Accurate Budgeting Act - Amends the Congressional Budget Act of 1974 to require the Joint Committee on Taxation to prepare for each major revenue bill or resolution, reported by specified congressional tax committees or considered on the floor of either chamber, as a supplement to Congressional Budget Office (CBO) cost estimates, a macroeconomic impact analysis of the budgetary effects of the legislation for: (1) the 10-fiscal year period beginning with the first fiscal year for which such estimate was prepared, and (2) each of the next three 10-fiscal year periods.
Defines "major revenue bill or resolution" as a bill, resolution, or conference report for which either:
is greater than 0.25% of the current projected U.S. gross domestic product (GDP) for that fiscal year.
[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[S. 2371 Introduced in Senate (IS)]
113th CONGRESS
2d Session
S. 2371
To amend the Congressional Budget Act of 1974 to provide for
macroeconomic analysis of the impact of major revenue legislation.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
May 21, 2014
Mr. Portman (for himself, Mr. Graham, Mr. Kirk, Mr. Chambliss, Mr.
Flake, Mr. Blunt, Mr. Johanns, Mr. Inhofe, Mr. Crapo, Mr. Rubio, Mr.
Barrasso, Mr. Thune, Mr. Scott, Mr. Vitter, Ms. Ayotte, Mr. Lee, Mr.
Burr, and Mrs. Fischer) introduced the following bill; which was read
twice and referred to the Committee on the Budget
_______________________________________________________________________
A BILL
To amend the Congressional Budget Act of 1974 to provide for
macroeconomic analysis of the impact of major revenue legislation.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Accurate Budgeting Act''.
SEC. 2. MACROECONOMIC IMPACT ANALYSES FOR MAJOR REVENUE LEGISLATION.
(a) In General.--Part A of title IV of the Congressional Budget Act
of 1974 is amended by adding at the end the following new section:
``macroeconomic impact analysis of major revenue legislation
``Sec. 407. (a) Joint Committee on Taxation.--The Joint Committee
on Taxation shall, to the extent practicable, prepare for each major
revenue bill or resolution which is--
``(1) reported by the Committee on Ways and Means of the
House of Representatives or the Committee on Finance of the
Senate; or
``(2) considered on the floor of the House of
Representatives or the Senate,
as a supplement to estimates prepared under section 402, a
macroeconomic impact analysis of the budgetary effects of such bill or
resolution for the 10 fiscal-year period beginning with the first
fiscal year for which an estimate was prepared under section 402 and
each of the next three 10 fiscal-year periods. To the extent
practicable, the Joint Committee on Taxation's macroeconomic impact
analysis shall be included in full as part of the Congressional Budget
Office report accompanying such bill or resolution under section 402.
If a macroeconomic impact analysis is not included as part of the
Congressional Budget Office report relating to a major revenue bill or
resolution, the Chairman of the Committee reporting the bill or
resolution shall cause the analysis to be entered into the
Congressional Record of the Senate and House of Representatives.
``(b) Definitions.--As used in this section:
``(1) Macroeconomic impact analysis.--The term
`macroeconomic impact analysis' means--
``(A) an estimate of the changes in economic
output, employment, interest rates, capital stock, and
tax revenues expected to result from the revenue
provisions in the proposal to which section 201(f)
applies;
``(B) an estimate of revenue feedback expected to
result from those revenue provisions; and
``(C) a statement identifying the critical
assumptions and the source of data underlying that
estimate, to the extent necessary to make the models
comprehensible to academic and public policy analysts.
``(2) Major revenue bill or resolution.--The term `major
revenue bill or resolution' means a bill, resolution, or
conference report for which--
``(A) either--
``(i) the sum of the positive changes in
revenues resulting from such measure (not
including the impact of any timing shifts for
the due date for estimated corporate income tax
payments) for any fiscal year in the period for
which an estimate is prepared under section
402; or
``(ii) the absolute value of the sum of the
negative changes in revenues resulting from
such measure (not including the impact of any
timing shifts for the due date for estimated
corporate income tax payments) for any fiscal
year for which such an estimate is prepared,
is greater than
``(B) 0.25 percent of the current projected gross
domestic product of the United States (as determined by
the Bureau of Economic Analysis of the Department of
Commerce) for such fiscal year.
``(3) Revenue feedback.--The term `revenue feedback' means
changes in revenue resulting from changes in economic growth as
the result of the enactment of any major revenue bill or
resolution.''.
(b) Conforming Amendment.--The table of contents set forth in
section 1(b) of the Congressional Budget and Impoundment Control Act of
1974 is amended by inserting after the item relating to section 406 the
following new item:
``Sec. 407. Macroeconomic impact analysis of major revenue
legislation.''.
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Introduced in Senate
Read twice and referred to the Committee on the Budget.
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