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HR 2860 105th Congress House Economics and Public Finance Balanced budgets Budget surpluses Federal budgets Federal receipts and expenditures Income tax Personal income tax Public debt Social Welfare Social security taxes Tax credits Taxation

Budget Surplus Dividend Act of 1997

Introduced: November 6, 1997 Introduced by: Schumer, Charles E. Democratic · New York See on congress.gov
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 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.
 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.

What's happening now November 18, 1997

Referred to the Subcommittee on Social Security.

 Committees of jurisdiction 3