Tax Information for New Fiscal Oversight Act of 2010

Tax Information for New Fiscal Oversight Act of 2010 - Directs the Joint Committee on Taxation, beginning with its 2011 annual tax expenditure report, to: (1) analyze each tax expenditure identified in such report for its equity, efficiency, and ease of administration; and (2) reflect in such report the aggregate annual revenue lost due to such tax expenditures.

[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5291 Introduced in House (IH)]

111th CONGRESS
  2d Session
                                H. R. 5291

    To require the Joint Committee on Taxation to analyze each tax 
expenditure identified in its annual tax expenditure report for equity, 
                efficiency, and ease of administration.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 12, 2010

   Mr. Murphy of New York (for himself, Mr. Childers, Mr. Ross, Mr. 
Patrick J. Murphy of Pennsylvania, Mr. Cardoza, Ms. Harman, Mr. Cooper, 
  Mr. Schrader, Mr. Bishop of Georgia, Mr. Peterson, Mr. Tanner, Mr. 
 Carney, Mr. Matheson, Mr. Hill, Ms. Herseth Sandlin, Mr. Shuler, Mr. 
  Cuellar, Mr. McIntyre, Ms. Giffords, Mr. Bright, Mr. Mitchell, Mr. 
   Costa, Mr. Arcuri, Ms. Markey of Colorado, Mr. Boyd, Mr. Moore of 
   Kansas, Mr. Kratovil, Mr. Schiff, Mr. Ellsworth, Mr. Michaud, Mr. 
   Holden, Mr. Chandler, Mr. Davis of Tennessee, and Mr. Donnelly of 
   Indiana) introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
    To require the Joint Committee on Taxation to analyze each tax 
expenditure identified in its annual tax expenditure report for equity, 
                efficiency, and ease of administration.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE; FINDINGS.

    (a) Short Title.--This Act may be cited as the ``Tax Information 
for New Fiscal Oversight Act of 2010''.
    (b) Findings.--The Congress find the following:
            (1) The Federal deficit in 2009 was more than $1.4 
        trillion, or 9.9 percent of the United States gross domestic 
        product (GDP).
            (2) Current Federal deficits are unsustainable: under 
        realistic assumptions, the level of public debt will double 
        over the next 10 years.
            (3) The Congressional Research Service reported that a 2008 
        Joint Committee on Tax study titled ``Estimates of Federal Tax 
        Expenditures for Fiscal Years 2008-2012'' contained 247 tax 
        expenditures totaling $1.2 trillion.
            (4) $1.2 trillion is greater than all Federal discretionary 
        spending in that year.
            (5) Tax expenditures are similar to mandatory spending in 
        that they often remain in the Internal Revenue Code until they 
        are modified or eliminated by congressional action.
            (6) Congress currently lacks the information necessary to 
        effectively identify and analyze loopholes and inefficiencies 
        within the current tax system.
            (7) A more complete tax expenditure analysis can be a 
        useful tool for Congress when considering tax proposals and 
        evaluating the fiscal condition of our Nation.
            (8) This Act requires the Joint Committee on Taxation to 
        analyze each tax expenditure by its equity, efficiency, and 
        ease of administration so that Congress can make more informed 
        policy decisions.

SEC. 2. ADDITIONAL ITEMS IN TAX EXPENDITURE REPORT.

    (a) Report.--Beginning with the report for 2011, as part of its 
annual tax expenditure report, the Joint Committee on Taxation shall--
            (1) analyze each tax expenditure identified in such report 
        for its equity, efficiency, and ease of administration, and
            (2) reflect in such report the aggregate annual revenue 
        lost through the internal revenue laws by reason of such tax 
        expenditures.
    (b) Definition of Equity, Efficiency, and Ease of Administration.--
For purposes of subsection (a), the terms ``equity'', ``efficiency'', 
and ``ease of administration'' shall have the same meanings as when 
used in the report of the Joint Committee on Taxation entitled, ``A 
Reconsideration of Tax Expenditure Analysis'', published May 12, 2008 
(JCX-37-08).
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