BILL
TITLE: Fallen Hero Survivor Benefit Fairness Act
BILL
PURPOSE: Extends the exclusion from gross income for Federal income
tax purposes of annuities paid to survivors of public safety officers
killed in the line of duty to amounts paid with respect to officers
dying on or before December 31, 1996.
OMB
ESTIMATE: Under previous law, certain amounts paid as a survivor
annuity on account of death of a public safety officer, who was
killed in the line of duty after December 31, 1996, is excludable
from gross income for Federal income tax purposes. P.L. 107-15
extends this exemption to officers who were killed before that
time.
(Fiscal
years; in millions of dollars)
2001
2002
2003
2004
2005
2006
Net
costs....................................
0
2
4
4
4
4
CBO
ESTIMATE:
(Fiscal
years; in millions of dollars)
2001
2002
2003
2004
2005
2006
Net
costs....................................
1
7
5
5
5
4
EXPLANATION
OF DIFFERENCES BETWEEN OMB AND CBO ESTIMATES:
The difference between OMB and CBO is the result of different
estimating models and assumptions about the timing of tax receipts.
CUMULATIVE
EFFECT OF DIRECT SPENDING AND REVENUE LEGISLATION ENACTED TO DATE:
(Fiscal
years; in millions of dollars)
2001
2002
2003
2004
2005
2006
Outlay
effect..............
3
12,187
14,545
15,740
16,853
0
Receipt
effect............
0
-3,865
-3,924
-3,600
-3,824
-4
Net
costs....................
3
16,052
18,469
19,340
20,677
4
NOTE:
The cumulative effect of direct spending and revenue legislation
enacted to date is currently estimated to result in an end-of-session
sequester. The Administration looks forward to working with the
Congress to ensure that an unintended sequester does not occur.
