Employers will likely benefit from the pivotal role they play in the execution of the impending Build Back Better Act (BBBA).
The bill has an upside for employers and will have several positive effects on the business community.
a) Increased availability of workers because of the expansion of preschool and childcare.
b) An opportunity for more business creation to meet climate change and housing requirements. High-quality jobs can increase with investment in buildings, transportation, industry, electricity, and agriculture policies for climate-smart practices across the country.
c) Adding highly trained workers will provide exponential value to the growing technical needs in most businesses.
d) Reformed rules will enable immigrants to fill important jobs that have been traditionally understaffed.
Appearing to be in the final stages of adjustments and negotiations for completion, the White House issued the BBBA framework to guide legislative language. Here are the main takeaways of the bill:
- Clean Energy and Climate Investments: Combat climate change by cutting greenhouse gas pollution well over one gigaton by 2030, reduce consumer energy costs, and create thousands of high-quality jobs.
- Child Tax and Earned Income Tax Credits: Provide two years of free preschool for every 3- and 4-year-old in America and continue tax cuts for more than 35 million families through the expanded Child Tax Credit.
- Home Care: Expand access to high-quality home care for older Americans and people with disabilities.
- Affordable Care Act Credits: Extend the expanded Premium Tax Credit to deliver healthcare coverage for uninsured people in states that have locked them out of Medicaid. Also grant older Americans access to affordable hearing care by expanding Medicare.
- Higher Education and Workforce: Extend access to affordable, high-quality education and workforce training beyond high school to enable American workers and companies to compete in a tech-savvy modernized world.
- Housing: Provide comprehensive investment in affordable housing that will enable construction, rehabilitation, and improvement of more than one million affordable homes. Boost housing supply and reduce price pressures for renters and homeowners.
- Prescription Drugs: Develop a plan to reduce prescription drug costs.
- Immigration Reform: Improve the immigration system to provide long-awaited relief to millions. Reduce backlogs to expand legal representation and make the asylum system – and border processing – more efficient and humane.
Employer Advantage will provide updated guidance in managing the requirements of the BBBA once the bill has passed and is rolled out to the country.
Click here to see our other helpful “Blog for All Employers”
Not currently an Employer Advantage client?
WE’D BE HONORED TO PROVIDE YOU WITH A NEW PATH TO HR BLISS.
We don’t just give quotes—We provide strategic business proposals.
-Free strategic assessment of your business needs
-Quick and easy account setup and seamless transitions
-Urgent requests | Please Call: Toll Free 877.476.9520
About Employer Advantage
A New Path to HR Bliss – Trusted for more than 30 years, Employer Advantage frees you from the administrative and compliance burdens of having employees so you can focus on your business success. Versatile enough for companies of all sizes, our unique service combines comprehensive management of your employee administration and compliance with the latest software solutions, tailored to meet your individual needs and company culture. Our full-service management of Human Resources, Payroll, Health and Benefits, Workplace Safety and more, enhance your profitability while reducing the costs and risks associated with employment law compliance. We provide your employees with top-notch assistance and benefits that help you increase productivity, save time and money, and attract and retain a talented workforce. And for small and mid-sized businesses, we bring you economy of scale with access to Fortune-500-level benefits, specialty assistance, and savings that would not be possible to attain on your own. Headquartered in the Midwest and serving more than 500 companies and 10,000 worksite employees throughout the country, Employer Advantage is an IRS-Certified Professional Employer Organization (PEO) (CPEO). Experienced, certified, and trusted. www.EmployerAdvantage.com