[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[S. 800 Referral Instructions Senate (RIS)]







105th CONGRESS
  1st Session
                                 S. 800

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


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                              May 23, 1997

  Mr. Abraham (for himself, Mr. Kyl, Mr. Brownback, Mr. Ashcroft, Mr. 
Sessions, Mr. Hutchinson, Mr. Faircloth, and Mr. Allard) introduced the 
 following bill; which was read twice and referred jointly pursuant to 
  the order of August 4, 1977, as modified by the order of April 11, 
 1986, to the Committees on the Budget and Governmental Affairs, with 
 instructions that if one Committee reports, the other Committee have 
                 thirty days to report or be discharged

_______________________________________________________________________

                                 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 ``Economic Growth Dividend Protection 
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>