H.R. 5047 would require the General Services Administration (GSA) to perform an audit of federal contracts with private entities that lease 20 percent or more of a federal building. In addition, all future leases with private entities would need to include provisions to permit GSA and its inspector general to audit those leases.
Using information from GSA, CBO expects that around 5 to 10 leases would be audited under H.R. 5047 and that GSA would hire accounting firms to conduct those audits. Based on the cost of similar audits, CBO estimates that implementing the bill would cost about $1 million over the 2020-2024 period. Any spending would be subject to the availability of appropriated funds.