[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2496 Introduced in House (IH)]







105th CONGRESS
  1st Session
                                H. R. 2496

   To create a tax cut reserve fund to protect revenues generated by 
                            economic growth.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 18, 1997

Mr. Boehner (for himself, Mr. Armey, Mr. Blunt, Mr. Burton of Indiana, 
 Mr. Chabot, Mr. Coble, Mr. Cooksey, Mr. Cox of California, Mr. Crane, 
Mr. Crapo, Mr. Doolittle, Mr. English of Pennsylvania, Mr. Gibbons, Mr. 
      Istook, Mr. Sam Johnson of Texas, Mr. Kasich, Mr. Klug, Mr. 
   Knollenberg, Mr. Linder, Mr. McIntosh, Mr. Miller of Florida, Mr. 
 Neumann, Mrs. Northup, Mr. Peterson of Pennsylvania, Mr. Redmond, Mr. 
  Rogan, Mr. Saxton, Mr. Bob Schaffer of Colorado, Mr. Sessions, Mr. 
 Shadegg, Mr. Snowbarger, Mr. Solomon, and Mr. Sununu) introduced the 
   following bill; which was referred to the Committee on the Budget

_______________________________________________________________________

                                 A BILL


 
   To create a tax cut reserve fund to protect revenues generated by 
                            economic growth.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Taxpayer Dividend Act of 1997''.

SEC. 2. ECONOMIC GROWTH PROTECTION.

    Section 252 of the Balanced Budget and Emergency Deficit Control 
Act of 1985 (2 U.S.C. 902) is amended by adding at the end the 
following:
    ``(f) Economic Growth Protection.--
            ``(1) Estimate.--OMB shall, for any amount by which 
        revenues for a budget year and any out-years through fiscal 
        year 2002 exceed the revenue target absent growth, estimate the 
        excess and include such estimate as a separate entry in the 
        report prepared pursuant to subsection (d) at the same time as 
        the OMB sequestration preview report is issued.
            ``(2) Inclusion in scorecard.--OMB shall include the amount 
        of any change in revenues determined pursuant to paragraph (1) 
        as a deficit decrease under this part in the estimates and 
        reports required by subsection (b) and section 254 unless such 
        amount is offset by legislation enacted in compliance with 
        paragraph (3).
            ``(3) Use of adjustment.--An amount not to exceed the 
        amount of deficit decrease determined under paragraph (2) may 
        be offset by legislation decreasing revenues.
            ``(4) Revenue target absent growth.--For purposes of this 
        subsection, the revenue target absent growth is--
                    ``(A) for fiscal year 1998, $1,601,800,000,000;
                    ``(B) for fiscal year 1999, $1,664,200,000,000;
                    ``(C) for fiscal year 2000, $1,728,100,000,000;
                    ``(D) for fiscal year 2001, $1,805,100,000,000; and
                    ``(E) for fiscal year 2002, $1,890,400,000,000.''

SEC. 3. CONGRESSIONAL PAY-AS-YOU-GO.

    Legislation decreasing revenues in compliance with section 
252(f)(3) of the Balanced Budget and Emergency Deficit Control Act of 
1985, as added by section 2, shall be considered to be in order for 
purposes of section 202 of House Concurrent Resolution 202 (104th 
Congress).
                                 <all>