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H.R. 3678, Internet Tax Freedom Act Amendments Act of 2007 1 (October 12, 2007)

handle is hein.congrec/cbo11345 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE COST ESTIMATE October 12, 2007 H.R. 3678 Internet Tax Freedom Act Amendments Act of 2007 As ordered reported by the House Committee on the Judiciary on October 10, 2007 SUMMARY H.R. 3678 would extend a moratorium on certain state and local taxation of online services and electronic commerce until November 1, 2011. The bill also would amend part of an exception to that prohibition for certain states. Under current law, the moratorium is set to expire on November 1, 2007. CBO estimates that enacting H.R. 3678 would have no impact on the federal budget, but it would impose significant annual costs on some state and local governments. By extending and expanding the moratorium on certain types of state and local taxes, H.R. 3678 would impose an intergovernmental mandate as defined in the Unfunded Mandates Reform Act (UMRA). CBO estimates that the mandate would cause some state and local governments to lose revenue beginning in November 2007; those losses would exceed the threshold established in UMRA ($66 million in 2007, adjusted annually for inflation) beginning in fiscal year 2008. While there is some uncertainty about the number of states affected, CBO estimates that the direct costs to states and local governments would probably total more than $80 million annually. The bill contains no new private-sector mandates as defined in UMRA. ESTIMATED COST TO THE FEDERAL GOVERNMENT CBO estimates that enacting H.R. 3678 would have no impact on the federal budget.

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