New Jersey is poised to reap significant benefits from the landmark $1.2 trillion infrastructure bill signed into law by President Joe Biden...
New Jersey is poised to reap significant benefits from the landmark $1.2 trillion infrastructure bill signed into law by President Joe Biden. The increased federal funding is good news for New Jersey residents who must contend with the state’s aging transit and other infrastructure throughout their daily lives. It will also provide tremendous opportunities for New Jersey businesses, including developers, engineers, environmental service providers, and construction companies.
Infrastructure Investment and Jobs Act
The bipartisan Infrastructure Investment and Jobs Act (H.R. 3684) aims to make historic investments in the nation’s roads, bridges, ports, and rail transit. It also contains significant funding for safe water, the electric grid, high-speed internet, and environmental remediation. After months of negotiation, the massive spending bill cleared the House by a vote of 228-206 on November 5, 2021. Just over a week later, President Joe Biden signed it into law.
Now that the infrastructure bill is law, federal agencies like the Department of Transportation, the Department of Energy, and the Environmental Protection Agency will be tasked with implementing it. The federal agencies will need to develop new programs and revamp existing ones, as well as draft the rules and regulations to govern them. Given that they own or operate a large share of the country’s infrastructure, state agencies and local municipalities will also play a major role in the rollout, which will include allocating funding and executing needed infrastructure projects.
New Jersey’s Funding Under Infrastructure Bill
Under the bipartisan Infrastructure Investment and Jobs Act, New Jersey will receive an estimated $12.31 billion in guaranteed transportation and transit funding formula dollars over the next five years. The state will also receive a minimum of $100 million to expand broadband internet access.
“As President Biden signs the Infrastructure Investment and Jobs Act into law today, New Jerseyans can expect to see billions of dollars for our state’s infrastructure – from repairing roads and bridges to replacing lead pipes and cleaning Superfund Sites, and advancing the Gateway Project,” Sen. Cory Booker said in a press statement outlining New Jersey’s share of the infrastructure funding. “In addition to funding critical infrastructure projects, these investments will also enhance our nation’s competitiveness and position our economy for continued growth by putting more Americans to work. I am proud to join Senator Menendez to highlight just one of many projects throughout New Jersey that stand to benefit from this historic legislation.”
Below is brief summary of the infrastructure funding New Jersey can expect to receive:
Transportation
Highways/Roads: $6,883,719,399
Bridges: $1,146,780,115
Electric Vehicles: $104,373,268
Ferry Service: $24,407,410
Transit
Total: $4,154,648,806
FY21: $626,068,511
FY22: $792,674,692
FY23: $809,730,546
FY24: $831,558,775
FY25: $849,219,308
FY26: $871,465,485
Broadband
$100,000,000 (min.)
The Infrastructure Investment and Jobs Act also includes additional infrastructure funding for federal programs that will benefit New Jersey, namely:
Weatherization Assistance (To reduce energy costs for homeowners)
$3,500,000,000
Cybersecurity (To modernize and enhance our nation’s cybersecurity capabilities)
$2,000,000,000
How Scarinci Hollenbeck Can Help
With the ability to draw on the knowledge and experience of attorneys from a wide range of practice areas, Scarinci Hollenbeck is uniquely poised to help New Jersey businesses reap the benefits of the Infrastructure Investment and Jobs Act. Whether you need assistance securing project funding, pursuing investment opportunities, navigating the permitting process, executing legal agreements, or anything in between, we are here to help.
If you have questions, please contact us
If you have any questions or if you would like to discuss the matter further, please contact me, John Scagnelli, or the Scarinci Hollenbeck attorney with whom you work, at 201-896-4100.
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