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H.R. 647, Achieving a Better Life Experience Act (ABLE Act) of 2014 1 (December 2, 2014)

handle is hein.congrec/cbo2008 and id is 1 raw text is: O CONGRESSIONAL BUDGET OFFICE Douglas W. Elmendorf, Director U.S. Congress Washington, DC 20515 December 2, 2014 Honorable Dave Camp Chairman Committee on Ways and Means U.S. House of Representatives Washington, DC 20515 Dear Mr. Chairman: CBO and the staff of the Joint Committee on Taxation (JCT) have analyzed the budgetary effects of H.R. 647, the Achieving a Better Life Experience Act (ABLE Act) of 2014, as posted on the website of the House Committee on Rules on December 1, 2014.1 Our analysis is summarized in the enclosed table. CBO and JCT estimate that enacting H.R. 647 would increase on-budget deficits by $187 million and reduce off-budget deficits by $220 million over the 2015-2024 period. (Effects in the legislation related to Social Security are categorized as off- budget.) In total, enacting H.R. 647 would reduce unified budget deficits by $33 million over the 2015-2024 period. The bill would reduce outlays by $294 million and reduce revenues by $261 million over those 10 years. CBO estimates that enacting H.R. 647 would increase direct spending by $5 billion in at least one of the four consecutive 10-year periods beginning in 2024. Title I: Qualified ABLE Accounts CBO and JCT estimate that enacting the provisions of title I would increase deficits by $2,051 million over the 2015-2024 period. (All budget effects in title I are on- budget.) The provisions of title I would increase outlays by $1,153 million and reduce revenues by $898 million over that period. 1 On September 22, 2014, CBO published an estimate of H.R. 647 as ordered reported by the House Committee on Ways and Means on July 31, 2014. That version of the bill included a different definition of disability, which resulted in a smaller estimated reduction in revenues. That version of the bill did not include the offset provisions that are contained in title II of this version. See: www.cbo.gov/publication/45743.

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