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H.R. 5021, Highway and Transportation Funding Act of 2014 1 (July 11, 2014)

handle is hein.congrec/cbo1838 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE COST ESTIMATE July 11, 2014 H.R. 5021 Highway and Transportation Funding Act of 2014 As ordered reported by the House Committee on Ways and Means on July 10, 2014 SUMMARY CBO estimates that enacting H.R. 5021 would reduce direct spending and increase revenues. In total, those changes would reduce budget deficits over the 2014-2024 period by an estimated $9.9 billion. The legislation also would transfer about $9.8 billion from the general fund of the Treasury to the Highway Trust Fund to facilitate continued spending from that trust fund. CBO's estimate of the effect of H.R. 5021 on budget deficits does not include the effects of such a transfer; however, the budget resolution passed by the House of Representatives considers transfers from the general fund of the Treasury to the Highway Trust Fund to be new spending. Major provisions of the legislation would: * Extend the spending authority for certain surface transportation programs, * Extend the authority to collect fees charged by U.S. Customs and Border Protection, and * Allow single-employer defined benefit pension plans to use higher interest rates when calculating their future liabilities for the 2013-2020 plan years. Using higher interest rates would reduce the minimum contributions that employers are required to make to such plans, leading to increases in offsetting receipts, direct spending, and revenues. CBO expects that the bill would increase the amount of underfunding in such plans. Pay-as-you-go procedures apply because enacting the legislation would affect direct spending and revenues. 1. Transfers totaling $9.8 billion from the general fund of the Treasury to the Highway Trust Fund would be authorized in section 2002 of the legislation. Section 113 of the Bipartisan Budget Act of 2013 (Public Law 113-67, Division A) extended the terms of section 608 of H. Con Res. 25, the Concurrent Resolution on the Budget-Fiscal Year 2014. Pursuant to section 608, general fund transfers to the Highway Trust Fund are considered to be new budget authority and outlays for budget enforcement purposes in the House of Representatives.

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