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H.R. 1004, Health Flexible Spending Arrangements Improvements Act of 2012 1 (June 4, 2012)

handle is hein.congrec/cbo10764 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE COST ESTIMATE June 4, 2012 H.R. 1004 Health Flexible Spending Arrangements Improvements Act of 2012 As ordered reported by the House Committee on Ways and Means on May 31, 2012 SUMMARY H.R. 1004 would amend the Internal Revenue Code to allow up to $500 of unused balances in health flexible spending arrangements (FSAs) to be distributed back to the account holder within seven months of the close of the plan year. The staff of the Joint Committee on Taxation (JCT) estimates that enacting H.R. 1004 would reduce revenues by about $4 billion over the 2012-2022 period. Of that reduction, about $3 billion would result from changes in on-budget revenues, and about $1 billion would result from changes in off-budget revenues (from Social Security payroll taxes, which are categorized as off-budget revenues). Pay-as-you-go procedures apply because enacting the legislation would affect on-budget revenues. JCT has determined that the bill contains no intergovernmental or private-sector mandates as defined in the Unfunded Mandates Reform Act (UMRA). ESTIMATED COST TO THE FEDERAL GOVERNMENT The estimated budgetary impact of H.R. 1004 is shown in the following table. Estimated Revenues On-budget Off-budget By Fiscal Year, in Millions of Dollars 2012- 2012- 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2017 2022 CHANGES IN REVENUES 0 -261 -380 -383 -395 -407 -419 -432 -445 -459 -471 -1.826 -4,051 0 -192 -286 -290 -300 -310 -320 -331 -341 -353 -363 -1.379 -3,086 0 -69 -94 -93 -95 -97 -99 -101 -104 -106 -108 -447 -965 Source: Staff of the Joint Committee on Taxation. Note: Components may not sum to totals because of rounding. Cb

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