S. 650 would direct the Small Business Administration (SBA) to develop a partnership agreement with the Internal Revenue Service (IRS) to provide additional materials and training to small businesses and Small Business Development Centers regarding the availability of income tax credits. The bill also would require the SBA and IRS to submit a report to the Congress describing how they will provide such information to businesses and tax advisors.
Based on information from the SBA and the IRS, CBO estimates that implementing the bill would cost less than $500,000 for the two agencies to develop outreach materials and provide additional training; such spending would be subject to the availability of appropriated funds.
Enacting S. 650 could affect revenues if the use of existing tax credits available to small businesses changed; therefore, pay-as-you-go procedures apply. However, CBO and staff of the Joint Committee on Taxation estimate that any such effect would be insignificant. S. 650 would not affect direct spending.
CBO estimates that enacting S. 650 would not increase net direct spending or on-budget deficits in any of the four consecutive 10-year periods beginning in 2028.
S. 650 contains no intergovernmental or private-sector mandates as defined in the Unfunded Mandates Reform Act and would impose no costs on state, local, or tribal governments.