On Aug. 10, the U.S. Senate passed by a vote of 69-30 the Infrastructure Investment and Jobs Act (H.R. 3684), the bipartisan infrastructure package supported by the Biden administration totaling $1.2 trillion to provide the largest upgrade to the country’s roads, bridges, airports and railroads in decades, including new investments in pipes, broadband and the nation’s power grid. The spending is mostly paid for without raising taxes by repurposing unspent COVID relief money and tightening enforcement on reporting gains from cryptocurrency investments.
Nareit commends the Senate passage of the bill and encourages the House of Representatives to consider the measure soon. Strengthening the nation’s infrastructure is essential to maintaining a healthy commercial real estate market for both tenants and customers, while ensuring the steady flow of commerce continues uninterrupted from any basic structural impediments in the economy.
It is unclear how soon the House will act on the infrastructure bill. However, that decision will likely be determined once the House returns early from its annual summer recess on Aug. 23 to address the proposed $3.5 trillion budget reconciliation instructions that the Senate also passed last week.