ABSTRACT

Congressional Budget Office Cost Estimate: H.R. 3864, American Energy and Infrastructure Jobs Financing Act of 2012   [open pdf - 20KB]

"H.R. 3864 would extend through fiscal year 2018 the existing taxes that are dedicated to the Highway Trust Fund, and would extend through fiscal year 2016 the authority to expend amounts credited to that fund. Most recently, the Surface and Air Transportation Programs Extension Act of 2011 (Public Law 112-30), extended the highway taxes and spending authority through March 31, 2012. In addition, H.R. 3864 would transfer amounts from the general fund into the Mass Transit Account of the Highway Trust Fund (which would be subsequently renamed the Alternative Transportation Account), and revenues previously credited to the Mass Transit Account would be transferred to the Highway Account of the Highway Trust Fund. Pursuant to rules in the Balanced Budget and Emergency Deficit Control Act for constructing the baseline, certain expiring provisions of law--such as those that govern excise taxes credited to the Highway Trust Fund--are assumed to continue beyond their scheduled expiration date for budget projection purposes. H.R. 3864 would continue highway-related taxes at levels that are consistent with those projected in CBO's [Congressional Budget Office] baseline over the 2012-2018 period (net revenues accruing to the highway trust fund amount to $37 billion in 2013, and rise to $41 billion in 2018). In addition, the transfer of money from the general fund to the Highway Trust Fund and the transfer within accounts of that fund would not affect the total amount of revenue collected. As a result, CBO and the staff of the Joint Committee on Taxation (JCT) estimate that enacting the bill would not affect revenues. Further, the bill would not affect direct spending, CBO estimates; therefore, pay-as-you-go procedures do not apply."

Publisher:
Date:
2012-02-07
Series:
Copyright:
Public Domain
Retrieved From:
Congressional Budget Office: https://www.cbo.gov/
Format:
pdf
Media Type:
application/pdf
URL:
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