3/8/2023 0 Comments The bigger picture reactionFinally, the Inflation Reduction Act increased the research credit against payroll tax for small businesses at a cost of $168 million (FY2022-2031). The bill also extended the limitation on excess business losses for noncorporate taxpayers for two years, raising $52.8 billion. The provisions from the Senate Committee on Agriculture, Nutrition, and Forestry consist of just over 30% of this total score. The CBO score reported a net increase in the deficit from the titles of the bill by committee for fiscal years (FY) 2022 through 2031 totaling $114.8 billion. On August 11, 2022, the Congressional Budget Office (CBO) produced its initial score for the Inflation Reduction Act. The specific instructions to the Senate Committee on Agriculture, Nutrition and Forestry (Senate ANF) were to “report changes in laws within its jurisdiction that increase the deficit by not more than” $135 billion “for the period of fiscal years 2022 through 2031.” Detailed Discussion The IRA 2022 began as Senate Concurrent Resolution 14 which set budget levels for fiscal years (FY) 2023 through 2031 Title II provided reconciliation instructions that included the Agriculture Committees. Congress instructs committees to take actions related to the budget, which are compiled into a single legislative vehicle that is considered under special rules. Reconciliation consists of instructions written by the Congressional Budget Committees and agreed-to by both the House and Senate in the budget resolution, but not signed into law by the President. Federal budget law provides for the inclusion of reconciliation instructions in a concurrent budget resolution. It is reconciliation legislation that operates under specific statutory authorities, and special procedural rules. The Inflation Reduction Act (IRA) of 2022 is not ordinary legislation, nor legislation in the ordinary course of business or the regular order of Congress. Click Image to Enlarge Background: Reconciliation Review
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