Line Item Veto Act

Line Item Veto Act - Amends the Congressional Budget and Impoundment Control Act of 1974 to authorize the President to cancel in whole any dollar amount of discretionary budget authority, any item of new direct spending, or any limited tax benefit signed into law, if the President: (1) determines that such cancellation will reduce the Federal budget deficit and will not impair essential Government functions or harm the national interest; and (2) notifies the Congress of any such cancellation within five calendar days after enactment of the law providing such amount, item, or benefit. Requires the President, in identifying cancellations, to consider legislative histories and information referenced in law.

Provides that the President's authority shall not apply to any cancellation contained in an enacted disapproval bill (a bill or joint resolution of prescribed language which only disapproves one or more cancellations contained in a special message transmitted by the President).

Directs the President, for each law from which a cancellation has been made, to transmit to the Congress a single special message identifying the amounts, items, and benefits cancelled and setting forth: (1) the President's determinations under this Act; (2) the reasons for the cancellation; (3) the estimated fiscal, economic, budgetary, and program effects; (4) the adjustments to discretionary spending limits and effects upon the sequestration procedures; and (5) with respect to the cancellation of any such amount or item, information on the affected Government entities, States, and congressional districts. Requires such special message to be transmitted to the House of Representatives and the Senate within five days after enactment of the law to which the cancellation applies.

Makes any such cancellation effective on the date the special message is received in the House and Senate. Makes such cancellations that are disapproved by an enacted disapproval bill null and void.

Requires the Office of Management and Budget to: (1) estimate the reduction in Federal budget authority and outlays that result from such a cancellation, including reductions to discretionary spending limits for each fiscal year; (2) estimate the deficit decrease that will result from such cancellation; and (3) reduce the Federal spending caps by the amount of such estimated reduction (after the expiration of the time period for congressional consideration of a disapproval bill, plus ten days). Requires the Director of the Congressional Budget Office to submit to the Senate and House Budget Committees an estimate of the reduction in budget authority and outlays resulting from a cancellation for each outyear.

Outlines procedures and provides 30 days for the expedited congressional consideration of disapproval bills for cancellations in special messages received from the President.

Defines a "limited tax benefit" as: (1) any revenue-losing provision which provides a Federal tax deduction, credit, exclusion, or preference to 100 or fewer beneficiaries; and (2) any Federal tax provision change which provides temporary or permanent transitional relief for ten or fewer beneficiaries. Specifies exceptions.

Directs the Joint Committee on Taxation (JCT) to: (1) review any revenue or reconciliation bill or joint resolution which includes any amendment to the Internal Revenue Code (IRC) that is being prepared by a conference committee; (2) identify whether such bill or resolution contains any limited tax benefit; and (3) provide to the conference committee a statement identifying any limited tax benefit. Allows any revenue or reconciliation bill or joint resolution that amends the IRC and is reported by a conference committee to include as a separate section the information contained in the statement of the JCT. Limits the President's benefit cancellation authority to those benefits that are identified in such a statement or that meet the definition under this Act. Prohibits the judicial review of the identification of a limited tax benefit in a conference report.

Provides for: (1) expedited review by the U.S. District Court for the District of Columbia of an action brought by a Member of Congress or an adversely affected individual on the ground that any provision of this Act violates the Constitution; (2) review of an order of such Court by appeal directly to the Supreme Court; and (3) expedited disposition of such matter by the Supreme Court.

Makes this Act effective on the earlier of: (1) the day after the enactment of an Act to provide for a seven-year plan for deficit reduction and to achieve a balanced Federal budget; or (2) January 1, 1997. Terminates this Act on or after January 1, 2005.