CHANGE_LOG.md

Change Log

Version 0.7.0 -- 2025-01-17

• Updated economic environment parameter values consistent with CBO’s January 2025 economic projections.

• Updated policy parameter values consistent with data that supplement CBO’s January 2025 report, The Budget and Economic Outlook: 2025 to 2035.

• Changed policy parameter values used for modeling the reduction in the investment basis eligible for cost-recovery deductions when the R&E credit is claimed to more accurately reflect current law.

• Refined modeling of income forecast method used to calculate depreciation deductions for entertainment, literary, and artistic (ELA) originals.

Version 0.6.0 -- 2024-09-19

• Incorporated intermediate changes in parameter values and model structure. (This model update is not associated with data supplementing CBO's Budget and Economic Outlook publication)

• Updated economic depreciation and debt financing shares files to reflect more recently available information.

• Updated weights data files to reflect more recently available information.

• Expanded industry detail consistently with Bureau of Economic Analysis' (BEA) November 2023 detailed fixed asset tables.

• Added two asset types by distinguishing between regulated and unregulated electric power and wind/solar structures.

Version 0.5.0 -- 2024-07-01

• Updated economic environment parameter values consistent with CBO’s June 2024 economic projections.

• Updated policy parameter values consistent with data that supplement CBO’s June 2024 report, An Update to The Budget and Economic Outlook: 2024 to 2034.

Version 0.4.0 -- 2024-02-07

• Updated economic environment parameter values consistent with CBO’s February 2024 economic projections.

• Updated policy parameter values consistent with data that supplement CBO’s February 2024 report, An Update to The Budget and Economic Outlook: 2024 to 2034.

• Updated weights data files to reflect more recently available information.

• Modified modeling of production tax credits.

Version 0.3.0 -- 2023-02-15

• Updated economic environment parameter values consistent with CBO’s February 2023 economic projections.

• Updated policy parameter values consistent with data that supplement CBO’s February 2023 report, An Update to The Budget and Economic Outlook: 2023 to 2033.

• Incorporated select tax provisions in the 2022 reconciliation act (Public Law 117-169) and the CHIPS Act of 2022 (P.L. 117-167).

• Implemented minor changes to code structure and docstrings.

Version 0.2.0 -- 2022-05-25

• Updated economic environment parameter values consistent with CBO’s May 2022 economic projections.

• Updated policy parameter values consistent with data that supplement CBO’s May 2022 report, An Update to The Budget and Economic Outlook: 2022 to 2032.

• Implemented technical changes to pass-through deduction parameters to reflect limitations based on taxable income.

Version 0.1.0 -- 2022-02-09

• Initial release of Python version of the CapTax model, which is consistent with CBO Working Paper 2022-01 "CBO’s Model for Estimating the Effect That Federal Taxes Have on Capital Income From New Investment".

• Economic environment parameter values are consistent with CBO’s July 2021 economic projections.