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Family and Business Tax Cut Certainty Act of 2012 1 (August 30, 2012)

handle is hein.congrec/cbo10888 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE COST ESTIMATE August 30, 2012 Family and Business Tax Cut Certainty Act of 2012 As ordered reported by the Senate Committee on Finance on August 2, 2012 SUMMARY The Family and Business Tax Cut Certainty Act of 2012 would extend certain expiring tax provisions through December 31, 2013; most of the provisions expired on December 31, 2011, but a few are scheduled to expire on December 31, 2012. The staff of the Joint Committee on Taxation (JCT) estimates that enacting the bill would reduce revenues by about $205 billion over the 2013-2022 period. Over 60 percent of that revenue reduction would arise from a two-year extension of relief from the individual alternative minimum tax (AMT). CBO estimates that two provisions would increase outlays by about $0.2 billion over the 10-year period. On net, JCT and CBO estimate that enacting the bill would increase deficits by about $205 billion over the 2013-2022 period. Pay-as-you-go procedures apply because enacting the legislation would affect revenues and direct spending. JCT has determined that the provisions of the bill contain 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 the bill is shown in the following table. The costs of this legislation fall within budget functions 600 (income security) and 800 (general government).

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