Accurate Budgeting Act
This bill amends the Congressional Budget Act of 1974 to require the Joint Committee on Taxation to incorporate a macroeconomic impact analysis in estimates of the budgetary effects of major revenue legislation to the extent that it is practicable.
The macroeconomic impact analysis, commonly referred to as dynamic scoring, includes:
The bill also amends the Statutory Pay-As-You-Go Act of 2010 (PAYGO) to require estimates of the budgetary effects of major revenue legislation prepared for purposes of PAYGO requirements to incorporate a macroeconomic impact analysis to the extent that it is practicable.
[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4361 Introduced in House (IH)]
<DOC>
115th CONGRESS
1st Session
H. R. 4361
To require the use of macroeconomic analysis in estimating the
budgetary effects of major revenue legislation.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
November 9, 2017
Mr. Messer introduced the following bill; which was referred to the
Committee on the Budget, and in addition to the Committee on Ways and
Means, for a period to be subsequently determined by the Speaker, in
each case for consideration of such provisions as fall within the
jurisdiction of the committee concerned
_______________________________________________________________________
A BILL
To require the use of macroeconomic analysis in estimating the
budgetary effects 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) Definitions.--Section 3 of the Congressional Budget Act of 1974
(2 U.S.C. 622) is amended by adding at the end the following:
``(12)(A) The term `macroeconomic impact analysis' means--
``(i) an estimate of the changes in economic
output, employment, interest rates, capital stock, and
tax revenues expected to result from the revenue
provisions in a major revenue bill or resolution;
``(ii) an estimate of revenue feedback expected to
result from those revenue provisions; and
``(iii) 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.
``(B) The term `major revenue bill or resolution' means a
bill, resolution, conference report, or amendment between the
Houses for which--
``(i) 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
201(f); 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
``(ii) 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.
``(C) 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) Macroeconomic Impact Analysis of Major Revenue Legislation.--
(1) In general.--Section 201(f) of the Congressional Budget
Act of 1974 (2 U.S.C. 601(f)) is amended--
(A) by striking ``For the purposes'' and inserting
the following:
``(1) For the purposes''; and
(B) by adding at the end the following:
``(2) To the extent practicable, a revenue estimate prepared by the
Joint Committee on Taxation for a major revenue bill or resolution
shall incorporate a macroeconomic impact analysis of the budgetary
effects of the major revenue bill or resolution.''.
(2) PAYGO.--Section 3(4) of the Statutory Pay-As-You-Go Act
of 2010 (2 U.S.C. 932(4)) is amended by adding at the end the
following:
``(D)(i) In this subparagraph, the terms `macroeconomic
impact analysis' and `major revenue bill or resolution' have
the meanings given such terms in section 3 of the Congressional
Budget Act of 1974 (2 U.S.C. 622).
``(ii) To the extent practicable, an estimate of the
budgetary effects of a major revenue bill or resolution
prepared for purposes of this Act shall incorporate a
macroeconomic impact analysis of the budgetary effects of the
major revenue bill or resolution.''.
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Introduced in House
Introduced in House
Referred to the Committee on the Budget, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on the Budget, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
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