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H.R. 622, State and Local Sales Tax Deduction Fairness Act of 2015 1 (February 19, 2015)

handle is hein.congrec/cbo2101 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE COST ESTIMATE February 19, 2015 H.R. 622 State and Local Sales Tax Deduction Fairness Act of 2015 As ordered reported by the House Committee on Ways and Means on February 12, 2015 H.R. 622 would amend the Internal Revenue Code to permanently extend the provision allowing taxpayers who itemize their tax deductions to elect to deduct state and local sales taxes in lieu of state and local income taxes. That provision expired at the end of tax year 2014. The staff of the Joint Committee on Taxation (JCT) estimates that enacting H.R. 622 would reduce revenues, thus increasing federal deficits, by about $42 billion over the 2015-2025 period. The Statutory Pay-As-You-Go Act of 2010 establishes budget-reporting and enforcement procedures for legislation affecting direct spending and revenues. Enacting H.R. 622 would result in revenue losses in each year beginning in 2015. The estimated increases in the deficit are shown in the following table. JCT has determined that the bill contains no intergovernmental or private-sector mandates as defined in the Unfunded Mandates Reform Act. The CBO staff contact for this estimate is Logan Timmerhoff. The estimate was approved by David Weiner, Assistant Director for Tax Analysis.

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