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S. 2375, Federal Asset Sale and Transfer Act of 2015 1 (May 17, 2016)

handle is hein.congrec/cbo2925 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE COST ESTIMATE May 17, 2016 S. 2375 Federal Asset Sale and Transfer Act of 2015 As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on December 9, 2015 SUMMARY S. 2375 aims to better manage federal real property by reducing the inventory of such property and the cost of maintaining the remaining inventory. The bill would establish the Federal Real Property Reform Board (board) to provide recommendations to the Office of Management and Budget (OMB) regarding specific federal properties that should be sold. The board would be required to recommend at least five civilian facilities that should be offered for sale and that have a combined estimated fair market value of at least $500 million. The legislation also would authorize the appropriation of $2 million to fund the board and $40 million to implement the board's recommendations. Assuming appropriation of the specified amounts, CBO estimates that implementing S. 2375 would cost $8 million in 2017 and about $40 million over the 2017-2021 period. If the board's recommendations lead to the sale of facilities, the legislation also would result in additional receipts. However, CBO has no basis to estimate whether the board's recommendations would result in the sale of any properties that would not otherwise be sold under current law. Enacting the bill would not affect direct spending or revenues; therefore, pay-as-you-go procedures do not apply. CBO estimates that enacting S. 2375 would not increase net direct spending or on-budget deficits in any of the four consecutive 10-year periods beginning in 2027. S. 2375 contains no intergovernmental or private-sector mandates as defined in the Unfunded Mandates Reform Act (UMRA) and would not affect the budgets of state, local, or tribal governments.

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