On November 15, President Biden signed the Infrastructure, Investment and Jobs Act (H.R. 3684). This sweeping legislation affects much of the U.S. economy and provides opportunities for state and local governments and their private sector development partners. The Infrastructure Bill will fund repairs and improvements to roads, bridges, tunnels, rail, transit, public water systems, ports, airports, rail, trucking, the electric grid and broadband internet services. It also includes substantial funding for projects and R&D to support advanced energy technologies, and a number of buy-America provisions designed to support domestic industries.Some of the funding (for example, for highway projects) will go automatically to the states through established formula grant programs, and they will in turn make those funds available to public and private entities for infrastructure project development. In other cases, the bill sets out short deadlines (60, 90 or 180 days, in many cases) for federal agencies to establish programs, set criteria and begin soliciting grants or providing loans. While much of the bill is focused on funding, it also includes important changes in substantive law and expedited permitting designed to promote infrastructure development. Babst Calland advises its clients on the implications of this and many other federal actions on their businesses. The Firm will provide more detail in the coming months about the Infrastructure Bill.
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