Mandatory Funding Levels for the 2024 President’s Budget – Treasury Chapter

(Dollars in Millions, Includes Legislative Proposals)

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Appropriations (Dollars in Millions) FY 2022 FY 2023 FY 2024 FY 2024 FY 2024

Actual Estimated Estimated $ Change % Change

INTEREST PAYMENTS

Payment to the Resolution Funding Corporation 920 920 920 0 0.0%

Interest on Uninvested Funds 8 50 50 0 0.0%

Restitution of Forgone Interest 1,135 0 0 0 0.0%

Federal Interest Liabilities to States 0 1 1 0 0.0%

Interest Paid to Credit Financing Accounts 12,733 10,350 11,708 1,358 13.1%

Refunding Internal Revenue Collections, Interest 3,540 3,556 3,201 (355) -10.0%

Interest on Public Debt 717,611 897,717 1,006,910 109,193 12.2%

Other Interest (49,002) (50,992) (53,715) (2,723) 5.3%

INTEREST PAYMENTS $686,945 $861,602 $969,075 $107,473 12.5%

MANDATORY ACCOUNTS

MANDATORY PROGRAMS

Capital Magnet Fund, Community Development Financial Institutions 397 203 176 (27) -13.3%

Check Forgery Insurance Fund 26 1 1 0 0.0%

Cheyenne River Sioux Tribe Terrestrial Wildlife Habitat Restoration Trust Fund 1 1 1 0 0.0%

Claims, Judgments, and Relief Acts 2,444 2,027 2,027 0 0.0%

Community Development Financial Institutions Fund Program Account 19 11 42 31 281.8%

Comptroller of the Currency 1,224 1,189 1,189 0 0.0%

Continued Dumping and Subsidy Offset 9 8 8 0 0.0%

Debt Collection Fund 188 196 195 (1) -0.5%

Exchange Stabilization Fund 125 764 709 (55) -7.2%

Federal Financing Bank 2,145 2,550 3,363 813 31.9%

Federal Reserve Bank Reimbursement Fund 611 685 706 21 3.1%

Federal Tax Lien Revolving Fund 1 1 1 0 0.0%

Financial Agent Services 1,021 1,149 1,172 23 2.0%

Financial Research Fund 88 112 125 13 11.6%

GSE Mortgage-backed Securities Purchase Program Account 1 1 1 0 0.0%

Gulf Coast Restoration Trust Fund 308 335 338 3 0.9%

IRS, Informant Payments 27 80 80 0 0.0%

IRS, Miscellaneous Retained Fees 335 325 374 49 15.1%

Office of Financial Stability 38 34 10 (24) -70.6%

Payment of Government Losses in Shipment 0 11 21 10 90.9%

Presidential Election Campaign Fund 24 25 25 0 0.0%

Private Collection Agent Program 158 222 226 4 1.8%

Reimbursements to Federal Reserve Banks 162 188 193 5 2.7%

Small Business Lending Fund Program Account 1 2 1 (1) -50.0%

Terrorism Insurance Program 6 33 86 53 160.6%

Travel Promotion Fund 318 95 100 5 5.3%

Treasury Forfeiture Fund 1,038 508 635 127 25.0%

Troubled Asset Relief Program Equity Purchase Program 12 0 0 0 0.0%

Subtotal, MANDATORY PROGRAMS $10,727 $10,756 $11,805 $1,049 9.8%

TAX DIRECT SPENDING ACCOUNTS

Advanced Manufacturing Investment Credit 0 178 244 66 37.1%

Build America Bond Payments, Recovery Act 2,251 2,224 2,203 (21) -0.9%

Child and Dependent Care Tax Credit 7,430 753 70 (683) -90.7%

Clean Vehicle Credit 0 0 349 349 0.0%

Credit for Previously-owned Clean Vehicles 0 0 301 301 0.0%

Elective Payment for Energy Property and Electricity Produced from Certain Renewable Resources, Etc 0 4,359 7,396 3,037 69.7%

Internal Revenue Collections for Puerto Rico 414 395 402 7 1.8%

Payment to Issuer of New Clean Renewable Energy Bonds 40 40 40 0 0.0%

Payment to Issuer of Qualified Energy Conservation Bonds 34 35 34 (1) -2.9%

Payment to Issuer of Qualified School Construction Bonds 600 559 555 (4) -0.7%

Payment to Issuer of Qualified Zone Academy Bonds 38 40 40 0 0.0%

Payment to United States Virgin Islands and Puerto Rico for Disaster Tax Relief 0 51 0 (51) -100.0%

Payment Where Adoption Credit Exceeds Liability for Tax 0 0 0 0 0.0%

Payment Where American Opportunity Credit Exceeds Liability for Tax 3,797 2,615 2,530 (85) -3.3%

Payment Where Certain Tax Credits Exceed Liability for Corporate Tax 2,737 2,410 250 (2,160) -89.6%

Payment Where Child Tax Credit Exceeds Liability for Tax 1 131,435 30,359 264,720 234,361 772.0%

Payment Where Earned Income Credit Exceeds Liability for Tax 2 64,282 58,309 71,391 13,082 22.4%

Payment Where Health Coverage Tax Credit Exceeds Liability for Tax 22 12 2 (10) -83.3%

Refundable Premium Tax Credit 85,486 80,128 74,191 (5,937) -7.4%

Refundable Savers Credit 0 0 0 0 0.0%

Subtotal, TAX DIRECT SPENDING ACCOUNTS $298,566 $182,467 $424,718 $242,251 132.8%

PANDEMIC RESPONSE AND RECOVERY PROGRAMS

Air Carrier Worker Support 3 (3,200) 0 0 0 0.0%

Economic Stabilization Program Account 4 (1,363) 5 0 (5) -100.0%

Economic Impact Payments 13,636 2,236 200 (2,036) -91.1%

U.S. Coronavirus Refundable Credits 29,470 25,737 10,043 (15,694) -61.0%

Subtotal, PANDEMIC RESPONSE AND RECOVERY PROGRAMS $38,543 $27,978 $10,243 ($17,735) -63.4%
1 The Budget proposes, beginning in tax year 2023, to permanently make the Child Tax Credit fully refundable. 2 The Budget proposes to permanently increase the Earned Income Tax Credit for individuals with no qualifying 

children.

3 The Infrastructure Investment and Jobs Act (P.L. 117-58) Section 90007 rescinded $3 billion from CARES Act 

Section 4120 budget authority and $200 million from P.L 116-260 Division N Sec. 411 budget authority in 2022. 4 The Infrastructure Investment and Jobs Act (P.L. 117-58) Sec. 90007 rescinded $1.4 billion in budget authority in 

2022. 5 The Inflation Reduction Act (P.L. 117-169) provided the listed mandatory appropriations in 2022. The funding is 

available until 2031 for these accounts except for the Direct E-file Taskforce (available through 2023). These 

accounts will spend the appropriations over their respective periods of availability.

Total Department of the Treasury (Treasury) Mandatory Budget 

The Treasury Mandatory Budget includes $1,401 billion dollars in budget authority for interest 

payments and mandatory appropriations net of offsetting receipts and collections in 2024. These 

accounts and the estimated budget authority are summarized in the table above. For more 

detailed descriptions of each account, please see the Department of the Treasury chapter in the 

2024 Appendix, Budget of the U.S. Government at: http://www.whitehouse.gov/omb/budget. 

Interest Payments - $969 billion

These are permanent, indefinite funds for interest payments. This category of spending is largely 

Interest on the Public Debt, which consists of all interest paid on Treasury securities sold to the 

public and to Federal Government trust funds, revolving funds and deposit funds. Treasury 

interest payment accounts also consist of Interest paid to Credit Financing Accounts, Refunds on 

Internal Revenue Collections interest, and Payments to the Resolution Funding Corporation. 

Other interest mainly includes interest receipts paid to Treasury from credit financing accounts 

and interest earnings on other Federal loans and invested balances.

Mandatory Programs - $12 billion

These are accounts for which the Congress has given Treasury permanent authority to expend 

funds as appropriations. These include appropriations that fund a number of mandatory programs 

under Treasury jurisdiction and certain payments mandated by law, such as claims or judgments 

against the Government. 

The Department is also a custodian for a number of government accounts and funds listed in this 

section and further detailed in the 2024 Appendix, Budget of the U.S. Government. 

Tax Direct Spending - $425 billion

Tax direct spending accounts have permanent authority to pay refundable tax credits. These 

credits allow for refunding amounts that exceed a taxpayer’s tax liability, resulting in an outlay 

Appropriations (Dollars in Millions) FY 2022 FY 2023 FY 2024 FY 2024 FY 2024

Actual Estimated Estimated $ Change % Change

FUNDING THE INTERNAL REVENUE SERVICE AND IMPROVING TAXPAYER COMPLIANCE 5

Departmental Offices, Salaries and Expenses 155 0 0 0 0.0%

IRS, Business Systems Modernization 4,751 0 0 0 0.0%

IRS, Direct Efile Taskforce 15 0 0 0 0.0%

IRS, Energy Security 500 0 0 0 0.0%

IRS, Enforcement 45,637 0 0 0 0.0%

IRS, Operations Support 25,326 0 0 0 0.0%

IRS, Taxpayer Services 3,182 0 0 0 0.0%

Treasury Inspector General for Tax Administration 403 0 0 0 0.0%

Subtotal, FUNDING THE INTERNAL REVENUE SERVICE AND IMPROVING TAXPAYER COMPLIANCE $79,969 $0 $0 $0 0.0%

OFFSETS TO MANDATORY SPENDING

Treasury Mandatory Offsetting Receipts (15,517) (9,334) (9,910) (576) 6.2%

Treasury Offsetting Collections (6,709) (4,506) (5,307) (801) 17.8%

TOTAL, DEPARTMENT OF THE TREASURY $1,092,524 $1,068,963 $1,400,624 $331,661 31.0%
of budget authority. These tax credits include Payment Where Child Tax Credit Exceeds 

Liability for Tax, Refundable Premium Tax Credit, and Payment Where Earned Income Credit 

Exceeds Liability for Tax.

Pandemic Response and Recovery Programs - $10 billion

Treasury is responsible for administering multiple relief and recovery programs authorized and 

appropriated in 2020 and 2021 through the Families First Coronavirus Response Act, CARES

Act, Consolidated Appropriations Act, 2021, and the American Rescue Plan Act of 2021. 

Budget authority in 2024 includes ongoing estimated refundable tax credits associated with the 

previous rounds of Economic Impact Payments and also for tax credits against certain 

employment tax provisions enacted as responses to the pandemic. Amounts of balances 

remaining in the Economic Stabilization Program and the Air Carrier Worker Support accounts 

were rescinded in 2022. For more information about Treasury’s continuing administration of 

pandemic response programs please see the chapter for Treasury Coronavirus Relief, Response, 

Aid, and Recovery Programs.

Funding the Internal Revenue Service and Improving Taxpayer Compliance - $0 billion

The Inflation Reduction Act of 2022 (IRA) enacted $80 billion in mandatory appropriations for 

the Internal Revenue Service (IRS), Treasury Departmental Offices, and the Treasury Inspector 

General for Tax Administration (TIGTA). In most cases, these amounts are available until 2031

and Treasury will be spending these funds over the remaining years of availability. The Direct 

E-file Taskforce funds are available until 2023. For more information about Treasury’s 

implementation of these provisions of the IRA, please see respective chapters for IRS, 

Departmental Offices, and TIGTA.

Offsets - $15 billion

Offsets include payments to the Government that are not credited directly to expenditure 

accounts (offsetting receipts) and payments credited directly to accounts from which they will be 

spent (offsetting collections). The receipts offset gross budget authority and outlays at the agency 

or bureau level. The collections offset gross budget authority and outlays at the account level.

Treasury’s mandatory offsetting receipts include Government Sponsored Enterprises (GSE) fees, 

IRS miscellaneous retained fees, and debt collection fees. Treasury’s mandatory offsetting 

collections include the payments made to accounts such as the Federal Financing Bank, the 

Office of Comptroller of the Currency, and the Exchange Stabilization Fund.