Senate Moving Infrastructure Investment and Jobs Act Forward
The Senate is expected to act on the $1 trillion Infrastructure Investment and Jobs Act this week with nearly half of that amount for federal highway, bridge and public transportation improvements.
The detailed text of the Act was made public earlier this week and the portion of the $1 trillion act funding the five-year reauthorization totals over $300B. Additionally, the bill includes $86B in supplemental funding for highway, bridge and public transportation improvement program with the remaining funds allocated to infrastructure projects related to airports, rail, broadband and energy.
The reauthorization portion of the Act provides a 24 percent increase from the current year funding to the first year of the new plan (FY 2022). Virginia is expected to see an increase in the current FY2021 and FY2022 of over $234M and Virginia’s share of the $300B 5-year reauthorization of highway and bridge programs is anticipated to total over $7B during the plan’s 5-year span.
VTCA’s national affiliate, The American Road and Transportation Builders Association, has done a Summary of the Infrastructure Investment & Jobs Act based on the August 1st details. Although some changes are likely prior to Senate adoption later this week significant changes are not expected. Additional details, including the State-by-State funding formula and a list of funding by program are available through the ARTBA report.
Following Senate approval, the bill will go to the House which is currently on summer vacation and not expected to act on the bill until September. The current funding, Fixing American’s Surface Transportation Act (FAST Act) is in a one-year extension that ends September 30th.
VTCA will continue to closely monitor the Federal activity and provide updates as the bill progresses.