The U.S. Senate is now in the process of reviewing legislation that will provide renewable energy credits, as well as funding for affordable housing.
The measure, as passed by the House on a 220 to 213 vote, is officially called the Build Back Better Act.
While the energy and affordable housing sections of the legislation have proven largely popular, the bill has sparked opposition due to other provisions dealing with childcare tax credits, expanded Medicare benefits, and expanded federal sick leave.
Originally crafted with a more than $4 trillion price tag, the legislation, through weeks of negotiations with both House and Senate leaders, now comes in at $1.7 trillion.
That figure, say Congressional experts, increases its chances for passage.
The $500 billion in mostly renewable energy tax credits is said to be the largest-ever investment out of Washington in clean energy projects.
The housing portion of the legislation calls for $150 billion to be used to build or improve one million affordable housing units across the country. It also includes $65 billion to tackle a growing backlog of public housing facility needs.
Dubbed the “social infrastructure bill,” the legislation’s authors have said that expenditures in the legislation will be paid for through a combination of a 15% minimum tax on corporate profits, another 15% on those corporations’ foreign profits, and a 5% surcharge on all incomes above $10 million.
An additional 3% surcharge would apply to incomes at or above the $25 million mark.
In a Senate that has 50 Democrats and 50 Republicans, with Vice-President Kamala Harris providing a tie-breaking vote, the outcome of the legislation remains uncertain.
New Mexico Senate Martin Heinrich has called the Build Back Better Act a “game-changer for our country,” that will, among other things, “create climate careers and make the wealthy and corporations finally pay their fair share.”
Colorado Senator Michal Bennett, also in a statement, remarked that the legislation comprises the “largest investment ever to fight climate change and protect America’s forests. It will make child care more affordable and preschool more available to millions of families across Colorado and the country.”
Arizona Senate Krysten Sinema, however, has expressed concerns over the both the reach and cost of the legislation.
Although earlier reports indicated that the Senate would take up the Build Back Better Act this week, Majority Leader Charles Schumer has indicated that that vote is more likely to come by mid-December.
By Garry Boulard
