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1 S. 2602, USE IT Act 1 (July 13, 2018)

handle is hein.congrec/cbouseit0001 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE a COST ESTIMATE July 13, 2018 S. 2602 USE IT Act As reported by the Senate Committee on Environment and Public Works on May, 24, 2018 SUMMARY S. 2602 would authorize appropriations for the Environmental Protection Agency (EPA) to support the research and development of advanced technologies to capture carbon dioxide (C02) from the atmosphere so that it may be permanently stored or used within commercial products or processes. Under the bill, infrastructure projects that capture CO2 would qualify for certain expedited review and permitting procedures. Finally, the bill would require the Council on Environmental Quality (CEQ) to facilitate the expansion of CO2 storage projects and infrastructure. Using information from EPA and CEQ, CBO estimates that implementing S. 2602 would cost $73 million over the next five years, assuming appropriation of the authorized and necessary amounts. Enacting S. 2602 would not affect direct spending or revenues; therefore, pay-as-you-go procedures do not apply. CBO estimates that enacting S. 2602 would not increase net direct spending or on-budget deficits in any of the four consecutive 10-year periods beginning in 2029. S. 2602 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 S. 2602 is shown in the following table. The costs of the legislation fall within budget function 300 (natural resources and environment).

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