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H.R. 4220, Water and Agriculture Tax Reform Act of 2016 1 (September 26, 2016)

handle is hein.congrec/cbo3154 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE COST ESTIMATE September 26, 2016 H.R. 4220 Water and Agriculture Tax Reform Act of 2016 As ordered reported by the House Committee on Ways and Means on September 21, 2016 H.R. 4220 would amend the Internal Revenue Code to allow tax-exempt ditch or irrigation entities, which provide water storage and delivery services, to earn income from certain property without affecting their tax-exempt status. Under current law, in order to maintain tax-exempt status, at least 85 percent of the income of such entities must be in the form of collections from members for the purpose of meeting losses and expenses. Under H.R. 4220, income from the sale of certain property to nonmembers would not count towards the 85 percent test as long as it is used for certain operational costs, maintenance, or capital improvements. The staff of the Joint Committee on Taxation (JCT) estimates that the legislation would reduce revenues by about $40 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. The net changes in revenues that are subject to those pay-as-you-go procedures are shown in the following table. Enacting the bill would not affect direct spending. CBO Estimate of Pay-As-You-Go Effects for H.R. 4220, as ordered reported by the House Committee on Ways and Means on September 21, 2016. By Fiscal Year, in Millions of Dollars 2016- 2016- 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2021 2026 NET INCREASE IN THE DEFICIT Statutory Pay-As-You-Go Effects 0 3 4 4 4 4 4 4 4 4 5 18 40 Source: Staff of the Joint Committee on Taxation. Note: Components may not add to totals due to rounding.

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