'climate change'

Over the weekend, the U.S. Senate utilized the chamber’s reconciliation rules to pass the Inflation Reduction Act, along a party-line vote of 51-50, with Vice President Kamala Harris casting the tie-breaking vote. The majority of the provisions in the act concerns mitigating the effects of climate change, health policy, increased enforcement by the Internal Revenue Services (IRS), and increases in government revenue.

Not included in the package was any consideration of a change to the $10,000 State and Local Taxes (SALT) deduction cap. Public comments indicate that its exclusion will not preclude support from New Jersey congressional members who have previously indicated that the deduction cap removal must be included in the legislation. 

The Senate announced they have reached an agreement on a 5-year, $1 trillion traditional infrastructure package. The act, titled the Infrastructure Investment and Jobs Act includes funding for roads, rails, bridges, ports, broadband, clean water, clean energy, cyber security, and electric vehicle infrastructure. It is expected that 2 million jobs will be created per year with passage of this legislation.