Economic Growth Incentive Act of 1997

TABLE OF CONTENTS:

Title I: Reduction in Individual Income Taxes

Title II: Incentive for Purchase of American-Made Property

Title III: Surface Transportation Programs

Title IV: Relief from Credit Crunch

Title V: Cap on Federal Employment

Title VI: Reduction in Federal Overhead Expenses

Economic Growth Incentive Act of 1997 - Title I: Reduction in Individual Income Taxes - Amends the Internal Revenue Code to reduce individual income taxes.

Title II: Incentive for Purchase of American-Made Property - Allows an itemized deduction for State and local general sales taxes imposed on the retail sale of American-made property.

Title III: Surface Transportation Programs - Amends the Intermodal Surface Transportation Efficiency Act of 1991 to repeal the obligation ceiling for Federal-aid highways and highway safety construction programs.

Authorizes appropriations for FY 1998 through 2000 for: (1) highway programs; (2) donor State bonus amounts; (3) apportionment adjustments; (4) set asides for interstate discretionary projects; (5) the discretionary bridge program; (6) national high-speed ground transportation programs; (7) the highway timber bridge program; (8) highway use tax evasion projects; (9) the scenic byways program; (10) construction of ferry boats and ferry terminal facilities; (11) certain highway safety programs; (12) Federal Transit Act authorizations; and (13) the motor carrier safety grant program.

Removes the highway safety obligation ceilings.

Amends the Internal Revenue Code to extend the authority to make expenditures from the Highway Trust Fund until September 30, 2000.

Title IV: Relief from Credit Crunch - Expresses the sense of the Congress that: (1) the current "credit crunch" should be eased by making it easier for businesses and individuals to obtain loans and leases; and (2) State banking authorities and the appropriate Federal banking agencies should more sensibly apply the requirements on loan loss reserves so as not to punish or restrain responsible borrowers.

Title V: Cap on Federal Employment - Prohibits the number of Federal employees from exceeding such number on the date of enactment of this Act. Rescinds all unobligated amounts that were appropriated before such date to pay the salary, wages, or benefits for a position not filled on that date.

Title VI: Reduction in Federal Overhead Expenses - Rescinds ten percent of all unobligated amounts that were appropriated before the date of enactment of this Act to pay overhead expenses of any Federal agency. Reduces authorizations for any fiscal year to pay overhead expenses of any Federal agency by ten percent.