Title: Accurate Budgeting Act
Policy area: Economics and Public Finance

Summary:
Accurate Budgeting Act
This bill amends the Congressional Budget Act of 1974 to require the Joint Committee on Taxation to incorporate a macroeconomic impact analysis in estimates of the budgetary effects of major revenue legislation to the extent that it is practicable.
The macroeconomic impact analysis, commonly referred to as dynamic scoring, includes:
The bill also amends the Statutory Pay-As-You-Go Act of 2010 (PAYGO) to require estimates of the budgetary effects of major revenue legislation prepared for purposes of PAYGO requirements to incorporate a macroeconomic impact analysis to the extent that it is practicable.

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4361 Introduced in House (IH)]

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115th CONGRESS
  1st Session
                                H. R. 4361

    To require the use of macroeconomic analysis in estimating the 
            budgetary effects of major revenue legislation.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            November 9, 2017

  Mr. Messer introduced the following bill; which was referred to the 
 Committee on the Budget, and in addition to the Committee on Ways and 
 Means, for a period to be subsequently determined by the Speaker, in 
   each case for consideration of such provisions as fall within the 
                jurisdiction of the committee concerned

_______________________________________________________________________

                                 A BILL


 
    To require the use of macroeconomic analysis in estimating the 
            budgetary effects of major revenue legislation.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Accurate Budgeting Act''.

SEC. 2. MACROECONOMIC IMPACT ANALYSES FOR MAJOR REVENUE LEGISLATION.

    (a) Definitions.--Section 3 of the Congressional Budget Act of 1974 
(2 U.S.C. 622) is amended by adding at the end the following:
            ``(12)(A) The term `macroeconomic impact analysis' means--
                    ``(i) an estimate of the changes in economic 
                output, employment, interest rates, capital stock, and 
                tax revenues expected to result from the revenue 
                provisions in a major revenue bill or resolution;
                    ``(ii) an estimate of revenue feedback expected to 
                result from those revenue provisions; and
                    ``(iii) a statement identifying the critical 
                assumptions and the source of data underlying that 
                estimate, to the extent necessary to make the models 
                comprehensible to academic and public policy analysts.
            ``(B) The term `major revenue bill or resolution' means a 
        bill, resolution, conference report, or amendment between the 
        Houses for which--
                    ``(i) either--
                            ``(I) the sum of the positive changes in 
                        revenues resulting from such measure (not 
                        including the impact of any timing shifts for 
                        the due date for estimated corporate income tax 
                        payments) for any fiscal year in the period for 
                        which an estimate is prepared under section 
                        201(f); or
                            ``(II) the absolute value of the sum of the 
                        negative changes in revenues resulting from 
                        such measure (not including the impact of any 
                        timing shifts for the due date for estimated 
                        corporate income tax payments) for any fiscal 
                        year for which such an estimate is prepared,
                is greater than
                    ``(ii) 0.25 percent of the current projected gross 
                domestic product of the United States (as determined by 
                the Bureau of Economic Analysis of the Department of 
                Commerce) for such fiscal year.
            ``(C) The term `revenue feedback' means changes in revenue 
        resulting from changes in economic growth as the result of the 
        enactment of any major revenue bill or resolution.''.
    (b) Macroeconomic Impact Analysis of Major Revenue Legislation.--
            (1) In general.--Section 201(f) of the Congressional Budget 
        Act of 1974 (2 U.S.C. 601(f)) is amended--
                    (A) by striking ``For the purposes'' and inserting 
                the following:
    ``(1) For the purposes''; and
                    (B) by adding at the end the following:
    ``(2) To the extent practicable, a revenue estimate prepared by the 
Joint Committee on Taxation for a major revenue bill or resolution 
shall incorporate a macroeconomic impact analysis of the budgetary 
effects of the major revenue bill or resolution.''.
            (2) PAYGO.--Section 3(4) of the Statutory Pay-As-You-Go Act 
        of 2010 (2 U.S.C. 932(4)) is amended by adding at the end the 
        following:
            ``(D)(i) In this subparagraph, the terms `macroeconomic 
        impact analysis' and `major revenue bill or resolution' have 
        the meanings given such terms in section 3 of the Congressional 
        Budget Act of 1974 (2 U.S.C. 622).
            ``(ii) To the extent practicable, an estimate of the 
        budgetary effects of a major revenue bill or resolution 
        prepared for purposes of this Act shall incorporate a 
        macroeconomic impact analysis of the budgetary effects of the 
        major revenue bill or resolution.''.
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