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H.R. 5468, a Bill to Direct the Secretary of the Interior to Allow for Prepayment of Repayment Obligations under Repayment Contracts between the United States and the Weber Basin Water Conservancy District 1 (September 2, 2016)

handle is hein.congrec/cbo3104 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE COST ESTIMATE September 2, 2016 H.R. 5468 A bill to direct the Secretary of the Interior to allow for prepayment of repayment obligations under Repayment Contracts between the United States and the Weber Basin Water Conservancy District As ordered reported by the House Committee on Natural Resources on July 13, 2016 SUMMARY H.R. 5468 would direct the Bureau of Reclamation (BOR) to allow water contractors in the Weber Basin Water Conservancy District (the district) in Utah to repay their share of the capital costs of the Weber Basin Project on an accelerated schedule. CBO estimates that enacting the bill would result in a net increase in offsetting receipts, which are treated as reductions in direct spending, of $3 million over the next 10 years. Additionally, the staff of the Joint Committee on Taxation (JCT) expect that the contractors would finance some of those accelerated payments to the government with bonds exempt from federal taxation. As a result, JCT estimates that enacting the legislation would reduce revenues by a total of less than $500,000 over the 2017-2026 period. In total, CBO estimates that those changes in direct spending and revenues would decrease budget deficits over that 10-year period by $3 million. Because the legislation would affect direct spending and revenues, pay-as-you-go procedures apply. CBO estimates that enacting the bill would not increase net direct spending or on-budget deficits by more than $5 billion in any of the four consecutive 10-year periods beginning in 2027. H.R. 5468 contains no intergovernmental or private-sector mandates as defined in the Unfunded Mandates Reform Act (UMRA) and would impose no costs on state, local, or tribal governments.

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