How the New $1.2 Trillion Infrastructure Bill Impacts Agriculture?
The $1.2 trillion infrastructure package was approved in the Senate on August 10th, 2021, in a 69-30 bipartisan vote. Finally, after months of being blocked in the House, the infrastructure bill was passed in a 228-206 vote late into the night on November 5, 2021. President Joe Biden signed the legislation on Monday at the White House.
This infrastructure plan will cost an estimated $1.2 trillion over the next 8 years, with $550 billion in new spending and a historic infusion of federal funding for rural infrastructure development.
Below is a list that highlights some of the spending within the Bill that impacts agriculture:
- $110 Billion for roads and bridges
- $66 Billion for freight rail improvements
- $17.3 Billion for ports and inland waterways
- $65 Billion for broadband access
- $65 Billion for upgrading power grids
- $55 Billion for ensuring clean drinking water
Many agricultural groups supported the infrastructure bill but strongly opposed President Biden’s “Build Back Better” bill because the tax increases that could affect the agriculture industry.