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S. 953, Student Loan Affordability Act 1 (May 23, 2013)

handle is hein.congrec/cbo11096 and id is 1 raw text is: May 23, 2013 Congressional Budget Office Estimate of the Budgetary Effects of S. 953, the Student Loan Affordability Act, as introduced in the Senate on May 14, 2013 (Millions of dollars, by fiscal year, assumed enactment prior to July 1, 2013) 2013- 201 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2018 20 CHANGES IN DIRECT SPENDING Section 2 - Interest Rate Extension Estimated Budget Authority 3,395 4,710 1,435 0 0 0 0 0 0 0 0 9,540 9,5 Estimated Outlays 1,965 3,720 2,205 420 0 0 0 0 0 0 0 8,310 8,3 CHANGES IN REVENUESb Section 3 - Modifications of Required Minimum Distribution Rules 0 * 35 133 244 409 789 824 782 737 689 821 4,6 Section 4 - Limitations on Earnings Stripping by Expatriated Entities 0 107 238 250 262 275 289 303 319 335 352 1,132 2,7 Section 5 - Modification Related to the Oil Spill Liability Trust Fund 0 70 84 91 108 122 133 145 159 172 183 475 1,2 Total Changes in Revenues 0 177 357 474 614 806 1,211 1,272 1,260 1,244 1,224 2,428 8,6 NET INCREASE OR DECREASE (-) IN DEFICITS FROM CHANGES IN REVENUES AND DIRECT SPENDING Net Changes in Deficits 1,965 3,543 1,848 -54 -614 -806 -1,211 -1,272 -1,260 -1,244 -1,224 5,882 -3 Sources: Congressional Budget Office (CBO) and the staff of the Joint Committee on Taxation. Notes: Components may not sum to totals because of rounding. *= gains of less than $500,000 Estimates are relative to CBO's May 2013 baseline. a. S. 953 as introduced would amend the Higher Education Act to extend the current interest rate of 3.4 percent on certain student loans to undergraduate students through June 30, 2015. Under current law, those interes rates are set to rise to 6.8 percent on July 1, 2013. In addition, the bill also would amend the Internal Revenue Code to modify rules for required distributions from tax-exempt pension plans, limit the deductibility of interest payments made by a corporation that is an expatriated entity, and redefine crude oil to include tar sands (bitumen and bituminous mixtures) for purposes of the Oil Spill Liability Trust Fund tax. 3- 23 40 10 42 30 68 40 30 b. For revenues, positive numbers indicate a decrease in the deficit.

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