Description:
As ordered reported by the Senate Committee on Finance on July 18, 2012
The Citrus, Wool, and Cotton Trust Fund Act of 2012 would establish a trust fund to support research on diseases affecting the citrus industry, provide new authority for expenditures from the Pima Cotton Trust Fund, and ensure that sufficient amounts are available in the Wool Apparel Manufacturers Trust Fund to make the full payments that are authorized each year. The bill also would eliminate duties paid on certain cotton fabrics, shift some corporate income tax payments between fiscal years, and extend user fees collected by Customs and Border Protection (CBP) that are set to expire under current law.
CBO estimates that enacting the bill would reduce direct spending by $7 million over the 2013-2022 period. Further, the staff of the Joint Committee on Taxation (JCT) and CBO estimate that enacting the bill would reduce revenues by $1 million over the same period; the net impact of those effects would reduce the deficits by $6 million over the 2013-2022 period. Because the bill would affect both direct spending and revenues, pay-as-you-go procedures apply. CBO estimates that implementing the legislation would have an insignificant effect on discretionary spending.
CBO has determined that the nontax provisions of the bill contain no intergovernmental mandates as defined in the Unfunded Mandates Reform Act (UMRA) and would impose no costs on state, local, or tribal governments. CBO has determined that the nontax provisions of the bill would impose private-sector mandates as defined in UMRA by extending the authorization to collect customs user fees. CBO estimates that the aggregate cost of those mandates would exceed the annual threshold established in UMRA for private-sector mandates ($146 million in 2012, adjusted annually for inflation). JCT has determined that the tax provision of the bill contains no intergovernmental or private-sector mandates.
