TABLES OF REVENUE ESTIMATES
Table 1: Revenue Estimates of Adjustments to the Balanced Budget and Emergency Deficit Control Act (BBEDCA) Baseline
2014
Fiscal Years
2015
2016
2017
(in millions of dollars)
2018
2019
2020
2021
2022
2023
2024
2015-2019
2015-2024
Adjustments to the BBEDCA Baseline:
Permanently extend increased refundability of the Child Tax Credit 1/ …………………………
Permanently extend Earned Income Tax Credit (EITC) marriage penalty relief 1/ ……………
Permanently extend the EITC for larger families 1/ ………………………………………………
Permanently extend the American Opportunity Tax Credit (AOTC) 1/ …………………………
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
-535
-109
-102
-659
-10,688
-1,450
-1,932
-9,795
-10,660
-1,466
-1,961
-11,939
-10,705
-1,488
-1,997
-11,752
-10,732
-1,514
-2,035
-11,489
-10,769
-1,544
-2,075
-10,947
-10,810
-1,568
-2,115
-10,726
-11,223
-1,559
-2,034
-10,454
-64,899
-9,139
-12,217
-67,307
Total, Adjustments to the BBEDCA Baseline ………………………………………………………
Total receipt effect …………………………………………………………………………………
Total outlay effect ……………………………………………………………………………………
0
0
0
0
0
0
0
0
0
0
0
0
-1,405
-752
653
-23,865
-7,919
15,946
-26,026
-7,427
18,599
-25,942
-7,282
18,660
-25,770
-7,050
18,720
-25,335
-6,554
18,781
-25,219
-6,374
18,845
-25,270
-8,671
16,599
-153,562
-43,358
110,204
Notes:
1/ This provision affects both receipts and outlays. The combined effects are shown here and the outlay effects included in these estimates are detailed in the table below.
Permanently extend increased refundability of the Child Tax Credit …………………………
0
0
0
0
535
10,688
10,660
Permanently extend EITC marriage penalty relief ……………………………………………
0
0
0
0
23
93
97
Permanently extend the EITC for larger families ………………………………………………
0
0
0
0
95
1,905
1,932
Permanently extend the AOTC …………………………………………………………………
0
0
0
0
0
3,260
5,910
Total outlay effect ……………………………………………………………..…..……………
0
0
0
0
653
15,946
18,599
10,705
103
1,965
5,887
18,660
10,732
111
2,000
5,877
18,720
10,769
117
2,037
5,858
18,781
10,810
122
2,075
5,838
18,845
11,223
116
2,000
3,260
16,599
64,899
666
12,009
32,630
110,204
Department of the Treasury
279
Table 2: Revenue Estimates of Reserve for Long-Run Revenue-Neutral Business Tax Reform Proposals 1/ 2/
2014
Incentives for manufacturing, research, clean energy, and insourcing and creating jobs:
Provide tax incentives for locating jobs and business activity in the United States and
remove tax deductions for shipping jobs overseas ……………………………………………
Enhance and make permanent the Research and Experimentation Tax Credit ………………
Extend and modify certain employment tax credits, including incentives for hiring
veterans ……………………………………………………………………………………………
Modify and permanently extend the Renewable Electricity Production Tax Credit 3/ …………
Modify and permanently extend the deduction for energy-efficient commercial building
property ……………………………………………………………………………………………
Subtotal, incentives for manufacturing, research, clean energy, and insourcing
and creating jobs ……………………………………………………………………………
Tax relief for small business:
Extend increased expensing for small business …………………………………………………
Eliminate capital gains taxation on investments in small business stock ………………………
Increase the limitations for deductible new business expenditures and consolidate
provisions for start-up and organizational expenditures ………………………………………
Expand and simplify the tax credit provided to qualified small employers for non-elective
contributions to employee health insurance 3/ …………………………………………………
Subtotal, tax relief for small business …………………………………...…………………
280
Incentives to promote regional growth:
Modify and permanently extend the New Markets Tax Credit …………………………………
Restructure assistance to New York City, provide tax incentives for transportation
infrastructure ………………………………………………………………………………………
Reform and expand the Low-Income Housing Tax Credit (LIHTC):
Allow conversion of private activity bond volume cap into LIHTCs ……………………………
Encourage mixed income occupancy by allowing LIHTC-supported projects to elect a
criterion employing a restriction on average income …………………………………………
Change formulas for 70 percent PV and 30 percent PV LIHTCs ………………………………
Add preservation of federally assisted affordable housing to allocation criteria ………………
Make the LIHTC beneficial to real estate investment trusts ……………………………………
Implement requirement that LIHTC-supported housing protect victims of domestic abuse …
Subtotal, reform and expand LIHTC …………………...………………………………
Subtotal, incentives to promote regional growth …………………………………………
Reform U.S. international tax system:
Defer deduction of interest expense related to deferred income of foreign subsidiaries ……
Determine the Foreign Tax Credit on a pooling basis ……………………………...……………
Tax currently excess returns associated with transfers of intangibles offshore ………………
Limit shifting of income through intangible property transfers …………………………………
Disallow the deduction for excess non-taxed reinsurance premiums paid to affiliates ………
Restrict deductions for excessive interest of members of financial reporting groups …………
Modify tax rules for dual capacity taxpayers ………………………………………………………
Tax gain from the sale of a partnership interest on look-through basis ………………………
Prevent use of leveraged distributions from related corporations to avoid dividend
treatment …………………...………………………………………………………………………
Extend section 338(h)(16) to certain asset acquisitions …………………………………………
Remove foreign taxes from a section 902 corporation's foreign tax pool when earnings are
eliminated …………………….……………………………………………………………………
Create a new category of Subpart F income for transactions involving digital goods or
services ……………………………………………………………………………………………
Prevent avoidance of foreign base company sales income through manufacturing service
arrangements ………………………………………………………………………………………
Restrict the use of hybrid arrangements that create stateless income …………………………
Limit the application of exceptions under Subpart F for certain transactions that use
reverse hybrids to create stateless income ……………………………………………………
Limit the ability of domestic entities to expatriate …………………………………………………
Subtotal, reform U.S. international tax system ……………………………………………
Fiscal Years
2015
2016
2017
(in millions of dollars)
2018
2019
2020
2021
2022
2023
2024
2015-2019
2015-2024
0
-3,259
-14
-6,524
-18
-7,731
-19
-8,671
-21
-9,591
-21
-10,483
-22
-11,309
-23
-12,148
-24
-13,019
-24
-13,894
-26
-14,776
-93
-43,000
-212
-108,146
-382
0
-747
-141
-821
-499
-885
-848
-928
-1,193
-964
-1,584
-994
-2,002
-1,029
-2,458
-1,072
-2,963
-1,115
-3,509
-1,159
-4,089
-4,345
-4,265
-9,714
-19,286
-61
-190
-371
-515
-607
-675
-720
-738
-745
-751
-756
-2,358
-6,068
-3,702
-7,616
-9,440
-10,938
-12,340
-13,727
-15,047
-16,396
-17,823
-19,293
-20,806
-54,061
-143,426
-6,712
0
-9,321
0
-7,197
0
-6,246
0
-5,563
0
-4,981
-227
-4,703
-719
-4,586
-1,245
-4,622
-1,762
-4,735
-2,310
-4,874
-2,939
-33,308
-227
-56,828
-9,202
0
-360
-449
-446
-440
-434
-431
-428
-427
-424
-419
-2,129
-4,258
-219
-6,931
-313
-9,994
-322
-7,968
-219
-6,911
-133
-6,136
-95
-5,737
-66
-5,919
-52
-6,311
-50
-6,861
-48
-7,517
-28
-8,260
-1,082
-36,746
-1,326
-71,614
-17
-77
-191
-351
-548
-772
-1,013
-1,245
-1,429
-1,529
-1,558
-1,939
-8,713
0
-200
-200
-200
-200
-200
-200
-200
-200
-200
-200
-1,000
-2,000
0
0
-20
-40
-70
-90
-110
-120
-130
-140
-140
-220
-860
0
-3
-5
-7
-7
-7
-7
-7
-29
-64
0
-25
-41
-49
-51
-51
-49
-49
-215
-466
0
-17
-28
-305
-66
-457
-96
-647
-178
-1,623
-188
-1,817
-196
-1,925
-196
-1,954
-464
-3,403
-1,390
-12,103
0
0
0
0
0
0
0
0
2,976
3,963
1,578
71
366
1,944
527
139
5,028
6,697
2,693
137
632
3,434
906
241
5,219
6,952
2,787
172
682
3,778
953
253
5,444
7,251
2,832
207
721
4,156
1,002
265
5,651
7,527
2,798
244
755
4,571
1,049
279
5,864
7,810
2,718
283
794
5,028
1,096
293
4,051
8,115
2,664
325
833
5,531
1,147
307
2,850
8,436
2,636
373
882
6,084
1,179
323
2,962
8,766
2,626
427
928
6,693
1,233
339
3,093
9,155
2,633
489
975
7,362
1,290
356
24,318
32,390
12,688
831
3,156
17,883
4,437
1,177
43,138
74,672
25,965
2,728
7,568
48,581
10,382
2,795
0
0
188
60
318
100
331
100
345
100
358
100
371
100
386
100
401
100
417
100
433
100
1,540
460
3,548
960
0
13
27
36
46
50
50
50
50
50
51
172
423
0
585
1,004
1,055
1,107
1,163
1,221
1,282
1,346
1,413
1,484
4,914
11,660
0
0
1,235
38
2,120
66
2,226
73
2,337
80
2,454
88
2,576
97
2,705
107
2,840
117
2,983
129
3,132
142
10,372
345
24,608
937
0
0
0
67
150
13,900
115
415
23,933
121
706
25,444
127
1,025
27,045
133
1,375
28,595
140
1,756
30,197
147
2,173
29,923
154
2,627
30,398
162
3,120
32,348
170
3,657
34,522
563
3,671
118,917
1,336
17,004
276,305
Negligible revenue effect
-7
-7
-7
Negligible revenue effect
-50
-50
-51
Negligible revenue effect
-127
-147
-168
-875
-1,119
-1,381
Fiscal Years
2015
2016
2017
(in millions of dollars)
2018
2019
2020
2021
2022
2023
2024
2015-2019
2015-2024
0
0
0
0
2,583
14
353
32
4,674
42
607
91
3,900
46
652
168
2,600
48
682
268
1,655
50
691
392
1,132
54
688
540
697
56
676
706
506
58
668
900
528
62
657
1,109
529
65
643
1,340
15,412
200
2,985
951
18,804
495
6,317
5,546
0
2,982
5,414
4,766
3,598
2,788
2,414
2,135
2,132
2,356
2,577
19,548
31,162
0
0
0
0
0
0
2,317
10
0
0
3,244
10
0
0
2,348
10
0
0
1,803
10
0
0
1,469
10
0
0
1,110
10
0
0
665
10
0
0
463
10
0
0
464
10
0
0
467
10
0
0
11,181
50
0
0
14,350
100
0
0
0
5
1,502
963
7
1,568
1,614
7
1,469
1,585
7
1,375
1,522
6
1,306
1,453
6
1,261
1,421
6
1,219
1,410
5
1,181
1,408
5
1,089
1,416
5
1,060
1,426
32
7,220
7,137
59
13,030
14,218
0
0
103
4,900
382
6,825
596
6,015
581
5,298
463
4,707
337
4,145
224
3,534
144
3,211
123
3,107
128
3,096
2,125
27,745
3,081
44,838
0
0
0
39
167
20
66
173
43
69
182
47
73
195
49
77
203
52
77
211
55
75
218
58
73
225
61
70
234
61
60
244
62
324
920
211
679
2,052
508
0
0
0
36
262
5,162
63
345
7,170
67
365
6,380
70
387
5,685
73
405
5,112
77
420
4,565
80
431
3,965
83
442
3,653
87
452
3,559
90
456
3,552
309
1,764
29,509
726
3,965
48,803
0
0
0
0
0
0
0
0
0
0
0
2
2
85
4,151
644
87
153
5
63
56
0
616
24
22
5,906
112
7,823
1,404
273
263
7
90
81
25
1,875
48
33
12,034
112
8,786
1,526
411
276
7
97
87
36
1,894
51
35
13,318
112
8,965
1,537
456
290
7
102
92
37
1,914
54
37
13,603
112
8,850
903
532
305
7
105
95
38
1,936
57
39
12,979
112
8,778
270
549
319
7
108
97
38
1,958
60
41
12,337
112
8,818
283
385
335
8
110
99
40
1,981
63
43
12,277
112
8,917
296
209
352
8
112
100
40
2,006
66
45
12,263
112
8,770
309
155
370
10
114
102
41
2,031
69
47
12,130
112
8,850
323
153
388
10
116
104
43
2,059
72
49
12,279
533
38,575
6,014
1,759
1,287
33
457
411
136
8,235
234
166
57,840
1,093
82,708
7,495
3,210
3,051
76
1,017
913
338
18,270
564
391
119,126
-10,648
-10,637
11
10,035
10,113
78
30,686
30,853
167
31,412
31,694
282
30,580
30,985
405
28,891
29,427
536
27,166
27,837
671
23,970
24,787
817
21,945
22,928
983
21,658
22,823
1,165
21,910
23,264
1,354
131,604
133,072
1,468
248,253
254,711
6,458
2014
Reform treatment of financial and insurance industry institutions and products:
Require that derivative contracts be marked to market with resulting gain or loss treated
as ordinary …………………………………………………………………….……………………
Modify rules that apply to sales of life insurance contracts ………………………………………
Modify proration rules for life insurance company general and separate accounts ……………
Expand pro rata interest expense disallowance for corporate-owned life insurance …………
Subtotal, reform treatment of financial and insurance industry institutions and
products ………………………………………………………………………………………
Eliminate fossil fuel preferences:
Eliminate oil and natural gas preferences:
Repeal enhanced oil recovery credit 4/ ………………………………………………...…………
Repeal credit for oil and natural gas produced from marginal wells 4/ …………………………
Repeal expensing of intangible drilling costs ……………………………………………………
Repeal deduction for tertiary injectants ……………………………………………………………
Repeal exception to passive loss limitation for working interests in oil and natural gas
properties …………………………………………………………………………………………
Repeal percentage depletion for oil and natural gas wells ………………………………………
Repeal domestic manufacturing deduction for oil and natural gas production …………………
Increase geological and geophysical amortization period for independent producers to
seven years ………………………………………………………………………………………
Subtotal, eliminate oil and natural gas preferences …………………………………
Eliminate coal preferences:
Repeal expensing of exploration and development costs ………………………………………
Repeal percentage depletion for hard mineral fossil fuels ………………………………………
Repeal capital gains treatment for royalties ………………………………………………………
Repeal domestic manufacturing deduction for the production of coal and other hard
mineral fossil fuels …………………………………………………………………………………
Subtotal, eliminate coal preferences ……………………………………………………
Subtotal, eliminate fossil fuel preferences …………………………………………………
281
Other revenue changes and loophole closers:
Repeal the excise tax credit for distilled spirits with flavor and wine additives …………………
Repeal last-in, first-out method of accounting for inventories ………………….………………
Repeal lower-of-cost-or-market inventory accounting method …………………..……………
Modify depreciation rules for purchases of general aviation passenger aircraft ………………
Repeal gain limitation for dividends received in reorganization exchanges ……………………
Expand the definition of substantial built-in loss for purposes of partnership loss transfers …
Extend partnership basis limitation rules to nondeductible expenditures ………………………
Limit the importation of losses under related party loss limitation rules ………………………
Deny deduction for punitive damages …………………………………………….………………
Modify like-kind exchange rules for real property …………………………………………………
Conform corporate ownership standards …………………………………………………………
Prevent elimination of earnings and profits through distributions of certain stock ……………
Subtotal, other revenue changes and loophole closers …………………………………
Total, Reserve for Long-Run Revenue-Neutral Business Tax Reform Proposals …………
Total receipt effect …………………………………………………………………………………
Total outlay effect ……………………………………………………………………………………
Department of the Treasury
Notes:
1/ Presentation in this table does not reflect the order in which these proposals were estimated.
2/ Because the Administration believes that these proposals should be enacted in the context of comprehensive business tax reform, the amounts are not reflected in the budget receipt estimates and are not counted toward meeting the Administration's
deficit reduction goals. The Administration's proposals that are reflected in the budget estimates of receipts are presented in Table 12-4 in the Analytical Perspectives of the FY 2015 Budget. These include an allowance, also presented below, for
temporary receipts that would be generated by the transition to a reformed business tax system.
Transition to a reformed business tax system ………………………………………….………
0
37,500
37,500
37,500
37,500
0
0
0
0
0
0
150,000
150,000
3/ This provision affects both receipts and outlays. The combined effects are shown here and the outlay effects included in these estimates are detailed in the table below.
Modify and permanently extend the Renewable Electricity Production Tax Credit …………
0
28
120
241
382
523
661
811
978
1,158
1,349
1,294
6,251
Expand and simplify the tax credit provided to qualified small employers for nonelective contributions to employee health insurance ………………………………………
11
50
47
41
23
13
10
6
5
7
5
174
207
Total outlay effect ……………………………………………………………..…..……………
11
78
167
282
405
536
671
817
983
1,165
1,354
1,468
6,458
4/ This provision is estimated to have zero receipt effect under the Administration's current economic projections.
Table 3: Revenue Estimates of FY 2015 Budget Proposals 1/ 2/
2014
Incentives for job creation, clean energy, and manufacturing:
Provide additional tax credits for investment in qualified property used in a qualifying
advanced energy manufacturing project ………………………………………………………
Designate Promise Zones 3/ ………………………………………………………………………
Provide new Manufacturing Communities Tax Credit ……………………………………………
Provide a tax credit for the production of advanced technology vehicles ………………………
Provide a tax credit for medium- and heavy-duty alternative-fuel commercial vehicles ………
Modify tax-exempt bonds for Indian tribal governments …………………………………………
Extend the tax credit for cellulosic biofuels ………………………………………………………
Modify and extend the tax credit for the construction of energy-efficient new homes …………
Reduce excise taxes on liquefied natural gas to bring into parity with diesel …………………
Subtotal, incentives for job creation, clean energy, and manufacturing ……………
282
Incentives for investment in infrastructure:
Provide America Fast Forward Bonds (AFFB) and expand eligible uses 3/ …………………
Allow eligible uses of AFFB to include financing all qualified private activity bond program
categories 3/ ………………………………………………………………………………………
Allow current refundings of State and local governmental bonds ………………………………
Repeal the $150 million non-hospital bond limitation on qualified section 501(c)(3) bonds …
Increase national limitation amount for qualified highway or surface freight transfer facility
bonds ………………………………………………………………………………………………
Eliminate the volume cap for private activity bonds for water infrastructure …………………
Increase the 25-percent limit on land acquisition restriction on private activity bonds ………
Allow more flexible research arrangements for purposes of private business use limits ……
Repeal the government ownership requirement for certain types of exempt facility bonds …
Exempt foreign pension funds from the application of the Foreign Investment in Real
Property Tax Act …………………………………….……………………………………………
Subtotal, incentives for investment in infrastructure ……………………………………
Tax cuts for families and individuals:
Expand the EITC for workers without qualifying children 3/ ……………………………………
Provide for automatic enrollment in IRAs, including a small employer tax credit, and double
the tax credit for small employer plan start-up costs 3/ ………………………………………
Expand the Child and Dependent Care Tax Credit 3/ ……………………………………………
Extend exclusion from income for cancellation of certain home mortgage debt ………………
Provide exclusion from income for student loan forgiveness for students in certain
income-based or income-contingent repayment programs who have completed
payment obligations …………………………………………………………………………….…
Provide exclusion from income for student loan forgiveness and for certain scholarship
amounts for participants in the Indian Health Service Health Professions Programs ………
Make Pell Grants excludable from income and from tax credit calculations 3/ ………………
Subtotal, tax cuts for families and individuals ……………………………………………
Upper-income tax provisions:
Reduce the value of certain tax expenditures ……………………………………………………
Implement the Buffet Rule by imposing a new "Fair Share Tax" ………………………………
Subtotal, upper-income tax provisions ……………………………………………………
Modify estate and gift tax provisions:
Restore the estate, gift, and generation-skipping transfer (GST) tax parameters in effect
in 2009 ………………………………………………………………………………………………
Require consistency in value for transfer and income tax purposes ……………………………
Require a minimum term for grantor retained annuity trusts ……………………………………
Limit duration of GST tax exemption ………………………………………………………………
Coordinate certain income and transfer tax rules applicable to grantor trusts …………………
Extend the lien on estate tax deferrals where estate consists largely of interest in closely
held business ………………………………………………………………………………………
Modify GST tax treatment of Health and Education Exclusion Trusts …………………………
Simplify gift tax exclusion for annual gifts …………………………………………………………
Expand applicability of definition of executor ………………………………………………………
Subtotal, modify estate and gift tax provisions …………………………………………
Fiscal Years
2015
2016
2017
(in millions of dollars)
2018
2019
2020
2021
2022
2023
2024
2015-2019
2015-2024
0
0
0
0
0
0
-30
-78
0
-108
0
-366
-20
-705
-54
-4
-70
-127
-2
-1,348
-86
-693
-104
-675
-86
-12
-121
-137
-2
-1,916
-398
-641
-275
-753
-71
-12
-157
-163
-2
-2,472
-660
-609
-454
-875
-64
-12
-178
-182
-2
-3,036
-641
-594
-589
-984
-65
-12
-204
-199
-2
-3,290
-285
-588
-676
-850
-47
-12
-236
-215
-2
-2,911
-8
-582
-737
-537
-14
-12
-237
-231
-2
-2,360
61
-583
-749
-21
0
-12
-210
-246
-2
-1,762
66
-598
-646
281
0
-12
-171
-261
-2
-1,343
55
-622
-414
294
0
-12
-114
-287
-2
-1,102
-1,785
-2,903
-1,442
-3,992
-340
-52
-730
-808
-10
-12,062
-1,896
-5,876
-4,664
-4,825
-401
-112
-1,698
-2,048
-20
-21,540
0
0
-1
0
0
0
1
-1
-1
0
1
-1
-1
0
0
0
-1
-3
0
-4
-5
-1
-10
-5
-3
-14
-5
-5
-21
-5
-7
-27
-5
-9
-32
-5
-11
-39
-5
-13
-46
-5
-16
-52
-5
-17
-50
-23
-16
-246
-48
-82
0
0
0
0
0
0
0
0
0
-14
-3
-3
-2
0
-66
-16
-5
-4
0
-140
-34
-9
-8
-1
-216
-52
-14
-11
-1
-290
-72
-20
-15
-1
-364
-92
-27
-19
-1
-437
-113
-33
-23
-3
-509
-133
-41
-27
-3
-579
-154
-49
-32
-3
-644
-105
-31
-25
-2
-726
-669
-201
-141
-13
-3,259
0
0
-114
-132
-196
-281
-205
-388
-216
-508
-227
-628
-238
-750
-250
-875
-262
-1,001
-275
-1,125
-289
-1,244
-958
-1,937
-2,272
-6,932
0
-490
-6,308
-6,335
-6,362
-6,444
-6,536
-6,653
-6,760
-6,874
-6,978
-25,939
-59,740
0
0
-2,687
0
-287
-3,497
-817
-1,064
-3,343
-1,276
-1,060
-825
-1,309
-1,056
0
-1,410
-1,045
0
-1,552
-1,039
0
-1,728
-1,030
0
-1,902
-1,021
0
-2,137
-1,011
0
-2,376
-997
0
-4,812
-4,512
-7,665
-14,507
-9,610
-7,665
0
0
0
0
0
0
0
0
0
-2
-3
0
-5
0
0
-2,687
-6
-23
-4,303
-14
-768
-12,314
-14
-1,184
-10,694
-15
-1,116
-9,858
-16
-1,068
-9,983
-18
-1,019
-10,164
-19
-977
-10,407
-20
-938
-10,641
-21
-904
-10,949
-22
-867
-11,243
-65
-4,159
-47,152
-165
-8,864
-100,556
0
0
0
26,587
10,536
37,123
43,356
-1,241
42,115
47,943
1,609
49,552
53,259
4,383
57,642
58,632
5,598
64,230
63,750
5,874
69,624
68,720
6,173
74,893
73,649
6,427
80,076
78,581
6,645
85,226
83,589
7,022
90,611
229,777
20,885
250,662
598,066
53,026
651,092
0
0
0
0
0
0
0
215
244
0
228
325
18,846
290
711
20,412
310
843
22,250
333
1,004
23,535
354
1,067
15,930
942
1,484
118,282
2,501
5,711
0
0
59
77
0
15,930
17,309
242
257
272
411
504
602
Negligible revenue effect
97
125
157
201
256
326
346
358
1,644
0
0
0
0
0
0
19
-30
70
20
-29
138
24
-23
358
26
-21
435
28
-20
517
30
-18
605
82
-112
681
213
-218
2,924
0
0
577
759
21
22
23
-27
-26
-24
205
268
328
Negligible revenue effect
949
17,080
18,667
20,407
22,261
24,438
25,919
19,365
131,057
2014
Reform treatment of financial industry institutions and products:
Impose a financial crisis responsibility fee …………………………………………………………
Require current inclusion in income of accrued market discount and limit the accrual
amount for distressed debt ………………………………………………………………………
Require that the cost basis of stock that is a covered security must be determined using
an average cost basis method …………………………….……………………………………
Subtotal, reform treatment of financial industry institutions and products …………
Loophole closers:
Tax carried (profits) interests as ordinary income ………………………………………………
Require non-spouse beneficiaries of deceased IRA owners and retirement plan
participants to take inherited distributions over no more than five years ……………………
Limit the total accrual of tax-favored retirement benefits ………………………………………
Conform SECA taxes for professional service businesses ……………………………………
Subtotal, loophole closers ……………………………………………………………………
283
Other revenue raisers:
Increase Oil Spill Liability Trust Fund financing rate by one cent and update the law to
include other sources of crudes …………………………………………………………………
Reinstate Superfund taxes:
Reinstate and extend Superfund excise taxes ……………………………………………………
Reinstate Superfund environmental income tax …………………………………………………
Subtotal, reinstate Superfund taxes ……………………………………………………
Increase tobacco taxes and index for inflation ……………………………………………………
Make unemployment insurance surtax permanent ………………………………………………
Provide short-term tax relief to employers and expand FUTA base ……………………………
Enhance and modify the conservation easement deduction:
Enhance and make permanent incentives for the donation of conservation easements ……
Eliminate the deduction for contributions of conservation easements on golf courses ………
Restrict deductions and harmonize the rules for contributions of conservation easements
for historic preservation …………………………………………………………………………
Subtotal, enhance and modify the conservation easement deduction ……………
Eliminate deduction for dividends on stock of publicly-traded corporations held in
employee stock ownership plans …………………………………………………………………
Subtotal, other revenue raisers ………………………………………………………………
Reduce the tax gap and make reforms:
Expand information reporting:
Require information reporting for private separate accounts of life insurance companies …
Require a certified TIN from contractors and allow certain withholding ………………………
Modify reporting of tuition expenses and scholarships on Form 1098-T 3/ ……………………
Provide for reciprocal reporting of information in connection with the implementation of
FATCA ………………………………………………………………………………………………
Subtotal, expand information reporting …………………………………………………
Improve compliance by businesses:
Require greater electronic filing of returns ………………………………………………………
Implement standards clarifying when employee leasing companies can be held liable for
their clients' Federal employment taxes …………………………………………………………
Increase certainty with respect to worker classification …………………………………………
Increase information sharing to administer excise taxes ………………………………………
Subtotal, improve compliance by businesses …………………………………………
Strengthen tax administration:
Impose liability on shareholders to collect unpaid income taxes of applicable corporations …
Increase levy authority for payments to Medicare providers with delinquent tax debt ………
Implement a program integrity statutory cap adjustment for tax administration ………………
Streamline audit and adjustment procedures for large partnerships ……………………………
Revise offer-in-compromise application rules ……………………………………………………
Expand IRS access to information in the National Directory of New Hires for tax
administration purposes …………………………………………………………………………
Make repeated willful failure to file a tax return a felony …………………………………………
Facilitate tax compliance with local jurisdictions …………………………………………………
Extend statute of limitations where State adjustment affects Federal tax liability ……………
Improve investigative disclosure statute …………………………………………………………
Require taxpayers who prepare their returns electronically but file their returns on paper to
print their returns with a scannable code ………………………………………………………
Fiscal Years
2015
2016
2017
(in millions of dollars)
2018
2019
2020
2021
2022
2023
2024
2015-2019
2015-2024
0
0
3,058
6,142
6,271
6,395
6,507
6,673
6,830
6,993
7,155
21,866
56,024
0
14
38
47
46
44
41
36
32
28
24
189
350
0
0
0
14
53
3,149
162
6,351
279
6,596
406
6,845
481
7,029
501
7,210
522
7,384
544
7,565
567
7,746
900
22,955
3,515
59,889
0
2,153
1,951
1,762
1,474
1,403
1,443
1,219
972
765
655
8,743
13,797
0
0
0
0
91
1,482
2,151
5,877
235
2,157
3,009
7,352
388
2,334
3,227
7,711
543
2,512
3,461
7,990
702
2,697
3,691
8,493
735
2,940
3,936
9,054
693
3,233
4,207
9,352
642
3,479
4,470
9,563
591
3,638
4,691
9,685
539
3,905
4,836
9,935
1,959
11,182
15,539
37,423
5,159
28,377
37,679
85,012
0
60
82
88
92
94
99
102
108
111
115
416
951
0
0
0
0
0
0
633
969
1,602
7,797
1,051
-2,662
852
1,333
2,185
9,936
1,461
-3,119
863
1,422
2,285
9,350
1,493
9,344
870
1,467
2,337
8,738
1,524
10,817
879
1,501
2,380
8,203
1,551
6,988
888
1,515
2,403
7,721
1,575
7,295
895
1,549
2,444
7,267
1,599
8,080
903
1,592
2,495
6,840
1,623
7,155
911
1,634
2,545
6,438
1,649
8,036
917
1,677
2,594
5,927
1,674
7,048
4,097
6,692
10,789
44,024
7,080
21,368
8,611
14,659
23,270
78,217
15,200
58,982
0
0
0
37
-5
53
-8
55
-12
59
-16
61
-28
64
-51
68
-67
71
-70
74
-74
77
-41
265
-331
619
0
0
8
45
11
59
16
63
22
69
26
71
27
63
28
45
31
35
32
36
33
36
83
307
234
522
0
0
618
8,511
767
11,371
777
23,400
788
24,365
798
20,085
808
19,964
818
20,355
827
19,083
837
19,652
845
18,239
3,748
87,732
7,883
185,025
0
0
0
0
26
5
0
61
65
1
103
65
1
141
65
1
147
65
1
154
66
1
161
67
1
168
68
1
176
70
1
184
70
3
478
265
8
1,321
606
0
31
126
169
No revenue effect
207
213
221
229
237
247
255
746
1,935
No revenue effect
0
4
0
4
4
79
4
87
5
386
9
400
6
759
13
778
6
914
14
934
6
1,000
15
1,021
7
1,091
17
1,115
7
1,187
18
1,212
7
1,289
19
1,315
8
1,396
19
1,423
8
1,509
20
1,537
27
3,138
55
3,220
64
9,610
148
9,822
309
0
0
0
0
325
50
370
144
1
450
71
1,265
192
1
474
74
2,584
191
1
497
76
3,978
188
2
521
76
5,426
183
2
544
77
6,620
177
2
568
78
7,431
177
2
593
80
7,850
180
2
619
80
8,137
182
2
647
81
8,343
184
2
2,267
347
13,623
898
7
5,238
743
52,004
1,798
17
0
0
0
0
0
1
0
0
0
1
0
0
0
1
0
0
1
2
4
1
1
2
4
1
2
2
4
2
2
2
4
2
2
2
4
2
2
6
5
2
10
16
25
10
No revenue effect
1
1
1
2
1
4
1
1
No revenue effect
2014
Allow the IRS to absorb credit and debit card processing fees for certain tax payments ……
Provide the IRS with greater flexibility to address correctible errors 3/ ………………………
Make e-filing mandatory for exempt organizations ………………………………………………
Authorize the Department of the Treasury to require additional information to be included
in electronically filed Form 5500 Annual Reports and electronic filing of certain other
employee benefit plan reports ……………………………………………………………………
Impose a penalty on failure to comply with electronic filing requirements ……………………
Provide whistleblowers with protection from retaliation …………………………………………
Provide stronger protection from improper disclosure of taxpayer information in
whistleblower actions ………………………………………………………………………………
Index all penalties for inflation ………………………………………………………………………
Extend paid preparer EITC due diligence requirements to the Child Tax Credit ………………
Extend IRS authority to require a truncated Social Security Number on Form W-2 …………
Add tax crimes to the Aggravated Identity Theft Statute ………………………………………
Impose a civil penalty on tax identity theft crimes ………………………………………………
Allow States to send notices of intent to offset Federal tax refunds to collect State tax
obligations by regular first-class mail instead of certified mail ………………………………
Explicitly provide that the Department of the Treasury and IRS have authority to regulate
all paid return preparers 4/ ………………………………………………………………………
Rationalize tax return filing due dates so they are staggered 3/ ………………………………
Increase the penalty applicable to paid tax preparers who engage in willful or reckless
conduct ……………………………………………………………………………………………
Enhance administrability of the appraiser penalty ………………………………………………
Subtotal, strengthen tax administration ………………………………………………
Subtotal, reduce the tax gap and make reforms …………………………………………
284
Simplify the tax system:
Simplify the rules for claiming the EITC for workers without qualifying children 3/ ……………
Modify adoption credit to allow tribal determination of special needs …………………………
Simplify minimum required distribution rules ………………………………………………………
Allow all inherited plan and IRA balances to be rolled over within 60 days ……………………
Repeal non-qualified preferred stock designation ………………………………………………
Repeal preferential dividend rule for publicly traded and publicly offered REITs ………………
Reform excise tax based on investment income of private foundations ………………………
Remove bonding requirements for certain taxpayers subject to Federal excise taxes on
distilled spirits, wine, and beer ……………………………………………………………………
Simplify arbitrage investment restrictions …………………………………………………………
Simplify single-family housing mortgage bond targeting requirements …………………………
Streamline private business limits on governmental bonds ……………………………………
Exclude self-constructed assets of small taxpayers from the uniform capitalization rules ……
Repeal technical terminations of partnerships ……………………………………………………
Repeal anti-churning rules of section 197 ………………………………………………….……
Repeal special estimated tax payment provision for certain insurance companies …………
Repeal the telephone excise tax ……………………………………………………………………
Increase the standard mileage rate for automobile use by volunteers …………………………
Subtotal, simplify the tax system ……………………………………………………………
User fee:
Reform inland waterways funding …………………………………………………………………
Subtotal, user fee ………………………………………………………………………………
0
0
Fiscal Years
2015
2016
2017
(in millions of dollars)
1
2
2
7
15
16
0
0
0
0
0
45
60
61
2019
2020
2021
2022
2023
2024
2015-2019
2015-2024
2
19
2
19
2
20
2
21
2
22
9
72
19
173
1
1
2
2
2
2
10
65
66
68
70
71
291
631
Negligible revenue effect
242
252
263
273
285
297
309
1,154
2,581
1
1
1
1
3
8
8,626
10,067
9,093
10,645
9,423
11,093
9,674
11,466
18,688
22,654
63,283
75,040
-621
-1
60
-632
-1
88
-598
-1
122
-609
-1
165
-2,440
-1
11
-5,509
-6
484
39
34
30
27
231
405
-5
-6
-6
-7
-18
-47
-58
-17
-13
-98
24
-331
-68
-20
-15
-103
25
-331
-76
-22
-17
-107
25
-331
-87
-24
-19
-112
26
-331
-96
-26
-25
-326
102
-931
-431
-121
-100
-841
225
-2,583
-148
-45
-1,214
-122
-46
-1,197
-102
-48
-1,131
-83
-49
-1,104
-1,544
-196
-5,259
-2,177
-428
-11,129
113
113
113
113
113
113
114
114
534
534
1,100
1,100
2
2
17
17
No revenue effect
No revenue effect
1
1
Negligible revenue effect
No revenue effect
62
63
Negligible revenue effect
Negligible revenue effect
Negligible revenue effect
Negligible revenue effect
No revenue effect
0
210
220
230
0
0
0
1
309
313
1,154
1,272
2,277
2,803
3,635
4,582
0
0
0
-44
0
-5
-587
0
-5
-599
0
-3
0
31
52
51
0
0
-4
-4
0
0
0
0
0
0
-2
-1
-1
-47
16
-25
-10
-3
-3
-50
20
-106
-18
-5
-5
-68
21
-209
0
0
0
-419
-16
-513
-357
-47
-1,100
-302
-45
-1,186
0
0
82
82
113
113
113
113
Other initiatives:
Allow offset of Federal income tax refunds to collect delinquent state income taxes for
out-of-state residents ……………………………………………………………………………
Authorize the limited sharing of business tax return information to improve the accuracy of
important measures of the economy ……………………………………………………………
Eliminate certain reviews conducted by the U.S. Treasury Inspector General for Tax
Administration ………………………………………………………………………………………
Modify indexing to prevent deflationary adjustments ……………………………………………
Subtotal, other initiatives ……………………………………………………………………
0
0
0
0
Total, FY 2015 Budget Proposals ……………………………………………………………………
Total receipt effect …………………………………………………………………………………
Total outlay effect ……………………………………………………………………………………
-2,482
-2,482
0
46,583
47,127
544
51,869
59,973
8,104
77,728
87,668
9,940
Department of the Treasury
2018
1
1
1
Negligible revenue effect
5,070
6,552
7,779
6,211
7,786
9,115
-612
-598
-609
0
-1
-1
5
19
38
Negligible revenue effect
50
47
44
Negligible revenue effect
-5
-5
-5
Negligible revenue effect
-28
-38
-46
-7
-10
-12
-7
-9
-11
-71
-90
-95
22
23
23
-278
-313
-328
Negligible revenue effect
-253
-213
-178
-44
-44
-44
-1,228
-1,232
-1,224
113
113
113
113
113
113
No revenue effect
No revenue effect
No revenue effect
No revenue effect
0
0
89,236
100,609
11,373
109,499
122,465
12,966
0
0
0
0
0
0
0
118,517
133,219
14,702
127,541
144,091
16,550
134,524
152,977
18,453
143,224
163,581
20,357
149,337
171,656
22,319
374,915
417,842
42,927
1,048,058
1,183,366
135,308
2014
Fiscal Years
2015
2016
2017
(in millions of dollars)
2018
2019
2020
2021
2022
2023
2024
2015-2019
2015-2024
Notes:
1/ Presentation in this table does not reflect the order in which these proposals were estimated.
2/ Table 12-4 in the Analytical Perspectives of the FY 2015 Budget includes the effects of a number of proposals that are not reflected here. These proposals would: levy a fee on the production of hardrock minerals to restore abandoned mines, return
fees on the production of coal to pre-2006 levels to restore abandoned mines, provide authority to readily share beneficial ownership of U.S. companies with law enforcement, enhance Unemployment Insurance integrity, increase fees for Migratory
Bird Hunting and Conservation Stamps, establish a mandatory surcharge for air traffic services, reauthorize special assessment on domestic nuclear utilities, permanently extend and reallocate the travel promotion surcharge, extend the Generalized
System of Preferences, transition to a reformed business tax system, and enact comprehensive immigration reform.
3/ This provision affects both receipts and outlays. The combined effects are shown here and the outlay effects included in these estimates are detailed in the table below.
Designate Promise Zones ………………………………………………………………………
0
11
23
23
25
26
28
30
31
33
36
108
266
Provide America Fast Forward Bonds (AAFB) and expand eligible uses ……………………
0
216
966
2,051
3,221
4,505
5,878
7,325
8,826
10,360
11,914
10,959
55,262
Allow eligible uses of AFFB to include financing all qualified private activity bond
program categories ……………………………………………………………………………
0
50
227
489
765
1,054
1,356
1,668
1,990
2,319
2,651
2,585
12,569
Expand the EITC for workers without qualifying children ………………………………………
0
272
5,436
5,457
5,476
5,545
5,623
5,722
5,811
5,900
5,981
22,186
51,223
Provide for automatic enrollment in IRAs, including a small employer tax credit, and
double the tax credit for small employer plan start-up costs ………………………………
0
0
96
148
150
152
153
156
160
164
168
546
1,347
Expand the Child and Dependent Care Tax Credit ……………………………………………
0
0
347
342
348
352
362
368
374
382
392
1,389
3,267
Make Pell Grants excludable from income and from tax credit calculations …………………
0
0
547
959
906
862
824
793
764
735
704
3,274
7,094
Modify reporting of tuition expenses and scholarships on Form 1098-T ……………………
0
0
-20
-20
-20
-20
-20
-20
-20
-21
-21
-80
-182
Provide the IRS with greater flexibility to address correctible errors …………………………
0
-3
-6
-7
-7
-7
-8
-8
-8
-9
-9
-30
-72
Rationalize tax return filing due dates so they are staggered …………………………………
0
-28
-28
-28
-29
-29
-30
-30
-31
-32
-33
-142
-298
Simplify the rules for claiming the EITC for workers without qualifying children ……………
0
26
516
526
538
526
536
546
556
526
536
2,132
4,832
Total outlay effect ……………………………………………………………..…..……………
0
544
8,104
9,940
11,373
12,966
14,702
16,550
18,453
20,357
22,319
42,927
135,308
4/ This estimate and the corresponding baseline revenue were prepared prior to the decision of the Court of Appeals in Loving v. Commissioner. The baseline thus assumed that the IRS's position in Loving v. Commissioner was correct. Consequently,
the proposal generates only negligible revenue.
285