On March 31, 2021, President Biden released details on the American Jobs Plan, which provides funding for infrastructure, clean energy, innovation and R&D, manufacturing and workplace support, and the caregiving economy. The proposal also includes revenue increase proposals to partially offset the new initiatives. Here is a summary of the amounts proposed in each major category:
| INFRASTRUCTURE AND CLEAN ENERGY | ||
| Transportation Infrastructure | $ 621 billion | |
| Roads and Bridges | $ 115 billion | |
| Public transit | $ 85 billion | |
| Passenger and Freight Rail | $ 80 billion | |
| Road safety | $ 20 billion | |
| Electric vehicles | $ 174 billion | |
| Airports, ports, waterways | $ 42 billion | |
| Reconnect neighborhoods | $ 20 billion | |
| Large projects | $ 25 billion | |
| Resilience | $ 50 billion | |
| Other | $ 10 billion | |
| Water, Electricity, Broadband | $ 311 billion | |
| Drinking water | $ 111 billion | |
| EPA state fund ($45 billion) | ||
| Water systems ($56 billion) | ||
| PFAS ($10 billion) | ||
| Broadband | $ 100 billion | |
| Electric Power | $ 100 billion | |
| Electric grid | ||
| Extend clean energy ITC, PTC; establish EECES | ||
| Reclamation ($16 billion) | ||
| Brownfield, Superfund ($5 billion) | ||
| Carbon capture and sequestration | ||
| Civilian Conservation Corps ($10 billion) | ||
| Homes and Buildings | $ 378 billion | |
| Retrofit Homes and Buildings | $ 213 billion | |
| Affordable rental housing | ||
| NHIA tax credits ($20 billion) | ||
| Zoning incentives | ||
| Public housing ($40 billion) | ||
| Clean Energy Accelerator ($27 billion) | ||
| Education and Child Care Facilities | $ 137 billion | |
| Public School modernization ($ 100 billion) | ||
| Community Colleges ($ 12 billion) | ||
| Child Care ($25 billion) | ||
| VA Hospitals | $ 18 billion | |
| Federal Buildings | $ 10 billion | |
| SUBTOTAL, INFRASTRUCTURE AND CLEAN ENERGY | $ 1.310 trillion | |
| CAREGIVING ECONOMY | ||
| Expand Medicaid Home and Community-based Care | $ 400 billion | |
| INNOVATION AND R&D | ||
| Future technologies | $ 180 billion | |
| NSF | $ 50 billion | |
| Rural, additional R&D | $ 30 billion | |
| Research labs | $ 40 billion | |
| Climate R&D | $ 35 billion | |
| HBCUs/MSIs | $ 25 billion | |
| Retool and revitalize manufacturing | $ 300 billion | |
| Commerce supply chains | $ 50 billion | |
| Semiconductors | $ 50 billion | |
| Medical countermeasures | $ 30 billion | |
| Clean energy (EV, nuclear) | $ 46 billion | |
| Regional innovation hubs | $ 20 billion | |
| NIST | $ 14 billion | |
| Manufacturing extension partnerships | $ 2 billion | |
| Capital access, sec. 48C | $ 52 billion | |
| Small business incubators | $ 31 billion | |
| Rural Partnership program | $ 5 billion | |
| Workforce Development | $ 100 billion | |
| Dislocated Workers program | $ 40 billion | |
| Underserved communities | $ 12 billion | |
| Apprenticeships, STEM | $ 48 billion | |
| SUBTOTAL, INNOVATION AND R&D | $ 580 billion | |
| TOTAL | $ 2.290 trillion | |
LABOR REFORMS
- Enact the Protecting the Right to Organize Act
- Apply labor standards to infrastructure, clean energy funding recipients
- Increased penalties for workplace safety and health violations
REVENUES
- Raise Corporate Rate to 28%
- Increase Global Minimum Tax to 21%
- Global agreement on minimum corporate tax
- Limit Corporate Inversions
- Deny Offshoring deductions, create Onshoring credit
- Repeal Foreign Derived Intangible Income deduction
- 15% minimum on corporate book income
- Eliminate fossil fuel tax incentives
- Increase corporate enforcement
©2020 Greenberg Traurig, LLP. All rights reserved.
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