JCT: Amended H.R. 1319 Tax Provisions Would Cost $590 Billion

Revenue provisions in H.R. 1319, the American Rescue Plan, as amended and scheduled for consideration by the Senate, would cost almost $590 billion from 2021 to 2031, according to March 4 estimates (JCX-13-21) by the Joint Committee on Taxation.

Among the costliest provisions is an additional round of economic impact payments of $1,400 to individuals, which would cost $410.6 billion — less than previous estimates because of a lower income phaseout range. An expanded child tax credit would cost a further $109.5 billion.

Modifications to the earned income tax credit would cost $25.8 billion, and expanding premium tax credit eligibility would cost $45.6 billion, according to the report. Pension plan relief provisions would cost $31 billion, which is slightly higher than previous estimates.