Daily Tax Update - April 4, 2014: House Approves "Dynamic" Scoring Bill

HOUSE APPROVES “DYNAMIC” SCORING BILL:  Today, the House passed legislation (H.R. 1874) that would require "dynamic" scoring of major legislation before it comes up for a vote.  The “Pro-Growth Budgeting Act” passed on a 224-182 vote.

The bill would “require the Congressional Budget Office (CBO) to prepare for each major bill or resolution reported by any congressional committee (except the congressional appropriations committees), as a supplement to CBO cost estimates, a macroeconomic impact analysis of the budgetary effects of such legislation for the 10-fiscal year period beginning with the first fiscal year for which such estimate was prepared and each of the next three 10-fiscal year periods. The bill also requires the analysis to describe: (1) the potential economic impact of the bill or resolution on major economic variables, including real GDP, business investment, the capital stock, employment, interest rates, and labor supply; and (2) the potential fiscal effects of the measure, including any estimates of revenue increases or decreases resulting from changes in GDP.”

MISCELLANEOUS GUIDANCE RELEASED:

Notice 2014-19: Application of United States v. Windsor to Section 401 retirement plans can be accessed via: n-14-19.pdf

TAX BILLS INTRODUCED APRIL 3RD:

1.[113rd] S.2203 : A bill to amend the Internal Revenue Code of 1986 to permanently extend the tax treatment for certain build America bonds, and for other purposes. Sponsor: Sen Markey, Edward J. [MA] (introduced 4/3/2014)      Cosponsors (None) Committees: Senate Finance Latest Major Action: 4/3/2014 Referred to Senate committee. Status: Read twice and referred to the Committee on Finance.


2. [113rd] S.2205 : A bill to amend the Internal Revenue Code of 1986 to exempt certain small businesses from the employer health insurance mandate and to modify the definition of full-time employee for purposes of such mandate. Sponsor: Sen Enzi, Michael B. [WY] (introduced 4/3/2014)      Cosponsors (5)