[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[S. 2371 Introduced in Senate (IS)]

113th CONGRESS
  2d Session
                                S. 2371

     To amend the Congressional Budget Act of 1974 to provide for 
   macroeconomic analysis of the impact of major revenue legislation.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                              May 21, 2014

  Mr. Portman (for himself, Mr. Graham, Mr. Kirk, Mr. Chambliss, Mr. 
 Flake, Mr. Blunt, Mr. Johanns, Mr. Inhofe, Mr. Crapo, Mr. Rubio, Mr. 
 Barrasso, Mr. Thune, Mr. Scott, Mr. Vitter, Ms. Ayotte, Mr. Lee, Mr. 
 Burr, and Mrs. Fischer) introduced the following bill; which was read 
           twice and referred to the Committee on the Budget

_______________________________________________________________________

                                 A BILL


 
     To amend the Congressional Budget Act of 1974 to provide for 
   macroeconomic analysis of the impact of major revenue legislation.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Accurate Budgeting Act''.

SEC. 2. MACROECONOMIC IMPACT ANALYSES FOR MAJOR REVENUE LEGISLATION.

    (a) In General.--Part A of title IV of the Congressional Budget Act 
of 1974 is amended by adding at the end the following new section:

      ``macroeconomic impact analysis of major revenue legislation

    ``Sec. 407.  (a) Joint Committee on Taxation.--The Joint Committee 
on Taxation shall, to the extent practicable, prepare for each major 
revenue bill or resolution which is--
            ``(1) reported by the Committee on Ways and Means of the 
        House of Representatives or the Committee on Finance of the 
        Senate; or
            ``(2) considered on the floor of the House of 
        Representatives or the Senate,
as a supplement to estimates prepared under section 402, a 
macroeconomic impact analysis of the budgetary effects of such bill or 
resolution for the 10 fiscal-year period beginning with the first 
fiscal year for which an estimate was prepared under section 402 and 
each of the next three 10 fiscal-year periods. To the extent 
practicable, the Joint Committee on Taxation's macroeconomic impact 
analysis shall be included in full as part of the Congressional Budget 
Office report accompanying such bill or resolution under section 402. 
If a macroeconomic impact analysis is not included as part of the 
Congressional Budget Office report relating to a major revenue bill or 
resolution, the Chairman of the Committee reporting the bill or 
resolution shall cause the analysis to be entered into the 
Congressional Record of the Senate and House of Representatives.
    ``(b) Definitions.--As used in this section:
            ``(1) Macroeconomic impact analysis.--The term 
        `macroeconomic impact analysis' means--
                    ``(A) an estimate of the changes in economic 
                output, employment, interest rates, capital stock, and 
                tax revenues expected to result from the revenue 
                provisions in the proposal to which section 201(f) 
                applies;
                    ``(B) an estimate of revenue feedback expected to 
                result from those revenue provisions; and
                    ``(C) a statement identifying the critical 
                assumptions and the source of data underlying that 
                estimate, to the extent necessary to make the models 
                comprehensible to academic and public policy analysts.
            ``(2) Major revenue bill or resolution.--The term `major 
        revenue bill or resolution' means a bill, resolution, or 
        conference report for which--
                    ``(A) either--
                            ``(i) the sum of the positive changes in 
                        revenues resulting from such measure (not 
                        including the impact of any timing shifts for 
                        the due date for estimated corporate income tax 
                        payments) for any fiscal year in the period for 
                        which an estimate is prepared under section 
                        402; or
                            ``(ii) the absolute value of the sum of the 
                        negative changes in revenues resulting from 
                        such measure (not including the impact of any 
                        timing shifts for the due date for estimated 
                        corporate income tax payments) for any fiscal 
                        year for which such an estimate is prepared,
                is greater than
                    ``(B) 0.25 percent of the current projected gross 
                domestic product of the United States (as determined by 
                the Bureau of Economic Analysis of the Department of 
                Commerce) for such fiscal year.
            ``(3) Revenue feedback.--The term `revenue feedback' means 
        changes in revenue resulting from changes in economic growth as 
        the result of the enactment of any major revenue bill or 
        resolution.''.
    (b) Conforming Amendment.--The table of contents set forth in 
section 1(b) of the Congressional Budget and Impoundment Control Act of 
1974 is amended by inserting after the item relating to section 406 the 
following new item:

``Sec. 407. Macroeconomic impact analysis of major revenue 
                            legislation.''.
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