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The House has approved a sweeping infrastructure bill, the Moving Forward Act (H.R. 2), that would invest over $1.5 trillion in transportation infrastructure, schools, housing, broadband access, green energy, water infrastructure and modernizing the Postal Service. The legislation passed by a vote of 233-188, largely on party lines.
The bill serves as a placeholder for Democratic priorities. While the President had recently sought $2 trillion in infrastructure spending to help the economy recover from COVID-19, the White House said it would veto the legislation. Majority Leader McConnell declaimed the legislation as “a multi-thousand-page cousin of the Green New Deal masquerading as a highway bill.”
Congress faces a September 30 deadline to renew the current 5-year highway authorization. It is likely to pass a short-term extension until 2021.
The House bill contains several tax provisions used by the commercial real estate sector:
A summary of the bill can be found here.