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H.R. 765, Restaurant and Retail Jobs and Growth Act of 2015 1 (September 22, 2015)

handle is hein.congrec/cbo2520 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE COST ESTIMATE September 22, 2015 H.R. 765 Restaurant and Retail Jobs and Growth Act of 2015 As ordered reported by the House Committee on Ways andMeans on September 17, 2015 H.R. 765 would amend the Internal Revenue Code to permanently provide a 15-year recovery period for depreciating certain restaurant, retail improvement, and leasehold improvement property, effective for such property placed in service after December 3 1, 2014. Under current law that 15-year recovery period expired on December 31, 2014, causing qualified property placed in service after that date to be depreciated over 39 years. The staff of the Joint Committee on Taxation (JCT) estimates that enacting H.R. 765 would reduce revenues, thus increasing federal budget deficits, by about $28.4 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 and revenues. Enacting H.R. 765 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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