The Infrastructure Investment and Jobs Act (IIJA) provides for $1.2 trillion–including $550 billion in new federal spending–for various infrastructure projects and investments over the next five years. More specifically, it extends highway, safety, transit, rail and research programs that are typically included in surface transportation reauthorizations. It also includes provisions to address climate change, codify existing policies on environmental reviews, impose domestic content requirements, enhance the electric grid and replace lead pipes.
To offset portions of the spending, the IIJA also contains provisions to extend the annual sequestration of mandatory funding, block a drug rebate rule that hadn’t yet taken effect, sell oil from the Strategic Petroleum Reserve and require transactions of digital assets–including cryptocurrency–to be reported to the IRS.
Basic Spending Breakdown
New funds provided under the IIJA are broadly allocated as follows:
- Airports and Waterways: $42 billion
- Broadband: $65 billion
- Roads and Bridges: $111 billion
- Climate Change: $50 billion
- Drinking Water: $55 billion
- Electric Vehicles: $7.5 billion
- Electric Buses and Ferries: $7.5 billion
- Environmental Spending: $21 billion
- Power Grids: $73 billion
- Public Transit: $39 billion
- Railways: $66 billion
- Transportation Safety: $11 billion
Detailed information about individual programs funded by the IIJA–both new and previously existing–is included within.