Corporate Welfare Reform Act

Corporate Welfare Reform Act - Establishes the Corporate Independence Commission to study reductions in corporate subsidies to reduce the Federal budget deficit. Authorizes appropriations.

Sets forth procedures for making recommendations for corporate subsidy reductions. Directs the Chairman of the Commission to develop and publish criteria to be used in making such recommendations based on specified factors, including the number and income categories of individuals affected. Requires the Commission, during every Congress, to identify and review corporate subsidies and, after weighing each subsidy's cost against its value in creating jobs, publish a report recommending corporate subsidy reductions sufficient to raise specified amounts of revenue and alternative methods for funding such subsidies. Directs the Comptroller General to report to the President on the Commission's recommendations. Provides for: (1) the President's approval or disapproval of the recommendations contained in the Commission's report; (2) transmission of a revised list of recommendations for the President's approval; and (3) introduction of legislation to make approved reductions.

Establishes a Joint Committee on Corporate Subsidy Reduction which shall have jurisdiction over such legislation and other bills and resolutions which would accomplish the Government-wide reduction or elimination of corporate subsidies.

Sets forth congressional procedures for consideration of the legislation.

Provides that 45 days after the introduction of a bill under this Act in the House or the Senate, the Commission is authorized to reduce or eliminate any identified corporate subsidy to the extent specified in the transmitted recommendations unless: (1) a joint resolution disapproving all such recommendations becomes law; or (2) a bill introduced under this Act, a bill reported from the Joint Committee, or a bill with respect to which the Joint Committee has been discharged from further consideration becomes law.