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H.R. 647, Achieving a Better Life Experience Act of 2014 1 (August 27, 2014)

handle is hein.congrec/cbo1880 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE COST ESTIMATE August 27, 2014 H.R. 647 Achieving a Better Life Experience Act of 2014 As ordered reported by the House Committee on Ways and Means on July 31, 2014 SUMMARY H.R. 647 would allow for the creation of a new type of tax-favored account-an ABLE account-for the benefit of individuals with disabilities. Assets in an ABLE account and distributions from the account for qualifying expenses would be disregarded when determining the beneficiary's eligibility for most federal means-tested benefits. CBO estimates that enacting H.R. 647 would increase direct spending by $1.2 billion over the 2015-2024 period. Additionally, the staff of the Joint Committee on Taxation (JCT) estimates that enacting H.R. 647 would decrease revenues by $0.9 billion over the 2015-2024 period. In total, CBO and JCT estimate that enacting the bill would increase deficits by $2.1 billion over the next 10 years. Pay-as-you-go procedures apply because enacting the legislation would affect direct spending and revenues. CBO has determined that the nontax provisions of the bill contain no intergovernmental or private-sector mandates as defined in the Unfunded Mandates Reform Act (UMRA). Similarly, JCT has determined that the tax provisions of the bill contain no intergovernmental or private-sector mandates as defined in UMRA. ESTIMATED COST TO THE FEDERAL GOVERNMENT The estimated budgetary impact of H.R. 647 is shown in the following table. The costs of this legislation fall within budget functions 550 (health), 570 (Medicare), and 600 (income security).

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