President Biden Signs the Infrastructure Investment and Jobs Act

On 11/15/21, President Biden signed an expansive $1.2 trillion infrastructure bill, the Infrastructure Investment and Jobs Act (HR 3684), that will allow the Treasury Department to distribute $5.5 billion to federal agencies to provide monies for improvements in bridges, mass transit, rail, airports, ports, and waterways. The Act also includes taxpayer-friendly deadline extensions for military, victims of federally declared disasters, Tax Court petitions, and victims of significant fires.

The Act addresses the retroactive termination of the employee retention credit and bond financing related to broadband projects, carbon dioxide capture facilities, and highway/surface freight transportation facilities. Information reporting requirements include provisions for brokers and digital assets, broker-to-broker transfers of digital assets, and IRC Sec. 6050I(a) reporting for digital assets. Pension provisions include interest rate smoothing for single-employer defined benefit plans. Excise tax provisions are also included.