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H.R. 3957, Emergency Citrus Disease Response Act of 2016 1 (September 16, 2016)

handle is hein.congrec/cbo3153 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE COST ESTIMATE September 16, 2016 H.R. 3957 Emergency Citrus Disease Response Act of 2016 As ordered reported by the House Committee on Ways and Means on September 14, 2016 H.R. 3957 would amend the Internal Revenue Code to allow certain investors to deduct the costs of replanting lost or damaged citrus plants in the year in which the costs are paid or incurred. Under current law, only the taxpayer who incurs the casualty loss to citrus plants or an investor with a minority interest who materially participates in the planting and related activities can deduct the replanting costs in the year of the activity-rather than capitalizing those costs and taking the deductions over a number of years. H.R. 3957 would allow minority owners who do not materially participate in the business to similarly deduct the costs of replanting. The bill would also allow a person who purchases the entire property for the purpose of replanting the lost or damaged citrus plants to take the same accelerated deduction. The provisions would expire for costs paid or incurred after December 31, 2025. The staff of the Joint Committee on Taxation (JCT) estimates that the legislation would reduce revenues, thus increasing federal budget deficits, by $30 million over the 2016-2026 period. The Statutory Pay-As-You Go Act of 2010 establishes budget-reporting and enforcement procedures for legislation affecting revenues and direct spending. Enacting H.R. 3957 would reduce revenues; therefore, pay-as-you-go procedures apply. The net changes in revenues and that are subject to those pay-as-you-go procedures are shown in the following table. Enacting the bill would not affect direct spending.

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