2027 Tax Plan

On 15 September 2026, the government presented the Budget Memorandum, the national budget and the 2027 Tax Plan. Below, we explain the main implications for your income, assets, business and employees. We also cover employment rules that matter for your HR policies. We explain what you can prepare for now and which changes will come later.

This newsletter replaces our preliminary update and is based on the official Budget Day documents.

The 2027 Tax Plan is divided into the following topics:

• Parliamentary approval is still required
• Your income and assets
• Employers and employees
• Employment and dismissal
• Expats
• Entrepreneurs and companies
• Other measures to keep in mind
• What you can do now

PARLIAMENTARY APPROVAL IS STILL REQUIRED

The new bills are not yet law. They must first be approved by both the House of Representatives and the Senate. They then need to be signed and published in the Dutch Bulletin of Acts and Decrees (Staatsblad). The legal commencement date determines when a change takes effect; in some cases, a separate decree is still needed. How the Tax Plan becomes law.

The minority government needs support from opposition parties for its plans. The outcome therefore also depends on further political negotiations. Proposals may change, be postponed or fail to pass. This also applies to announced tax benefits. House of Representatives on the budget debates.

However, not everything in this newsletter is still uncertain. We identify changes that have already been passed into law. These remain the starting point until they are legally amended. For other measures, we make clear whether a bill has been submitted or there has only been an announcement. Prepare now, but also assess the financial impact of major decisions if a proposal does not go ahead.

The budget includes investment and measures to ease rising costs. Even so, median purchasing power is forecast to fall slightly, by 0.1%, in 2027. This is not a forecast for every household: the personal impact depends on your income, family circumstances and assets. 2027 Budget Memorandum, section 2.3.2.

YOUR INCOME AND ASSETS

Income tax in 2027

The government proposes the following rates for people who have not yet reached the Dutch state pension (AOW) age. They apply to taxable income in Box 1, after any deductions.

Portion of your taxable income in 2027	Rate including national insurance contributions
Up to and including €39,247	36.23%
Above €39,247 up to and including €78,426	38.16%
Above €78,426	49.50%

These rates and thresholds are set out in the 2027 tax rates and allowances table.

The first two rates are higher than in 2026. The threshold for the highest rate remains unchanged. Various tax amounts will rise by less than inflation. As a result, a larger share of a rising income may fall into a higher bracket.

There are also adjustments to tax credits. The maximum employment tax credit will be €5,929 and the maximum general tax credit €3,154. The amount you actually receive depends on your income. The maximum income-related combination tax credit for eligible parents will decrease from €3,032 to €2,918. Different rules apply to people who have reached AOW age; the maximum elderly person’s tax credit will be €1,993. 2027 Tax Plan, explanatory memorandum, pp. 34–35.

Box 3 remains uncertain

The government has not yet made a final decision on the new Box 3 system. It is examining different approaches under which gains in value would more often be taxed only on sale. Because there is insufficient broad political support, the government is asking the Senate to put its consideration of the bill on hold. Letter to Parliament on Box 3 dated 13 September 2026, no. 2026-0000364470, pp. 1–3.

The earlier bill has been passed by the House of Representatives, but not by the Senate. You should therefore not assume that a final new system will take effect in 2028. Current status in the Senate.

For 2027, the government’s plans provide for a Box 3 rate of 36% and a tax-free asset allowance of €60,098 per person. This does not mean that you pay 36% of your assets in tax: the tax applies to the calculated return. 2027 tax rates and allowances table.

Keep records of your actual return as well. If this is lower than the return calculated under the statutory formula, providing evidence of the lower return may reduce your tax bill. Dutch Tax Administration guidance.

Green savings and investments lose almost all their tax benefits

Already enacted: the additional Box 3 exemption for recognised green investments will fall to €200 per person in 2027. From 2028, this exemption and the associated tax credit will end. Review the return, risks and any withdrawal restrictions on your green savings or investment product. 2026 Tax Plan, articles II, part A, XXXVIII, part B, and XLV.

Gifts on paper require care

A reduction in the interest rate for gifts on paper from 6% to 3% is not included in the 2027 Tax Plan or the Other Tax Measures 2027 bill submitted today. Do not reduce existing interest payments on the basis of a Budget Day preview. Tax Plan documents.

For a gift on paper to be deducted from the estate on death, the Dutch Tax Administration still lists a notarial deed and actual annual interest payments of at least 6% as requirements. Both the donor and the recipient must also report the gift correctly in their tax returns. Have the effects on gift tax, Box 3 and income-related benefits assessed together. Dutch Tax Administration on gifts on paper.

Possible refund for investments in foreign investment funds

Do you invest in a foreign investment fund as a Dutch resident or through a Dutch company? From 2027, the government proposes a refund scheme for Dutch dividend tax withheld at fund level. Conditions apply and a request is required; not every investment qualifies for a refund. Ask your fund or asset manager to check this. Other Tax Measures 2027, article IV and explanatory memorandum, section 2.5.

Lower transfer tax for a second home or a rental property

The government intends to reduce the transfer tax rate for homes that the buyer does not use as their main residence from 8% to 7% from 1 January 2027. Examples include investment properties and holiday homes. The reduction does not apply to commercial premises.

For a taxable value of €400,000, the difference is €4,000. If you are planning a purchase, have the timing of the transfer assessed together with the other costs and risks. Transfer tax proposal explained.

EMPLOYERS AND EMPLOYEES

Allow for higher employer contributions in your budget

The budget of the Ministry of Social Affairs and Employment (SZW) contains the following percentages. Where necessary, the proposed contribution rates will be formally set at the end of 2026.

Contribution	2026	2027 according to the budget
Aof for small employers	6.27%	6.67%
Aof for other employers	7.63%	8.03%
Awf lower rate	2.74%	2.74%
Awf higher rate	7.74%	7.74%
Whk calculation rate	1.52%	1.67%

The Aof contribution helps fund disability benefits, among other things; the Awf contribution funds unemployment benefits (WW). The separate childcare surcharge remains 0.50%. The Whk calculation rate is not an individual employer’s rate: your actual contribution may differ. SZW budget 2027, Parliamentary Papers 37 020 XV, no. 2, section 7.1.1 and table 130.

Have your total employment costs calculated. A 0.40 percentage point increase in the Aof contribution means an extra €4,000 a year on €1 million of pay subject to Aof contributions, before the effect of other changes.

The income-related contribution under the Healthcare Insurance Act will also rise according to the budget of the Ministry of Health, Welfare and Sport (VWS): the employer levy will increase from 6.10% to 6.27%. The lower rate paid directly by, among others, self-employed people and pensioners will increase from 4.85% to 5.02%. The applicable rate depends on your situation, and contributions are subject to an income ceiling. Include this proposed increase separately in your budget. VWS budget 2027, table 77.

Youth minimum wage is set to rise under the plans

The government intends to increase the youth minimum wage for employees aged 16 to 20 inclusive from 1 January 2027. This is separate from the usual six-monthly indexation of the minimum wage. Allow for this additional increase if you employ young people, using the final officially adopted amounts in your budget. Government plan for the youth minimum wage.

Two changes to the Work Related Costs Scheme

Already enacted: the discretionary budget under the Work Related Costs Scheme (WKR) will increase in 2027 from 2.00% to 2.16% of the first €400,000 of taxable payroll. The rate above this remains 1.18%. For a taxable payroll of at least €400,000, this means an extra €640 for tax-free reimbursements and benefits. 2025 Tax Plan, article X.

A new proposal would remove the separate exemption for staff discounts on the employer’s own products from 2027. Subject to conditions, you can designate such a discount as a benefit within the discretionary budget. It would then reduce the budget available for items such as Christmas gifts and other staff benefits. Review your WKR budget for 2027. Staff discount proposal explained.

Proposal to put the mileage allowance into law

The government intends to put the maximum tax-free mileage allowance of €0.25 into law. For 2026, this allowance can already be applied under a policy decree with retroactive effect to 1 January. It also applies to commuting, cycling and walking.

A higher allowance is not automatically compulsory; check the collective labour agreement, employment contract or staff policy. Subject to conditions, entrepreneurs using private transport for business travel can also deduct €0.25 per kilometre. Travel expenses policy decree and proposed statutory provision.

Additional employer levy on company cars

Already enacted: from 1 January 2027, an additional employer levy of 12% a year will apply to fossil-fuel passenger cars that employees are also allowed to use privately. Hybrid cars are included. The levy is generally based on the list price, including VAT and Dutch vehicle tax (BPM); for cars more than 25 years old, the fair market value applies.

Commuting counts as private use for this levy. The levy can therefore also apply where the employee drives no more than 500 private kilometres a year for the purposes of the normal company car taxable benefit. A director and major shareholder (dga) with a car provided by their own company can also be affected. The business car used personally by an entrepreneur subject to income tax is not covered by this employer levy.

A car with a list price of €50,000 will cost the employer an extra €6,000 if the levy applies for a full year. In principle, part of a calendar month also counts as a full month. 2026 Tax Plan, article IV, sections 32bc and 39j of the Wage Tax Act 1964.

A new proposal would extend the transitional exemption until 31 December 2030 inclusive. It applies to cars that the same employer first made available to employees before 1 January 2027. Under current law, this exemption ends on 17 September 2030.

Exceptions are also proposed for manual driving-school cars, temporary replacement vehicles during maintenance or repairs, and one-off short use. Specific conditions and time limits apply. Have new lease contracts and replacement vehicles reviewed in advance. Other Tax Measures 2027, article II and explanatory memorandum, section 2.2.

Slower increase in the youngtimer age threshold proposed

Under the new proposal, the previously enacted increase to 25 years from 2027 would be replaced by an age threshold of 17 years in 2027 and 20 years from 2028. For qualifying youngtimers, the taxable benefit remains 35% of the car’s fair market value.

Transitional rules for 2027 are also proposed for certain cars already in use by the same user no later than the end of 2025. Have this checked for each car. Until the new timetable has been passed into law, the previously enacted increase to 25 years remains the legal starting point for 2027. Youngtimer proposal explained.

The previously discussed greentimer scheme for used electric cars is not included in the submitted Tax Plan. Do not yet treat a possible future benefit as certain when choosing a car. Submitted bill.

Temporary motor vehicle tax reduction is ending

For qualifying business vans, motor vehicle tax is temporarily halved in the second half of 2026; a temporary zero rate applies to lorries. The Tax Plan puts this existing concession into law. Use the regular rates again in your 2027 budget. However, check your tax period: a period with a reduced rate that started in 2026 may continue into 2027. Policy decree of 17 May 2026, Government Gazette 2026, 18302, sections 2.3 and 2.4 and 2027 Tax Plan, explanatory memorandum, section 5.16.

EMPLOYMENT AND DISMISSAL

Alongside the budget proposals, there are employment laws that have already been passed or are still being prepared. They affect employers’ costs and obligations as well as employees’ rights. The commencement dates differ between measures.

Transition payments and employer compensation are different

An employee is generally entitled to a statutory transition payment when the employer dismisses them or does not renew their contract. Exceptions apply. The possible abolition of compensation for employers does not automatically remove this entitlement. UWV on transition payments.

The government intends to abolish the compensation schemes for employers from 1 January 2028, a year later than previously planned. This covers compensation following dismissal due to long-term incapacity for work and on business closure due to the employer’s retirement or death. Abolition is not yet law. SZW budget 2027, pp. 28 and 53.

For now, employers who meet the conditions can still apply for compensation. In cases of long-term incapacity for work, they must apply within six months after paying the transition payment in full. Keep the calculation, dismissal documents and proof of payment; not every amount paid is reimbursed in full. Different conditions and deadlines apply to compensation on business closure. UWV on compensation following illness and business closure.

The government also wants to link the transition payment itself more closely to training and support in finding other work. This reform is still being developed. Employers cannot therefore use this announcement as a basis to reduce a payment or deduct additional costs now. Employees do not have to give up existing rights. O&P Rijk explanation.

Shorter unemployment benefit period is postponed

The government is postponing the proposed reduction in the maximum WW unemployment benefit period from 24 to 12 months until 1 January 2029. The planned reduction in the maximum daily wage is being reversed. This daily wage helps determine the maximum level of employee insurance benefits. These budget decisions matter for termination agreements and income planning. An individual’s WW entitlement period still depends on factors including their employment history. SZW budget 2027, p. 28.

Greater security for flexible workers has already been enacted

The Greater Security for Flexible Workers Act (Wet meer zekerheid flexwerkers) has been passed by both chambers of Parliament. Most of the contract changes take effect on 1 January 2028. Senate and commencement decree.

Zero-hours contracts will then generally be replaced by contracts with fixed hours or a range of hours. For a contract with a range, the maximum is no more than 130% of the minimum hours, for example 10 to 13 hours. Exceptions exist for groups including school pupils, students, minors and people of AOW age who work limited hours. The break needed to start a new sequence of temporary contracts will also generally become longer than 36 months, instead of longer than six months. Check the exceptions and transitional rules for each contract. Enacted flexible workers law, article I.

One part starts earlier: from 31 December 2026, the statutory right to equivalent employment conditions for agency workers is extended. From 1 January 2027, hirers must also inform the supplier promptly of changes to employment conditions during the assignment. Discuss the employment conditions and supply rates for 2027 with your temporary staffing or secondment agency now. An applicable collective labour agreement may impose obligations earlier. Flexible workers law, article II and commencement dates.

Prepare for the Wtta this autumn

The Act on the Admission of Labour Suppliers (Wtta) has already been passed and is being introduced in stages. 2027 is the transition year; the admission requirement and enforcement apply from 1 January 2028. This affects not only temporary staffing agencies but also other businesses that supply workers within the scope of the Act, and their clients. Wtta commencement decree.

Suppliers wishing to use the transitional rules must register with the Netherlands Authority for the Labour Supply Market (NAU) between 1 November and 31 December 2026 inclusive. The application period for admission runs from 1 May to 30 June 2027 inclusive. Registration is therefore not the same as applying for admission. Hirers must check in good time whether their supplier will be admitted, have an exemption or be covered by transitional rules. Record these checks and the arrangements made. Official NAU timetable.

Please note: notification and record-keeping duties start on 1 January 2027. Suppliers must notify the hirer in writing or electronically, before the assignment, that the worker is being supplied. Both suppliers and hirers must record which worker is supplied through which business. Keep these records for at least seven years after the end of the calendar year in which the assignment ends. Adapt your administration in good time. Wtta, sections 12c and 12d and commencement, explanatory note, section 1b.

Suppliers will have a duty of care for migrant worker registration

The Wtta also contains an enacted duty of care concerning correct registration in the Personal Records Database (BRP). Suppliers must give workers written information in a language they understand and, where required, check that they are registered as residents. The commencement date will be set separately; 1 January 2027 remains a target date for this duty. Prepare your onboarding process and information for workers accordingly. Wtta, section 12ba and separate commencement, explanatory note, section 2d.

New proposals for support during sickness absence

The government wants to give small and medium-sized employers earlier certainty, subject to conditions, about replacing an employee who is off sick. A bill would allow them, in the second year of sickness, to focus solely on finding suitable work with another employer, with the employee’s agreement or UWV’s approval. This does not mean that the obligation to continue paying wages automatically ends after one year. Bill on the second year of sickness.

Another proposal would make the occupational physician’s assessment of the employee’s medical capacity decisive in UWV’s review of reintegration efforts. These proposals are not yet final. Continue to comply with the current obligations to pay wages and support reintegration, and discuss changes in an ongoing sickness absence case with your occupational health service or adviser. Government proposal on the reintegration review.

Greater pay transparency is being prepared

The pay transparency bill aims to give employees more information about equal pay. Among other things, it provides for information on starting pay for applicants, objective pay criteria, and information for employees on average pay for work of equal value. Introduction is intended for 2027, but parliamentary approval and a final commencement date are still needed.

Larger employers will also face reporting duties introduced in stages. The other obligations are not limited to large organisations. Review job descriptions, pay scales, bonus criteria and any unexplained pay differences now. Employees will not have a general right to request an individual colleague’s salary. Government guidance on pay transparency.

Self-employed engagements still need a practical review

A legal presumption of an employment contract based on a low hourly rate has already been enacted. It takes effect on 31 December 2026. A person earning no more than the applicable threshold can rely on this presumption, subject to conditions; the business client can provide evidence to rebut it. A higher rate does not automatically establish self-employed status. The threshold will be set separately and indexed. Legal presumption legislation and commencement date.

The government is working on a Self-Employed Persons Act and intends to submit it to the House of Representatives before summer 2027. This is not a commitment that the new rules will already apply by then. SZW budget 2027, p. 47.

The Dutch Tax Administration already checks for false self-employment and can issue additional payroll tax assessments. Together with the contractor, assess not only the contract but also how the work is actually carried out. Review this again if the working relationship changes. Waiting for a new law does not exempt you from the current rules. Dutch Tax Administration enforcement.

Other points when recruiting and retaining staff

• Wage cost benefit: from 1 January 2027, a new employer can, subject to conditions, use the remaining period of a wage cost benefit (LKV). This change has already been enacted. When hiring, check whether a new target group declaration is needed. RVO on wage cost benefits.
• Non-compete clauses: the government is preparing stricter rules, including a shorter maximum duration, a requirement to state reasons and compensation when the clause is invoked. The commencement date is not yet known. Existing clauses do not lapse because of this announcement. Have their necessity and validity checked before including or invoking them. RVO on the proposed non-compete rules.

EXPATS

Expat scheme reduced to 27 percent for many employees from 2027

This change was enacted earlier. The applicable rules depend on when the scheme was applied:

First application of the expat scheme	Maximum percentage from 2027	Salary threshold
No later than 2023	30%	Existing threshold with indexation
In 2024	27%	Existing threshold with indexation
From 2025	27%	New higher threshold with indexation

This table sets out the main rules. Actual application around the transitional dates, any interruptions, the remaining term and other conditions still matter. As an employer, check each employee’s ruling, transitional rules and salary arrangements. Expat scheme overview.

Expats need to review their personal tax returns separately

The transitional rules for partial non-resident taxpayer status end no later than 31 December 2026. This is an option in the individual’s income tax return, not in the payroll administration.

Do you still use this option as an expat, and will you remain a Dutch tax resident? Before 2027, have the effects of its expiry assessed for your shareholdings, savings, investments and foreign assets. From 2027, the normal Dutch rules for Box 2 and Box 3 will generally apply, taking tax treaties into account. This may also affect you if your 30% allowance continues. Dutch Tax Administration on partial non-resident taxpayer status.

ENTREPRENEURS AND COMPANIES

Lower deductions for self-employed people and new businesses

Already enacted: the self-employed person’s deduction will decrease from €1,200 to €900 in 2027 for entrepreneurs who meet the conditions. 2023 Tax Plan, article V.

The government also intends to reduce the new business deduction from €2,123 to €10 in 2027 and abolish it from 2028. The proposal contains no transitional rules for entrepreneurs who have already started their business. A lower deduction can also affect your income-related benefits. Check your estimated income and provisional tax assessment. New business deduction proposal explained.

The government also intends to end discretionary depreciation for new businesses from 2028 and abolish the separate deduction for new entrepreneurs with a work disability from 2029. The depreciation change will be developed through an implementing regulation. For investments, have the rules that still apply and any transitional provisions checked. 2027 Tax Plan, explanatory memorandum, section 5.5 and RVO on discretionary depreciation.

It is also proposed to reduce the working partner deduction substantially and cut the business discontinuation deduction from €3,630 to €908. The intended start is 2027; the actual commencement date will be set separately. These deductions are intended to disappear three years later. This is particularly relevant if your partner works in your business or you plan to close it. Bill on phasing out the deductions, explanatory memorandum, pp. 18‑19.

SME profit exemption remains available

Under the presented package, the SME profit exemption in 2027 remains 12.7% of profit after the entrepreneur’s deduction. It applies to entrepreneurs for income tax purposes. Where there is a loss, the exemption reduces the deductible loss. When reviewing your provisional tax assessment, have the lower deductions and this exemption calculated together. 2027 Tax Plan, explanatory memorandum, table 1, p. 35 and Dutch Tax Administration guidance.

Older entrepreneurs planning to stop should check the IOAZ

The government intends to close the IOAZ scheme to new entrants from 1 January 2028. Subject to conditions, this income support scheme can help if you are aged 55 or over, have not yet reached AOW age and stop running your business because of insufficient income. Existing benefits would continue under the plan. The legislative process still needs to be completed. Contact your municipality before closing your business and have your entitlement, the application deadline and the transitional rules assessed. SZW budget 2027, p. 63 and IOAZ conditions.

Higher deduction for energy-efficient investments

The government intends to increase the Energy Investment Allowance (EIA) from 40% to 45.5% in 2027. This is an additional deduction from profit, not a refund of 45.5% of your investment. Ask your adviser to check in advance whether your investment qualifies and whether its timing makes a difference. 2027 Tax Plan, explanatory memorandum, p. 44.

Broader simplified calculation under the innovation box

Qualifying companies can use a simplified calculation under the innovation box. Under this calculation, 25% of profit is allocated to the innovation box. The government intends to increase the maximum profit allocated in this way from €25,000 to €100,000 a year in 2027. This is therefore not a €100,000 tax credit. The eligibility requirements remain in place. Innovation box proposal explained.

Share options at startups and scale-ups

The government proposes a more favourable scheme for employees of recognised startups and scale-ups. In principle, taxation would move to the sale of the acquired shares, and 65% of the qualifying benefit would be taxed. Earlier taxation would remain possible under certain conditions. Events such as emigration or the loss of RVO approval could also trigger earlier taxation.

An assessment by RVO is required. European state aid conditions also apply, as does, in principle, a minimum period of two years between the grant and sale. The intended start is 1 January 2027, but the commencement date will be set by royal decree. The scheme therefore does not automatically apply to every company or share plan. Share options bill, articles III and XI and explanatory memorandum, section 1.2.

General tax rates for companies and shareholders

Under the presented package, the general corporate income tax rates remain 19% on the first €200,000 of taxable profit and 25.8% above that amount. The regular Box 2 rates remain 24.5% and 31%; according to the tax rates and allowances table, the threshold between the two brackets will be €69,607 per person in 2027. Have a dividend distribution assessed together with your other income and assets. 2027 tax rates and allowances table.

Currency hedging for foreign shareholdings

Does your company hedge the currency risk on a foreign shareholding? For financial years starting on or after 1 January 2027, the government intends to exclude the currency result already priced into that hedge from the participation exemption. This element would then form part of the ordinary profit calculation. Have current financing and hedging contracts reviewed, including the proposed transitional rules. 2027 Tax Plan, article XIX and explanatory memorandum, section 5.11.

OTHER MEASURES TO KEEP IN MIND

• The government intends to continue the excise duty reduction on both petrol and diesel in 2027 and gradually phase it out in 2028. The diesel measure and the revised phase-out will be developed through an amendment to the bill. Covering letter, p. 5.
• Air passenger tax will have distance-based rates from 2027. The government intends to increase the rate for long-haul flights by less than previously decided. Transport proposals explained.
• The maximum income on which tax-supported pension or annuity savings can be built up is intended to remain €137,800 from 2027 to 2032 inclusive. This is an income ceiling, not a maximum contribution amount. 2027 Tax Plan, article LVII and explanatory memorandum, section 5.8.
• The government intends to abolish the deduction for specific healthcare expenses from 2028. Compensation for people with chronic illnesses is still being developed. Income proposals explained.
• It is proposed to increase VAT on ornamental horticultural products and balloon flights from 9% to 21% from 2028. VAT proposals explained.
• There are also proposals for annual indexation of alcohol excise duties from 2027, abolition of the excise duty discount for small breweries from 2028, and higher tax on drinking water from 2027. Alcohol and drinking water.
• From 2028, the energy tax reduction per connection is intended to be limited to households. This announced plan falls outside the tax package submitted today and could increase businesses’ energy costs. Covering letter to the 2027 Tax Plan, p. 3.

The package contains additional measures for specific sectors and international situations, including housing associations, forestry, waste processing, cross-border shareholder situations and the global minimum tax. This newsletter is a selection for our clients, not an overview of all government plans. Official Tax Plan documents and RVO and KVK overview.

WHAT YOU CAN DO NOW

• Update your budget for 2027, including staff costs, the WKR and business cars. Distinguish between enacted changes and plans that are still uncertain.
• Arrange a review of flexible contracts, arrangements for hiring workers from suppliers, pay policies and the use of self-employed contractors. Record the Wtta deadlines and update your records for hiring and supplying workers.
• Review ongoing dismissal and sickness absence cases, including payment of the transition payment and the deadline for any compensation application.
• As an employer, check the expat scheme for each employee. As an expat, have your personal asset position assessed separately.
• Discuss planned investments, property purchases, dividend distributions and business closures with your adviser in good time. As an older entrepreneur, also investigate a possible IOAZ entitlement before stopping.
• Review your green investments, gift arrangements and any interests in foreign investment funds.
• As an entrepreneur, check your provisional tax assessment and any advance payments of income-related benefits.
• For major decisions, have the financial impact calculated under both current law and the proposed alternative. Include financing, contractual obligations and the risk of delay.