, but passage could be delayed until January.