S. 676 (is) To establish a WTO Dispute Settlement Review Commission, and for other purposes. [Introduced in Senate] ...

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108th CONGRESS
  1st Session
                                 S. 675

 To require the Congressional Budget Office and the Joint Committee on 
    Taxation to use dynamic economic modeling in addition to static 
economic modeling in the preparation of budgetary estimates of proposed 
                    changes in Federal revenue law.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             March 20, 2003

     Mr. Ensign (for himself, Mr. Sessions, Mr. Crapo, and Mr. Kyl) 
   introduced the following bill; which was read twice and referred 
 jointly pursuant to the order of August 4, 1977, to the Committees on 
  the Budget and Governmental Affairs, with instructions that if one 
committee reports, the other committee have thirty days to report or be 
                               discharged

_______________________________________________________________________

                                 A BILL


 
 To require the Congressional Budget Office and the Joint Committee on 
    Taxation to use dynamic economic modeling in addition to static 
economic modeling in the preparation of budgetary estimates of proposed 
                    changes in Federal revenue law.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SENSE OF CONGRESS.

    It is the sense of Congress that it is necessary to ensure that 
Congress is presented with reliable information from the Congressional 
Budget Office and the Joint Committee on Taxation as to the dynamic 
macroeconomic feedback effects to changes in Federal law and the 
probable behavioral responses of taxpayers, businesses, and other 
parties to such changes. Specifically, the Congress intends that, while 
not excluding any other estimating method, dynamic estimating 
techniques shall also be used in estimating the fiscal impact of 
proposals to change Federal laws, to the extent that data are available 
to permit estimates to be made in such a manner.

SEC. 2. ESTIMATES OF THE JOINT COMMITTEE ON 
              TAXATION.

    In addition to any other estimates it may prepare of any proposed 
change in Federal revenue law, a fiscal estimate shall be prepared by 
the Joint Committee on Taxation of each such proposed change on the 
basis of assumptions that estimate the probable behavioral responses of 
personal and business taxpayers and other relevant entities to that 
proposed change and the dynamic macroeconomic feedback effects of that 
proposed change. The preceding sentence shall apply only to a proposed 
change that the Joint Committee on Taxation determines, pursuant to a 
static fiscal estimate, has a fiscal impact in excess of $250,000,000 
in any fiscal year.

SEC. 3. ESTIMATES OF THE CONGRESSIONAL BUDGET 
              OFFICE.

    In addition to any other estimates it may prepare of any proposed 
change in Federal revenue law, a fiscal estimate shall be prepared by 
the Congressional Budget Office of each such proposed change on the 
basis of assumptions that estimate the probable behavioral responses of 
personal and business taxpayers and other relevant entities to that 
proposed change and the dynamic macroeconomic feedback effects of that 
proposed change. The preceding sentence shall apply only to a proposed 
change that the Congressional Budget Office determines, pursuant to a 
static fiscal estimate, has a fiscal impact in excess of $250,000,000 
in any fiscal year.

SEC. 4. DISCLOSURE OF ASSUMPTIONS.

    Any report to Congress or the public made by the Joint Committee on 
Taxation or the Congressional Budget Office that contains an estimate 
made under this Act of the effect that any legislation will have on 
revenues shall be accompanied by--
            (1) a written statement fully disclosing the economic, 
        technical, and behavioral assumptions that were made in 
        producing that estimate, and
            (2) the static fiscal estimate made with respect to the 
        same legislation and a written statement of the economic, 
        technical, and behavioral assumptions that were made in 
        producing that estimate.

SEC. 5. CONTRACTING AUTHORITY.

    In performing the tasks specified in this Act, the Joint Committee 
on Taxation and the Congressional Budget Office may, subject to the 
availability of appropriations, enter into contracts with universities 
or other private or public organizations to perform such estimations or 
to develop protocols and models for making such estimates.
                                 <all>

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