Small Business Common Sense and Fairness Act of 1998

Small Business Common Sense and Fairness Act of 1998 - Directs the Administrator of the Small Business Administration (SBA) to review the size standards of industries with the Standard Industrial Classification Codes of 15, 16, and 17 which were excluded in the 1994 SBA inflationary adjustment and to adjust such standards for inflation for the purpose of deeming an enterprise in any such industry as a small business.

Requires the Administrator, at least once every five years, to: (1) review and adjust for inflation such size standard for an enterprise deemed a small business for purposes of competing for Federal contracting opportunities based solely on annual revenues; and (2) report to the Congress and the President on findings and conclusions reached upon such review.