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H.R. 4885, IRS Oversight While Eliminating Spending (OWES) Act of 2016 1 (April 18, 2016)

handle is hein.congrec/cbo2884 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE COST ESTIMATE April 18, 2016 H.R. 4885 IRS Oversight While Eliminating Spending (OWES) Act of 2016 As ordered reported by the House Committee on Ways andMeans on April 13, 2016 SUMMARY Under current law, the Internal Revenue Service (IRS) is authorized to establish or increase fees for some of its services and to spend those fees without further appropriation. H.R. 4885 would amend current law to require that the spending of those user fees would be subject to annual appropriation. CBO estimates that enacting H.R. 4885 would reduce direct spending by $3.4 billion over the 2017-2026 period; therefore pay-as-you-go procedures apply. Enacting the bill would not affect revenues. CBO also estimates that implementing the bill would increase the need for appropriations for the IRS by $3.4 billion over the 2017-2026 period. CBO estimates that enacting the legislation would not increase net direct spending or on-budget deficits in any of the four consecutive 10-year periods beginning in 2027. The staff of the Joint Committee on Taxation (JCT) has determined that H.R. 4885 contains no intergovernmental or private-sector mandates as defined in the Unfunded Mandates Reform Act (UMRA). ESTIMATED COST TO THE FEDERAL GOVERNMENT The estimated budgetary effect of H.R. 4885 is shown in the following table. The costs of this legislation fall within budget function 800 (general government).

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