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H.R. 3227, a bill to remove from the John H. Chafee Coastal Barrier Resources System certain properties in South Carolina 1 (October 1, 2014)

handle is hein.congrec/cbo1918 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE 0 COST ESTIMATE October 1, 2014 H.R. 3227 A bill to remove from the John H. Chafee Coastal Barrier Resources System certain properties in South Carolina As ordered reported by the House Committee on Natural Resources on September 18, 2014 H.R. 3227 would update a map for a portion of the Coastal Barrier Resources System (CBRS) located in Georgetown County, South Carolina. Based on information from the U.S. Fish and Wildlife Service, CBO estimates that implementing the legislation would have no significant effect on the federal budget. Because H.R. 3227 could affect direct spending, pay-as-you-go procedures apply. However, we estimate that any net change in direct spending would be negligible over the 2015-2024 period. Enacting the bill would not affect revenues. The bill would revise the CBRS map for a unit within the system and remove 13 acres of land from the CBRS. The modified maps would exclude certain privately owned acreage, which would enable owners of about 20 structures to purchase federal flood insurance. CBO estimates that, relative to current law, enacting H.R. 3227 could increase premium collections of the National Flood Insurance Fund by less than $100,000 annually. Such collections would be offset by new mandatory spending for underwriting and administrative expenses and new flood insurance claims over the 2015-2024 period. H.R. 3227 contains no intergovernmental or private-sector mandates as defined in the Unfunded Mandates Reform Act and would impose no costs on state, local, or tribal governments. The CBO staff contact for this estimate is Jeff LaFave. The estimate was approved by Theresa Gullo, Deputy Assistant Director for Budget Analysis.

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