OMB
COST ESTIMATE
FOR PAY-AS-YOU-GO CALCULATIONS
Report No: 572
Date: 01/25/2002
- LAW NUMBER:
P.L. 107-134 (H.R. 2884)
- BILL TITLE:
Victims of Terrorism Relief Act
- BILL PURPOSE:
Extends tax benefits currently available to service members and U.S.
civilian employees killed as a result of military or terrorist activity
outside the United States to victims and survivors of the September
11, 2001, terrorist attacks and the April 19, 1995, Oklahoma City bombing,
and victims who died from anthrax exposure.
- OMB ESTIMATE:
For those who died as a result of the September 11th terrorist
attacks, anthrax exposure, and the Oklahoma City bombing, H.R. 2884
waives income tax liability, provides tax-free treatment of death benefits,
and provides an estate tax reduction. In addition, the Act changes the
taxation of certain benefits related to death or injury from terrorist
actions or certain other disasters.
|
(Fiscal
years; in millions of dollars) |
|
2001 |
2002 |
2003 |
2004 |
2005 |
2006 |
Outlays.
. . . . . . . . . . . . . . . . . . . . |
0 |
0 |
0 |
0 |
0 |
0 |
Receipts.
. . . . . . . . . . . . . . . . . . . |
0 |
-135 |
-79 |
-10 |
-4 |
-6 |
Net
costs. . . . . . . . . . . . . . . . . . . . |
0 |
135 |
79 |
10 |
4 |
6 |
- CBO ESTIMATE:
|
(Fiscal
years; in millions of dollars) |
|
2001 |
2002 |
2003 |
2004 |
2005 |
2006 |
Outlays.
. . . . . . . . . . . . . . . . . . . . |
0 |
2 |
0 |
0 |
0 |
0 |
Receipts
. . . . . . . . . . . . . . . . . . . . |
0 |
-188 |
-96 |
-14 |
-6 |
-6 |
Net
costs. . . . . . . . . . . . . . . . . . . . |
0 |
190 |
96 |
14 |
6 |
6 |
- EXPLANATION
OF DIFFERENCES BETWEEN OMB AND CBO ESTIMATES: The difference between
OMB and CBO estimates is the result of different baselines and estimating
models.
- 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.............. |
5,503 |
18,467 |
23,827 |
23,536 |
22,825 |
8,222 |
Receipt
effect............ |
-69,768 |
-36,540 |
-86,866 |
-106,319 |
-107,744 |
-126,474 |
Net
costs.................... |
75,271 |
55,007 |
110,693 |
129,855 |
130,569 |
134,696 |
|