Taxpayer Protection Lock-box Act of 1999

Taxpayer Protection Lock-box Act of 1999 - Amends the Congressional Budget Act of 1974 to require the Director of the Congressional Budget Office (CBO) to maintain a Taxpayer Protection Lock-box Ledger which shall be divided into entries corresponding to the subcommittees of the Committees on Appropriations. Requires each entry to consist of three parts: (1) the House Lock-box Balance; (2) the Senate Lock-box Balance; and (3) the Joint House-Senate Lock-box Balance. Requires the CBO Director, upon the engrossment of any appropriation bill by the House of Representatives and upon the engrossment of that bill by the Senate, to credit to the applicable entry balance of that House amounts of new budget authority and outlays equal to the net amounts of reductions in new budget authority and in outlays resulting from amendments agreed to by that House to that bill. Specifies the amounts to be credited to the Joint House-Senate Lock-box Balance.

(Sec. 3) Requires a running tally to be available to Members of the House of Representatives and the Senate, during the consideration of any appropriations bill, of the amendments adopted reflecting increases and decreases of budget authority in such bill as reported.

(Sec. 4) Provides for the downward adjustment of: (1) allocations for the House and Senate upon the engrossment of House or Senate amendments to any appropriation bill; and (2) suballocations, whenever a such a downward adjustment is made to an allocation.

(Sec. 5) Requires the CBO Director to include an up-to-date tabulation of the amounts contained in the Taxpayer Protection Lock-box Ledger and each entry in periodic reports.

(Sec. 6) Requires the downward adjustment of discretionary spending limits by amounts set forth in the final regular appropriation bill for the fiscal year or joint resolution making continuing appropriations through the end of such fiscal year. Provides that such amounts shall be the sums of the Joint House-Senate Lock-box Balances for that fiscal year.

(Sec. 8) Requires the Director of the Office of Management and Budget (OMB) to calculate stimulative effect (effect of stimulating savings, investment, job creation, and economic growth) by determining the amount by which actual revenues exceed specified projected levels of revenues for FY 1999 through 2009 and to estimate the amount of the excess (fiscal dividend excess) attributable to provisions of the Balanced Budget Act of 1997 reducing revenues. Provides for CBO certification of such estimates and projections or the submission of revised estimates by CBO in the case of disagreement.

Authorizes the President, if the OMB Director determines that a fiscal dividend excess exists, to: (1) direct the Secretary of the Treasury to pay an amount not exceeding such excess to retire U.S. debt obligations; (2) submit a legislative proposal to the Congress for reducing taxes by the amount of excess not dedicated to deficit reduction; or (3) submit a legislative proposal to the Congress for saving social security by the amount of the excess not dedicated to deficit reduction or tax relief. Sets forth an expedited procedure for consideration of such proposals.

Directs the President, if tax reductions or social security reforms are not enacted by December 31 of the year of the submission of a legislative proposal for reducing taxes, to pay an amount equal to the amount by which revenues are not reduced to deficit reduction.