Legislative update: House infrastructure bill released, contains tax provisions

House infrastructure bill released

The U.S. House Rules Committee today released the text of a 2,309-page infrastructure bill—“The Moving Forward Act” (H.R. 2)—that includes a host of tax provisions.

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H.R. 2 includes tax provisions relating to:

  • Renewable electricity and reducing carbon emissions
  • Renewable fuels
  • Green energy
  • New markets tax credit
  • Rehabilitation tax credit
  • Low-income housing tax credit
  • Bond financing
  • Financial guaranty insurance companies and the passive foreign investment company rules
  • Personal casualty losses
  • Qualified environment justice program credit for certain educational institutions
  • Tribal development

The bill also includes a five-year extension of highway-related taxes, as well as appropriations to the highway trust fund.


Documents

The Joint Committee on Taxation (JCT) has not yet released an estimate of the revenue effects of the bill.
 

Background

H.R. 2 was previously ordered reported by the House Committee on Transportation and Infrastructure.  The version posted by the Rules Committee reflects modifications, including the addition of revenue provisions.

The Ways and Means Committee did not meet to mark up the revenue provisions of H.R. 2.  However, Ways and Means Committee Chair Richard Neal (D-MA) indicated that the committee contributed provisions to the bill.  Read Chairman Neal’s statement.


Future action by the House

The Rules Committee has indicated that it is likely to meet next week to consider a rule that may provide a structured amendment process for House consideration of the bill.

According to a statement by House Speaker Nancy Pelosi (D-CA), House floor action is likely before July 4.  

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