ABSTRACT

Congressional Budget Office Cost Estimate: H.R. 1562, Katrina Housing Tax Relief Act   [open pdf - 77KB]

From the Summary: "H.R. 1562 would extend and expand certain tax laws specific to areas affected by Hurricane Katrina, which were enacted in the Gulf Opportunity Zone Act of 2005. The bill would also raise revenue by changing the collection due process procedures for employment taxes. The Joint Committee on Taxation (JCT) estimates that enacting H.R. 1562 would decrease revenues by $1 million in 2007 and increase revenues by $42 million over the 2007-2012 period and by $4 million over the 2007-2017 period. The Congressional Budget Office [CBO] estimates that implementing H.R. 1562 would have discretionary costs of less than $500,000 in 2007 and 2008, subject to the availability of appropriated funds. JCT has determined that the tax provisions of the bill contain no private-sector or intergovernmental mandates as defined in the Unfunded Mandates Reform Act (UMRA). CBO has determined that the non-tax provisions (section 4) contain no private-sector or intergovernmental mandates as defined in UMRA and would impose no costs on state, local, or tribal governments."

Publisher:
Date:
2007-03-23
Series:
Copyright:
Public Domain
Retrieved From:
Congressional Budget Office: https://www.cbo.gov/
Format:
pdf
Media Type:
application/pdf
URL:
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