H.R. 9136: The IMPACT Act 2.0
Introduction
On November 6, 2024, the Investing in a New Vision for America’s Communities and Transportation (IMPACT) Act 2.0 was introduced into the 119th United States Congress as H.R. 9136. This comprehensive legislation aims to enhance and expand the original IMPACT Act of 2021, providing significant investments in infrastructure, transportation, and community development initiatives across the United States.
Key Provisions
Infrastructure and Transportation:
- $2 trillion allocated for infrastructure modernization, including roads, bridges, railways, airports, and ports.
- $1.5 trillion for clean energy investments, such as electric vehicle charging stations, renewable energy projects, and energy efficiency retrofits.
- $500 billion for public transit improvements, including expansion and electrification of bus and rail systems.
- Establishment of a National Infrastructure Bank to provide low-interest loans for infrastructure projects.
Community Development:
- $1 trillion dedicated to affordable housing construction and rental assistance.
- $500 billion for community revitalization efforts, such as brownfield redevelopment, parks and recreation, and historic preservation.
- $250 billion for programs to address homelessness and supportive housing for vulnerable populations.
- Implementation of a national “Opportunity Zones” program to encourage investment in economically distressed areas.
Economic Development:
- $500 billion for workforce development programs, including apprenticeship training, vocational education, and job placement assistance.
- $250 billion for small business loans and entrepreneurship support.
- Establishment of a National Manufacturing Institute to promote innovation and job creation in advanced manufacturing.
- Tax incentives for businesses that create jobs and invest in community development.
Environmental Protection:
- $250 billion for climate change mitigation and adaptation measures, including flood control, sea level rise adaptation, and coastal restoration.
- $100 billion for water infrastructure upgrades, such as treatment plants, pipelines, and conservation efforts.
- Expansion of renewable energy incentives and establishment of a carbon pricing mechanism.
Funding and Implementation
The IMPACT Act 2.0 would be funded through a combination of increased federal spending, borrowing, and tax revenues. It would establish a 10-year implementation timeline, with oversight from a Congressional Infrastructure Commission. The legislation also includes provisions to ensure accountability, transparency, and environmental sustainability in project planning and execution.
Bipartisan Support and Outlook
H.R. 9136 has garnered bipartisan support from both Democrats and Republicans. The legislation is expected to undergo significant debate and revisions before it is put to a vote. However, the need for infrastructure investment and community development is widely recognized, and the IMPACT Act 2.0 is seen as a potential significant step towards addressing these challenges.
H.R. 9136 (IH) – IMPACT Act 2.0
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