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H.R. 4722, Refundable Child Tax Credit Eligibility Verification Reform Act of 2016 1 (March 22, 2016)

handle is hein.congrec/cbo2868 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE COST ESTIMATE March 22, 2016 H.R. 4722 Refundable Child Tax Credit Eligibility Verification Reform Act of 2016 As ordered reported by the House Committee on Ways and Means on March 16, 2016 H.R. 4722 would amend the Internal Revenue Code to require taxpayers to provide their Social Security Number (S SN) to claim the refundable portion of the child tax credit. Under current law, taxpayers who have either an individual taxpayer identification number or an SSN and include it on their income tax return can claim a tax credit of $1,000 for each of their qualifying children under the age of 17. If the credit exceeds the tax liability of the taxpayer, the excess may be refundable depending on the taxpayer's earnings, and the refunded portion is classified as an outlay in the federal budget. The staff of the Joint Committee on Taxation (JCT) estimates that the legislation would reduce outlays by $10.9 billion over the 2016-2021 period and by $19.9 billion over the 2016-2026 period. This bill would not affect revenues. 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. 4722 would result in a reduction in outlays in each year beginning in 2017. The estimated decreases in the deficit are shown in the following table. CBO Estimate Of Pay-As-You-Go Effects for H.R. 4722, as ordered reported by the House Committee on Ways and Means on March 16, 2016. By Fiscal Year, in Millions of Dollars 2016- 2016- 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2021 2026 NET DECREASE (-) IN THE DEFICIT Statutory Pay-As-You-Go Impact 0 -2,512 -2,302 -2,130 -2,027 -1,955 -1,903 -1,849 -1,790 -1,741 -1,706 -10,926 -19,916 Source: Staff of the Joint Committee on Taxation. Note: Components may not sum to total because of rounding.

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