H.R. 517, Filing Relief for Natural Disasters Act

H.R. 517 would amend the Internal Revenue Code to modify the rules for postponing certain tax deadlines in response to declared disasters. The bill would permit the Secretary of the Treasury, in the case of certain state-declared disasters, to grant filing extensions that are similar to those granted in the event of federally declared disasters. The bill also would increase deadline extensions from 60 days to 120 days.

The Congressional Budget Act of 1974, as amended, stipulates that revenue estimates provided by the staff of the Joint Committee on Taxation (JCT) are the official estimates for all tax legislation considered by the Congress. CBO therefore incorporates such estimates into its cost estimates of the effects of legislation. The revenue estimates for the bill were provided by JCT.[1] JCT estimates that the bill would reduce federal revenues by an insignificant amount.

CBO estimates that it would cost less than $500,000 over the 2025-2030 period to implement the bill. Any related spending would be subject to the availability of appropriated funds.

The CBO staff contact for this estimate is Jennifer Shand. The estimate was reviewed by John McClelland, Director of Tax Analysis.