H.R. 1892 would temporarily expand coverage of Trade Adjustment Assistance (TAA) for Workers through June 2021, and reauthorize the program through June 2022. The bill also would authorize appropriations for other trade adjustment assistance programs for farmers and firms through 2021. Additionally, the bill would extend the health coverage tax credit (HCTC) through 2019. Finally, it would extend the authority to collect and increase the rate of certain customs user fees, and make changes to the Medicare program.
CBO and the staff of the Joint Committee on Taxation (JCT) estimate that enacting the bill would increase direct spending by $7 million in 2015 and $1.8 billion over the 2015-2020 period, but would reduce direct spending by $174 million over the 2015-2025 period. Enacting the bill also would decrease revenues by $86 million over the 2015-2025 period, JCT estimates.
On net, CBO and JCT estimate that enacting the bill would reduce deficits by $88 million over the 2015-2025 period. Pay-as-you-go procedures apply because enacting the legislation would affect direct spending and revenues.
The bill would increase spending subject to appropriation by $636 million over the 2015-2015 period, assuming appropriation of the authorized amounts.
CBO has determined that the nontax provisions of the bill contain no intergovernmental mandates as defined in the Unfunded Mandates Reform Act (UMRA). Any costs incurred by state governments to administer trade adjustment assistance programs would result from participation in voluntary federal programs.
CBO has determined that the nontax provisions of H.R. 1892 contain private-sector mandates on entities required to pay merchandise processing fees. CBO estimates the aggregate cost of the mandates would exceed the annual threshold established in UMRA for private-sector mandates ($154 million in 2015, adjusted annually for inflation).
Correction: On May 6, 2015, CBO reposted this file; the updated estimate corrects the assumed enactment date to July 1, 2015.