Build Back Better Bill: 10 Things You Didn’t Know
A majority of the funding is devoted to transforming the country’s social safety net by reducing the cost of child care and health care, as well as fighting climate change.
The bill was passed by the House in November, but faces a difficult road in the Senate, where it is expected to undergo some changes. As currently drafted, the legislation would create a universal pre-K, send families an enhanced child tax credit, and provide enhanced grants on the Affordable Care Act trade.
Here are 10 of the Lesser-Known Layouts from Build Back Better invoice.
$ 900 tax credit for the purchase of an electric bicycle
Taxpayers would be allowed to claim a tax credit for the purchase of an electric bicycle before 2026, if the bill passes. This is one of the many provisions of the spending package aimed at tackling the climate crisis.
The credit would be equal to 30% of the purchase cost, up to a maximum of $ 900. It would be phased out for high-income households, starting at $ 75,000 of income for individuals.
The bill would also allow businesses to provide tax-free travel benefits to employees who use a bicycle, electric bicycle or scooter to get to work.
$ 35 cap on insulin costs
Medicare Part D plans could not charge more than $ 35 per month for the insulin products they cover in 2023 and 2024, and for all insulin from 2025, according to an analysis of the bill by the Kaiser Family Foundation. Private group or individual plans should cover one of each dosage form (vial or pen) and one of each type (fast-acting, short-acting, mid-acting, and long-acting) to a maximum of $ 35.
Millions of Americans could save money under the provision, Kaiser said.
The high cost of insulin has been a major concern for Americans with diabetes, forcing some to ration their doses – with sometimes fatal consequences.
This prompted bipartisan efforts to address the affordability of insulin. Biden highlighted the problem in a recent speech on the provisions of the drug bill, noting that the nearly 100-year-old drug costs less than $ 10 to manufacture but costs around $ 375 for a month’s supply, in average, and up to $ 1,000 per month for those who need to take more insulin.
Advocates, however, fear that uninsured people will not benefit from the cap and remain at risk.
12 months of Medicaid coverage for new mothers
The legislation would require all states to cover pregnant women enrolled in Medicaid and the children’s health insurance program, known as CHIP, for 12 months after giving birth. This provision is seen as essential in addressing the maternal mortality crisis in the country, which disproportionately affects women of color.
About 720,000 new mothers in any given year would get 12 months of coverage, about double the number currently provided postpartum through Medicaid, according to a recent report from the Department of Health and Human Services.
Medicaid and CHIP cover over 42% of births nationwide. Currently, states must provide eligible low-income women with 60 days of postpartum coverage, although some states already offer extended benefits. Some 45% of women are no longer insured at the end of the two months, according to the Congressional Budget Office.
The US bailout, which passed earlier this year, created a temporary option for states to provide 12-month postpartum coverage and receive matching federal funds, starting in April 2022. Approximately half of the states have passed legislation or taken other steps to take advantage of the provision, according to the Left Center on Budget and Policy Priorities.
Additional help for the unemployed to buy health insurance
The Reconstruire Mieux bill would extend this measure until 2022.
Local media tax credits
Businesses that employ local journalists would benefit from a new payroll tax credit if the bill is passed. The amount of the credit would be equal to 50% of the salary paid during the first year and 30% of the salary during the following four years. The tax credit would expire after 2025.
Media organizations with more than 1,500 employees would be excluded from the tax credit.
There is $ 500 million in the bill to fund programs that help low-income students, especially those in community colleges, complete their degrees. The money can be invested in financial aid grants for students, as well as comprehensive services provided by colleges like mentoring, childcare, and mental health resources.
But the bill still includes a measure to increase the maximum Pell grant by $ 550. Pell scholarship program provides financial aid to undergraduate students students with exceptional financial needs. The bill would also make undocumented students brought to the United States as children, known as Dreamers, eligible for the grant.
Social housing repairs
The bill also includes $ 25 billion to build, purchase or rehabilitate affordable housing and an additional $ 24 billion to expand housing vouchers that help low-income families buy or rent private housing. .
The bill would invest $ 1 billion to support projects that conserve Pacific salmon and rainbow trout populations and their habitats, including projects that increase climate resilience.
National parks and forest preservation
There are billions of dollars in the bill for the preservation of public lands.
The funds would target the conservation, protection and resilience of lands and resources administered by the National Park Service, the National Forest System and the Bureau of Land Management.
Fund for low-income families to buy food during the summer
The bill would provide families with 29 million children with $ 65 per child each month to purchase food during the summers of 2023 and 2024.
Children who receive free or reduced meals during the school year would be eligible for the summer benefit.
The measure is modeled in part on the Pandemic-EBT program that was created at the start of the coronavirus epidemic to replace meals missed when schools close.
Even before the pandemic, feeding children during the summer was a challenge, with transportation, schedules and weather proving to be hurdles, experts said. Hunger is linked to loss of learning in the summer, as well as a higher likelihood of illness and emotional stress.