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HR 2860 105th Congress House

Budget Surplus Dividend Act of 1997

Official title: To amend the Internal Revenue Code of 1986 to use 50 percent of any Federal budget surplus in the general fund for reductions in Social Security taxes and to p… Show full official titleShow less

Official title: To amend the Internal Revenue Code of 1986 to use 50 percent of any Federal budget surplus in the general fund for reductions in Social Security taxes and to provide that the remainder of the surplus shall be used to increase discretionary nondefense spending and to reduce the outstanding public debt.

Introduced: November 6, 1997 Introduced by: Schumer, Charles E. Democratic · New York See on congress.gov
Economics and Public Finance Balanced budgetsBudget surplusesFederal budgetsFederal receipts and expenditures
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Income taxPersonal income taxPublic debtSocial WelfareSocial security taxesTax creditsTaxation
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This bill died when the 105th Congress ended
It never became law before the 105th Congress (1997–1998) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 5 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Nov 18, 1997
Referred to the Subcommittee on Social Security.
Nov 6, 1997
Referred to House Ways and Means
Nov 6, 1997
Introduced in House
Nov 6, 1997
Referred to House Budget
Nov 6, 1997
Referred to the Committee on Ways and Means, and in addition to the Committee on the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
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 Latest action November 18, 1997

Referred to the Subcommittee on Social Security.

 Plain-English summary Congressional Research Service

Budget Surplus Dividend Act of 1997 - Amends the Internal Revenue Code to allocate credits to taxpayers for social security taxes, during any year in which there is a Federal budget surplus of more than $1 billion, so as to utilize 50 percent of such surplus. Requires that, during any such year, the remainder of such surplus shall be split and used to: (1) reduce the outstanding public debt; and (2) increase nondefense discretionary spending limits.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 3
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APA
U.S. Congress. (2026). H.R. 2860: Budget Surplus Dividend Act of 1997. 105th Congress. Open America. https://openamerica.io/bill/105-HR-2860/
MLA
"H.R. 2860: Budget Surplus Dividend Act of 1997." 105th Congress, 2026, Open America, https://openamerica.io/bill/105-HR-2860/.
Bluebook (legal)
H.R. 2860, 105th Cong. (2026), https://openamerica.io/bill/105-HR-2860/.
Markdown link
[H.R. 2860: Budget Surplus Dividend Act of 1997](https://openamerica.io/bill/105-HR-2860/)
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