JOINT COMMITTEE ON TAXATION Februrary 8, 2021 JCX-5-21 ESTIMATED BUDGETARY EFFECTS OF THE REVENUE PROVISIONS OF THE BUDGET RECONCILIATION LEGISLATIVE RECOMMENDATIONS, SCHEDULED FOR MARKUP BY THE HOUSE COMMITTEE ON WAYS AND MEANS ON FEBRUARY 10, 2021    Fiscal Years 2021- 2031            [Millions of Dollars]                        ProvisionEffective202120222023202420252026202720282029203020312021-262021-31               SUBTITLE F - PRESERVING HEALTH BENEFITS FORcpo/a 4/1/21 &             WORKERS (SUNSET 9/30/21) [1][2]….............................................tyea DOE-10,223-3,146116-------------------------13,253-13,253 SUBTITLE G - PROMOTING ECONOMIC SECURITY I. Additional Recovery Rebates to Individuals - $1,400 for Singles/$2,800 for Married Filing Jointly (SSN Required for Each Taxpayer), and $1,400 Per Dependent (SSN Required for Each Dependent); Phaseout Ranges by AGI: $75,000–$100,000 for Single, $112,500–$150,000 for Head of Household, $150,000–$200,000 for Married Filing Jointly (Fully Phased Out at Larger Amounts); Payments to Certain             Non-Filers (Sunset 12/31/21)…...................................................DOE-404,937   -17,400----------------------------422,337-422,337 AI. Child Tax Credit - Improvements for 2021 (Sunset 12/31/21); and Application of Child Tax Credit in Possessions [3] …..........................................................................tyba 12/31/20-25,826-79,248-710-721-725-721-307-311-316-320-323-107,952-109,528III. Earned Income Tax Credit              1.Strengthening the earned income tax credit for individuals               with no qualifying children (sunset 12/31/21) [3].................tyba 12/31/20-521-11,361----------------------------11,882-11,8822.Taxpayer eligible for childless earned income credit               in case of qualifying children who fail to meet certain               identification requirements [3]..............................................tyba 12/31/20[4]-12-2-1-1-1-2-2-2-2-2-16-263.Credit allowed in case of certain separated spouses [3]........tyba 12/31/20-1-20-21-22-23-25-25-27-28-30-31-111-2524.Modification to disqualified investment income test [3]......tyba 12/31/20-102-652-198-200-225-229-238-233-231-240-251-1,606-2,7985.Application of earned income tax credit in possessions of               the United States [3]..............................................................DOE----712-720-736-753-770-785-801-818-836-853-3,690-7,7846.Temporary special rule for determining earned income for               purposes of earned income tax credit (sunset 12/31/20) [3].DOE----3,185----------------------------3,185-3,185Total of Earned Income Tax Credit…...........................................................................-624-15,942-941-959-1,002-1,025-1,050-1,063-1,079-1,108-1,137-20,490-25,927 Page 2  ProvisionEffective202120222023202420252026202720282029203020312021-262021-31                  IV. Dependent Care Assistance                1.Refundability and enhancement of child and dependent                 care tax credit (sunset 12/31/21) [3]......................................tyba 12/31/20-2,127-5,837--------------------- -------7,964-7,964 2.Increase in exclusion for employer-provided dependent                 care assistance (sunset 12/31/21) [5].....................................tyba 12/31/20-78-39--------------------- -------117-117 Total of Dependent Care Assistance…...........................................................................-2,205-5,876--------------------- -------8,081-8,081 V. Extension and Modification of Credits for Paid Sick                and Family Leave (sunset 9/30/21) …........................................apa 3/31/21-4,054-1,154--------------------- -------5,208-5,208 VI. Extension and Modification of the Employee Retentioncqba 6/30/21-2,791-5,993          -8,784-8,784 Credit (sunset 12/31/21) [3]….....................................................   --------------------- ------   VII. The Premium Tax Credit                1.Improving affordability by expanding premium assistance                 for consumers (sunset 12/31/22) [3][6][2]............................tyba 12/31/20-4,137-22,234-7,964-53623------------ -------34,848-34,847 2.Temporary modification of limitations on                 reconciliation of tax credits for coverage under a                 qualified health plan with advance payments of such                 credit [7]................................................................................tyba 12/31/19-4,696-1,565--------------------- -------6,261-6,261 3.Application of premium tax credit in case                 of individuals receiving unemployment compensation                 during 2021 [3][2][8]….........................................................tyba 12/31/20-2,624-1,660-232------------------ -------4,516-4,516 Total of the Premium Tax Credit ….................................................................-11,457-25,459-8,196-53623------------ -------45,625-45,624 VIII. Miscellaneous Provisions                1.Repeal of worldwide interest allocation rules.......................tyba 12/31/203351,2772,0232,2842,3832,3342,3582,3852,3432,2832,3278,30222,331 2.Tax treatment of targeted economic injury disaster loan---                advances................................................................................ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Estimate to Be Provided By The Congressional Budget Office---------------------------- 3.Tax treatment of restaurant revitalization grants..................---- - - - - - - - - - - - - - - - - - - - - - - - - - - - - Estimate to Be Provided By The Congressional Budget Office---------------------------- Total of Miscellaneous Provisions …...............................................................3351,2772,0232,2842,3832,3342,3582,3852,3432,2832,3278,30222,331 SUBTITLE H - PENSIONS                A.  Relief for Multiemployer Pension Plans [9].........................various- - - - - - - - - - - - - - - - - - - - - - - - - - - - - Estimate To Be Provided by the Congressional Budget Office- - - - - - - - - - - - - - - - - - - - - - - - - - - - - B.Relief for Single Employer Pension Plans                1.Extended amortization for single employer plans [3][10]....pyba 12/31/183615088261,1912,3351,6782,8193,2343,4773,3463,0686,89922,841 2.Extension of pension funding stabilization percentages for                 single employer plans [3][10]...............................................pyba 12/31/19- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Estimate Included In Item B.1. Above - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 3.Modification of special rules for minimum funding                 standards for community newspaper plans [3][9][11]..........pyea 12/31/17251924272831333332 3030154311  Page 3 ProvisionEffective202120222023202420252026202720282029203020312021-262021-31               C.  Reconciliation Offsets - Cost of Living Adjustment Freeze…cyba 12/31/30----------------------34-119-247421---21Total of Subtitle H - Pensions ….............................................................................3865278501,2182,3631,7092,8523,2333,3903,1293,5197,05323,173             NET TOTAL ………………………………………………………………………………… -461,396-152,414-6,8581,2863,0422,2973,8534,2444,3383,9844,386-616,375-593,238               Joint Committee on Taxation-------------------------------------- NOTE: Details may not add to totals due to rounding. The date of enactment is assumed to be March 1, 2021. Revenue provisions as submitted in statutory language Cobra_02, Neal_003, NEAL_007, HWC_011 and OTT21132.  Legend for "Effective" column:                  apa = amounts paid aftercyba = calendar years beginning after       cpo/a = coverage period on or afterDOE = date of enactment            cqba = calendar quarters beginning afterpyba = plan years beginning after         [1] Estimate includes the following budget effects: 2021 2022 2023 2024 2025 2026 2027 Total Revenue Effect..........................................................................................................                   -10,223-3,146116--------- --- On-budget effects............................................................................................................-10,227-3,114129--------- --- Off-budget effects............................................................................................................4 -32 -13--- --- --- --- [2] Estimate provided by the Joint Committee on Taxation staff in collaboration with the Congressional Budget Office.         [3] Estimates contain the following outlay effects:2021 2022 2023 2024 2025 2026 2027                    Preserving health benefits for workers ….......................................................................... -605-374-74------------ Child tax credit - improvements for 2021 (sunset 12/31/21); and application of                  child tax credit in possessions……..................................................18,169 66,185 710 721 725 721 307 Strengthening the earned income tax credit for individuals with no qualifying                  children (sunset 12/31/21)...............................................................................................--- 9,278 --- --- --- --- --- Taxpayer eligible for childless earned income credit in case of qualifying children                  who fail to meet certain identification requirements.......................................................--- 11 2 1 1 1 2 Improving affordability by expanding premium assistance for consumers…...................2,72514,3065,203450--------- Extension and modification of the employee retention credit …......................................1,090878--------------- Application of premium tax credit in case of individuals receiving unemployment                  compensation during 2020…........................................................................................1,351926149------ --- --- Credit allowed in case of certain separated spouses..........................................................---181819202121 Modification to disqualified investment income test….....................................................--- 235141143165164162 Application of earned income tax credit in possessions of United States.........................--- 712 720 736 753 770 785 Temporary special rule for determining earned income for purposes of earned                  income tax credit …........................................................................................................--- 2,866--- --- --- --- --- Refundability and enhancement of child and dependent care tax credit                  (sunset 12/31/21) …........................................................................................................--- 3,752 --- --- --- --- --- Modification of special rules for minimum funding standards for community                  newspaper plans [12]…................................................................................................-7 -7 -11 -15 -18 -21 -24 Extended amortization for single employer plans….........................................................-107 -144 -232 -353 -1,124 -93 -917   pyea = plan years ending after tyba = taxable years beginning after tyea = taxable years ending after  2028 2029 2030 2031 2021-26 2021-31 ---  ---  ---  --- -13,253 -13,253--- --- --- --- -13,212 -13,212--- --- --- --- -41 -41 2028 2029 2030 2031 2021-26 2021-31 ---  ---  ---  --- -1,053 -1,053311 316 320 323 87,232 88,808--- --- --- --- 9,278 9,2782 2 2 21626------------ 22,68422,684------ --- --- 1,968 1,968--- --- --- --- 2,4262,42622232424962101591591651738471,665801 818 836 853 3,690 7,784--- --- --- --- 2,866 2,866--- --- --- --- 3,752 3,752-27 -30 -32 -35 -79 -227-1,156 -1,419 -1,643 -1,819 -2,053 -9,007    [Footnotes for JCX-5-21 continued on following page] Page 4       Footnotes continued for JCX-5-21: [4]Loss of less than $500,000.                                     [5]Estimate includes the following budget effects:2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2021-26 2021-31 Total Revenue Effect.......................................................................................................... -78  -39  ---  ---  ---  ---  ---  ---  ---  ---  --- -117 -117 On-budget effects............................................................................................................-27 -14--- --- --- --- --- --- --- --- --- -41 -41 Off-budget effects............................................................................................................-51 -25--- --- --- --- --- --- --- --- --- -76 -76[6]Estimate includes the following budget effects: 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2021-26 2021-31                                       Total Revenue Effect..........................................................................................................-4,137-22,345-7,964-53623--------------- --- -34,959-34,959 On-budget effects............................................................................................................-4,144-22,421------------ --- --- --- --- --- -26,565 -26,565 Off-budget effects............................................................................................................7 76 5210------ --- --- --- --- --- 145145[7]The statute applies in the case of any taxable year beginning in 2020, so the sunset only applies to tax year 2020.                              [8]Estimate includes the following budget effects: 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2021-26 2021-31                                       Total Revenue Effect..........................................................................................................-2,624-1,660-232      ------ --- --- --- --- -4,516 -4,516 On-budget effects............................................................................................................-2,731-2,586-381------------ --- --- --- --- -5,698 -5,698 Off-budget effects............................................................................................................107 926149   ------ --- --- --- --- --- 1,182 1,182[9]Estimate provided by the Congressional Budget Office.                                     [10]Estimate includes the following budget and outlay effects:2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2021-26 2021-31                                       Total Revenue Effect.......................................................................................................... 361  508  826 1,191 2,335 1,678 2,819 3,234 3,477 3,346 3,068 6,899 22,842 On-budget effects............................................................................................................2293124996899731,2721,5221,6441,6111,3299753,97311,055 Off-budget effects............................................................................................................25 53 95 150 238 312 380 434 447 374 2738732,781[11]Estimate includes the following budget and outlay effects:2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2021-26 2021-31 Total Revenue Effect.......................................................................................................... 25  19  24  27  28  31  33  33  32  30  30 154 311 On-budget effects............................................................................................................16101198864[13]-3-56163 Off-budget effects............................................................................................................2 2 3 3 3 3 3 2 1 1 [13] 1421 [12] Outlay effects provided by the Congressional Budget Office. For estimates under Subtitle H, items 2.B.1., 2 B.2 and 2.B.3, spending is decreased (negative) as premiums rise due to higher plan underfunding; this has the same effect on the deficit as an increase in revenues.[13] Gain of less than $500,000.

<p>JCT Estimates Budget Effects of COVID-19 Budget Package</p>

JCT Estimates Budget Effects of COVID-19 Budget Package

U.S. Joint Committee on Taxation

The Joint Committee on Taxation in a February 8 release estimated that revenue provisions in a budget reconciliation package with coronavirus relief provisions scheduled for markup in the House Ways and Means Committee would cost $593.24 billion over 10 years.

<p>The Joint Committee on Taxation in a February 8 release estimated that revenue provisions in a budget reconciliation package with coronavirus relief provisions scheduled for markup in the House Ways and Means Committee would cost $593.24 billion over 10 years.</p>