<div><div class="indented"><div class="indented">JOINT COMMITTEE ON TAXATION</div></div> <div class="indented"><div class="indented">March 22, 2018</div></div> <div class="indented"><div class="indented">JCX-7-18</div></div> ESTIMATED BUDGET EFFECTS OF THE REVENUE PROVISIONS CONTAINED IN THE HOUSE AMENDMENT TO THE SENATE AMENDMENT TO H.R. 1625 (RULES COMMITTEE PRINT 115-66) <div class="indented"><div class="indented">Fiscal Years 2018 - 2027</div></div> <div class="indented"><div class="indented">[Millions of Dollars]</div></div> <table><tr><td> </td><td><div class="indented">Provision</div></td><td>Effective</td><td>2018</td><td>2019</td><td>2020</td><td>2021</td><td>2022</td><td>2023</td><td>2024</td><td>2025</td><td>2026</td><td>2027</td><td>2018-22</td><td>2018-27</td><td> </td></tr><tr><td colspan="2"> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td colspan="2">Division M - Extensions</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td colspan="2">Title I - The "Airport and Airway Extension Act of 2018"</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td colspan="2">Subtitle B - Aviation Revenue Provisions</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td>1.</td><td>Expenditure authority from Airport and Airway Trust Fund</td><td> </td><td colspan="12">- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - No Revenue Effect - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -</td><td> </td></tr><tr><td> </td><td>(sunset 9/30/18).....................................................................</td><td>DOE</td><td colspan="12"> </td><td> </td></tr><tr><td>2.</td><td>Extension of taxes funding Airport and Airway Trust Fund</td><td> </td><td colspan="12">- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - No Revenue Effect - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -</td><td> </td></tr><tr><td> </td><td>(sunset 9/30/18).....................................................................</td><td>DOE</td><td colspan="12"> </td><td> </td></tr><tr><td colspan="3">Total of Division M, Title I....................................................................................................</td><td colspan="12">- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - No Revenue Effect - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -</td><td> </td></tr><tr><td colspan="2">Division T - Revenue Provisions</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td>1.</td><td>Modification of deduction for qualified business income of</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>a cooperative and its patrons (sunset 12/31/25)....................</td><td>tyba 12/31/17</td><td>4</td><td>9</td><td>13</td><td>13</td><td>14</td><td>14</td><td>15</td><td>15</td><td>12</td><td>---</td><td>53</td><td>108</td><td> </td></tr><tr><td>2.</td><td>Increase in State housing credit ceiling for 2018, 2019,</td><td>cyba 12/31/17 &amp;</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>2020, and 2021......................................................................</td><td>before 1/1/22</td><td>-6</td><td>-46</td><td>-119</td><td>-212</td><td>-310</td><td>-374</td><td>-404</td><td>-415</td><td>-417</td><td>-417</td><td>-692</td><td>-2,718</td><td> </td></tr><tr><td>3.</td><td>Average income test for low-income housing credit.............</td><td>ema DOE</td><td>[1]</td><td>-4</td><td>-6</td><td>-9</td><td>-13</td><td>-14</td><td>-14</td><td>-16</td><td>-16</td><td>-16</td><td>-32</td><td>-109</td><td> </td></tr><tr><td colspan="3">Total of Division T.................................................................................................................</td><td>-2</td><td>-41</td><td>-112</td><td>-208</td><td>-309</td><td>-374</td><td>-403</td><td>-416</td><td>-421</td><td>-433</td><td>-671</td><td>-2,719</td><td> </td></tr><tr><td colspan="2">Division U - the "Tax Technical Corrections Act of 2018"...........</td><td>[2]</td><td colspan="12">- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - No Revenue Effect - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -</td><td> </td></tr><tr><td colspan="3"> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td colspan="3">NET TOTAL ………………………………………………………………………………</td><td>-2</td><td>-41</td><td>-112</td><td>-208</td><td>-309</td><td>-374</td><td>-403</td><td>-416</td><td>-421</td><td>-433</td><td>-671</td><td>-2,719</td><td> </td></tr><tr><td colspan="2"> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td colspan="2">Joint Committee on Taxation</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td colspan="2">--------------------------------------</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td colspan="2">NOTE: Details may not add to totals due to rounding.</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td colspan="2">Legend for "Effective" column:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>cyba = calendar years beginning after</td><td> </td><td colspan="3">tyba = taxable years beginning after</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>DOE = date of enactment</td><td> </td><td colspan="2">ema = elections made after</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table> [1] Loss of less than $500,000. [2] Generally effective as if included in the section of the Public Law to which the technical correction applies.</div>

JCT Estimates Funding Bill Would Cut Revenue by $2.7 Billion

U.S. Joint Committee on Taxation

Revenue provisions included in the Consolidated Appropriations Act, 2018 (H.R. 1625) would cut revenue by $2.7 billion from 2018 to 2017, according to estimates released by the Joint Committee on Taxation on March 22.

Revenue provisions included in the Consolidated Appropriations Act, 2018 (H.R. 1625) would cut revenue by $2.7 billion from 2018 to 2017, according to estimates released by the Joint Committee on Taxation on March 22.

Revenue provisions included in the Consolidated Appropriations Act, 2018 (<a href="/lr/resolve/source-document/27wq2" title="Source document">H.R. 1625</a>) would cut revenue by $2.7 billion from 2018 to 2017, according to estimates (JCX-7-18) released by the Joint Committee on Taxation on March 22. Extension of Airport and Airway Trust Fund funding would have no revenue effects, but increasing the state housing credit ceiling for 2018 through 2021 would cost $2.7 billion. A modification of the deduction for qualified business income of a cooperative and its patrons would raise $108 million, and a provision concerning the low-income housing credit would cost $109 million.

Revenue provisions included in the Consolidated Appropriations Act, 2018 (H.R. 1625) would cut revenue by $2.7 billion from 2018 to 2017, according to estimates (JCX-7-18) released by the Joint Committee on Taxation on March 22. Extension of Airport and Airway Trust Fund funding would have no revenue effects, but increasing the state housing credit ceiling for 2018 through 2021 would cost $2.7 billion. A modification of the deduction for qualified business income of a cooperative and its patrons would raise $108 million, and a provision concerning the low-income housing credit would cost $109 million.