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A bill to extend the African Growth and Opportunity Act, the Generalized System of Preferences, the preferential duty treatment program for Haiti, and for other purposes 1 (May 6, 2015)

handle is hein.congrec/cbo2226 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE COST ESTIMATE May 6, 2015 A bill to extend the African Growth and Opportunity Act, the Generalized System of Preferences, the preferential duty treatment program for Haiti, and for other purposes As ordered reported by the Senate Committee on Finance on April 22, 2015 SUMMARY The legislation would extend reduced tariff rates imposed on products imported under the African Growth and Opportunity Act (AGOA), the Generalized System of Preferences (GSP), and the Haitian Hemispheric Opportunity through Partnership Encouragement Act. The bill also would shift some corporate income tax payments between fiscal years and increase the rate of certain fees collected by Customs and Border Protection (CBP) as well as extend the authority to collect those fees. CBO and the staff of the Joint Committee on Taxation (JCT) estimate that enacting the bill would reduce both direct spending and revenues by about $5.9 billion over the 2015-2025 period-resulting in an increase in deficits over the 11-year period of $74 million. Pay-as-you-go procedures apply because enacting the legislation would affect direct spending and revenues. CBO estimates that the Congressional reports called for under the bill would cost $1 million over the 2015-2020 period, assuming availability of appropriated funds. CBO has determined that the nontax provisions of the bill contain no intergovernmental mandates as defined in the Unfunded Mandates Reform Act (UMRA) and would not affect the budgets of state, local, or tribal governments. JCT has determined that the tax provisions of the bill contain no intergovernmental or private-sector mandates. CBO has determined that the nontax provisions of the legislation contain private-sector mandates on entities required to pay merchandise processing fees. CBO estimates the aggregate cost of the mandates would exceed the annual threshold established in UMRA for private-sector mandates ($154 million in 2015, adjusted annually for inflation).

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