Infrastructure Investment and Jobs Act
The Infrastructure Investment and Jobs Act (IIJA) authorized USD 1.2 trillion in total expenditures and USD 550 billion in new infrastructure spending over five years. The incremental new spending, which otherwise would not have occurred, was divided more or less evenly between surface transportation and a variety of other infrastructure projects. Among other investments, it includes provisions for surface transportation, public transit, broadband, grid reliability and resiliency, cybersecurity, and water quality. Electric vehicle (EV) charging infrastructure and the electrificiation of school and transit buses received initial funding. Inflation Reduction Act
The Inflation Reduction Act (IRA) of 2022 was a budget reconciliation measure. Among other provisions, it extended and increased tax incentives to promote the adoption of renewable energy, increase the production of electric vehicles, and boost domestic production of solar panels and wind turbines. Funding was also dedicated to the elimination of electricity transmission across regional power grids. It prioritizes decarbonization, energy transition, production tax credits, and domestic manufacturing. It also authorized Medicare negotiation of drug prices, imposed excise tax on stock repurchases, and introduced a 15% corporate alternative minimum tax rate. CHIPS and Science Act
The Creating Helpful Incentives to Produce Semiconductors (CHIPS) and Science Act was designed to expand the ability of federal agencies to make strategic investments in emerging technologies, promote scientific innovation, strengthen existing supply chains, and promote domestic production of critical components. It also provided funds to promote STEM education and modernize aging infrastructure at national labs and universities. The act prioritizes artificial intelligence, quantum computing, robotics and automation, semiconductor manufacturing, biotechnology, advanced materials science, and workforce development.