President Biden’s Build Back Better Bill Would Have Big Impact on NY

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If President Joe Biden’s $2.1 trillion Build Back Better bill should be signed into law, the Empire State would definitely feel its impact. Photo Credit: AP/Evan Vuccii

By : Hellen Zaboulani

If President Joe Biden’s $2.1 trillion Build Back Better bill should be signed into law, the Empire State would definitely feel its impact. As reported by Crain’s NY, the proposed legislation has a broad scope and would make its mark on taxation, housing, green energy, education, health care, child care and would expand federal government benefits for families.

Already, the bill has been unanimously signed by Democrats in congress. Now, the bill is to be deliberated and ultimately decided by the evenly divided Senate. The bill makes big strides in affordable housing—with one of the biggest investments of public housing ever made at the federal level. A total of roughly $166 billion would be earmarked for public housing spending or rental assistance. This would include: $63 billion to rebuild and repair public housing, another $25 billion to help low-income tenants make their rent payments, and a $15 billion trust fund to dole out grants and loans for future affordable housing.

There would also be housing tax credits, and homeowner support for low-income families. The NYC Housing Authority could certainly use the money, as it struggles with aging buildings, many dating back to the 1930s. “This is critically needed money for NYCHA,” said Moses Gates, vice president of Housing and Neighborhood Planning for the Regional Plan Association, a nonprofit. “It’s not a complete solution for NYCHA getting back to a state of good repair, but it will take a giant chunk out of the capital repairs budget.”

The Build Back Better bill would also address a major burden that high-income states including NY have been facing with the infamous SALT deduction, formerly capped at $10,000. The state and local tax deductions would be raised to $80,000 for 10 years.

Child Tax Credits would also be expanded through the proposed bill. The maximum $3,600 credit for children under six enacted this year, would be extended for another year. Also, children aged 6 to 17 could get credits of up to $3,000 into 2022, in an effort to curb child poverty, which NY is not immune to.

Renewable energy would make historical progress, with $555 billion to combat climate change and help the country transition to green energy. As per Crain’s, that includes: $150 billion in tax incentives for clean electricity, $110 billion in investments for clean energy technology including solar batteries, $105 billion for resiliency investments, and $25 billion in clean energy loans. NY is already a leader in transitioning to a green economy, and federal funds would go a long way.

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