To amend the Internal Revenue Code of 1986 to provide that new income tax deductions, credits, exclusions and other benefits shall be allowed only if the projected Federal budget deficit meets certain deficit targets.
Balanced Budget Dividend Act - Amends the Internal Revenue Code to prohibit the allowance of new income tax benefits for a fiscal year if there is a deficit reduction shortfall. Declares that there is a deficit reduction shortfall for any fiscal year if the projected deficit exceeds the target deficit. Requires such deficits to be specified in the first concurrent resolution on the budget.
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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