Distorting Subsidies Limitation Act of 1997 - Amends the Internal Revenue Code to impose an excise tax on any person engaged in a trade or business who derives any benefit from any targeted subsidy provided by a State or local government. Defines such a subsidy as one which is designed to encourage a business to locate or remain in a particular jurisdiction. Denies a tax exemption for any interest earned on bonds which provide such subsidies. Prohibits the use of Federal funds to provide such a subsidy.
Introduced in House
Introduced in House
Sponsor introductory remarks on measure. (CR E2358)
Referred to the House Committee on Ways and Means.
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