S.1376 - Corporate Subsidy Review, Reform, and Termination Act of 1996104th Congress (1995-1996)
|Sponsor:||Sen. McCain, John [R-AZ] (Introduced 11/01/1995)|
|Committees:||Senate - Governmental Affairs|
|Committee Reports:||S. Rept. 104-352|
|Latest Action:||08/27/1996 Placed on Senate Legislative Calendar under General Orders. Calendar No. 567. (All Actions)|
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Subject — Policy Area:
- Economics and Public Finance
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Summary: S.1376 — 104th Congress (1995-1996)All Bill Information (Except Text)
Reported to Senate amended (08/27/1996)
Corporate Subsidy Review, Reform, and Termination Act of 1996 - Defines the term "inequitable Federal subsidy." Establishes an independent Corporate Subsidy Review, Reform, and Termination Commission to: (1) examine the programs and tax laws of the Federal Government and identify those that provide inequitable Federal subsidies; (2) review inequitable Federal subsidies; and (3) submit a report to the President and the Congress in order to ensure fairness and equity in the operation and application of such existing programs or tax laws. Directs the Commission to limit its recommendations to the termination or reform of payments, benefits, services, or tax advantages, rather than the termination of Federal agencies and departments. Authorizes the Comptroller General of the United States to provide assistance, including the detailing of employees, to the Commission in accordance with an agreement entered into with the Commission. Requires the Commission and the Comptroller General to consult with certain congressional committees before entering into such agreement. Authorizes appropriations to the Commission and the Comptroller General.
Sets forth procedures for Federal departments and agencies, the Commission, and the President for making recommendations to terminate inequitable Federal subsidies. Provides a special review requirement for international trade programs. Sets forth requirements for Commission reports and for congressional consideration of any subsequent Presidential recommendations.