H.R. 7776 would authorize the Army Corps of Engineers to construct projects and conduct feasibility studies to improve navigation and flood management, mitigate storm and hurricane damage, and restore ecosystems. Enacting the bill would decrease direct spending by $1 million over the 2022-2032 period and would not affect revenues. CBO has not completed an estimate of the bill's effects on spending subject to appropriation or identified intergovernmental or private-sector mandates as defined in the Unfunded Mandates Reform Act.
Section 344 would authorize the Corps to convey three federal properties—one each in Mississippi, Oklahoma, and Texas—to nonfederal entities at fair-market value. CBO estimates that implementing that section would increase net offsetting receipts (thus decreasing direct spending) by $1 million over the 2022-2023 period.
Section 348 would delay the final payment from 2023 to 2032 under deferred-payment agreements between the federal government and the State of Louisiana; one for a project in the West Bank and Vicinity and one for a project in Lake Pontchartrain and Vicinity. Under current law, and using information from the Corps, CBO expects the state to pay the outstanding principal balance of $748 million before the end of 2023. Under the bill, the payment would be due by the end of 2032. CBO estimates that enacting this provision would have no net effect on the federal budget over the 2022-2032 period.
