H.R. 7846: Veterans’ Compensation Cost-of-Living Adjustment Act of 2022
CBO Score
$0
Documentation
Date of Report
Tue August 9th, 2022
Notes
"Relative to current law, CBO estimates that enacting this bill would increase spending for those programs by $6.4 billion in fiscal year 2023. CBO estimates that the new COLA will be 6.0 percent. (The annualized cost would be about $8.5 billion in subsequent years.) However, section 257 of the Balanced Budget and Emergency Deficit Control Act directs CBO to assume that the COLA will occur in CBO’s baseline. Because the COLA is assumed in CBO’s baseline, authorizing that increase would have no budgetary effect relative to the baseline."
Legislation Details
117th Congress
To increase, effective as of December 1, 2022, the rates of compensation for veterans with service-connected disabilities and the rates of dependency and indemnity compensation for the survivors of certain disabled veterans, and for other purposes.
Sponsor: Rep. Elaine Luria — D — VA
Requires the Department of Veterans Affairs (VA) to increase the amounts payable for wartime disability compensation, additional compensation for dependents, the clothing allowance for certain disabled veterans, and dependency and indemnity compensation for surviving spouses and children. Specifically, the VA must increase the amounts by the same percentage as the cost-of-living increase in benefits for Social Security rec...
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