Senate-Passed H.R. 1319 Would Cost $583.6 Billion, JCT Says

Senate-Passed H.R. 1319 Would Cost $583.6 Billion, JCT Says

U.S. Joint Committee on Taxation

Revenue provisions in H.R. 1319, the American Rescue Plan, as amended by the Senate, would cost $583.6 billion from 2021 to 2031, according to March 9 estimates (JCX-14-21) by the Joint Committee on Taxation.

Revenue provisions in H.R. 1319, the American Rescue Plan, as amended by the Senate, would cost $583.6 billion from 2021 to 2031, according to March 9 estimates (JCX-14-21) by the Joint Committee on Taxation.

Revenue provisions in H.R. 1319, the <a href="/lr/resolve//3k5x3">American Rescue Plan</a>, as amended by the Senate, would cost $583.6 billion from 2021 to 2031, according to March 9 estimates (JCX-14-21) 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. An expanded child tax credit would cost a further $109.5 billion.  A temporary suspension of unemployment compensation would be paid for with a one-year extension of the limitation on excess business losses of noncorporate taxpayers, for a net revenue gain of $6 billion. Modifications to the earned income tax credit would cost $25.8 billion, and premium-tax-credit-related provisions would cost $45.6 billion, according to the report.

Revenue provisions in H.R. 1319, the American Rescue Plan, as amended by the Senate, would cost $583.6 billion from 2021 to 2031, according to March 9 estimates (JCX-14-21) 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. An expanded child tax credit would cost a further $109.5 billion.  A temporary suspension of unemployment compensation would be paid for with a one-year extension of the limitation on excess business losses of noncorporate taxpayers, for a net revenue gain of $6 billion. Modifications to the earned income tax credit would cost $25.8 billion, and premium-tax-credit-related provisions would cost $45.6 billion, according to the report. 