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H.R. 2940, Educator Tax Relief Act of 2015 1 (September 22, 2015)

handle is hein.congrec/cbo2519 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE COST ESTIMATE September 22, 2015 H.R. 2940 Educator Tax Relief Act of 2015 As ordered reported by the House Committee on Ways andMeans on September 17, 2015 H.R. 2940 would amend the Internal Revenue Code to permanently extend and expand the tax deduction of up to $250 that is allowed for certain classroom expenses of teachers. Under current law the deduction is unavailable for taxable years after 2014, and H.R. 2940 would permanently extend the deduction. The bill would also expand eligible expenses to include those for professional development and index the maximum deduction for inflation. The staff of the Joint Committee on Taxation (JCT) estimates that enacting H.R. 2940 would reduce revenues, thus increasing federal deficits, by about $3 billion over the 2016-2025 period. The Statutory Pay-As-You-Go Act of 2010 establishes budget-reporting and enforcement procedures for legislation affecting direct spending or revenues. Enacting H.R. 2940 would result in revenue losses in each year beginning in 2016. 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 Peter Huether. The estimate was approved by David Weiner, Assistant Director for Tax Analysis.

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