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H.R. 1860, Digital Goods and Services Tax Fairness Act of 2012 1 (September 14, 2012)

handle is hein.congrec/cbo10892 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE COST ESTIMATE September 14, 2012 H.R. 1860 Digital Goods and Service Tax Fairness Act of 2012 As ordered reported by the House Committee on the Judiciary on June 28, 2012 SUMMARY H.R. 1860 would prohibit state and local governments from imposing taxes on certain sales of digital goods and services that are taxable under current law. CBO estimates that implementing H.R. 1860 would have no impact on the federal budget. Enacting H.R. 1860 would not affect direct spending or revenues; therefore, pay-as-you-go procedures do not apply. The bill would impose an intergovernmental mandate as defined in the Unfunded Mandates Reform Act (UMRA). CBO estimates that the cost of complying with that mandate would exceed the threshold established in UMRA for intergovernmental mandates ($74 million in 2013, adjusted annually for inflation). The bill contains no new private-sector mandates as defined in UMRA. ESTIMATED COST TO THE FEDERAL GOVERNMENT: None. ESTIMATED IMPACT ON STATE, LOCAL, AND TRIBAL GOVERNMENTS H.R. 1860 would impose an intergovernmental mandate as defined in UMRA by prohibiting state and local governments from taxing certain sales of digital goods and services. CBO estimates that the cost--in the form of forgone revenues--to state and local governments would total more than $3 billion in the first full year after enactment (2013) and at least that amount in each subsequent year. The costs would far exceed the threshold established in UMRA for intergovernmental mandates ($74 million in 2013, adjusted annually for inflation).

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