(4) At the end, add the following new para-
graphs:
‘‘(6) ‘legislative day’ means, with respect to ei-
ther House of Congress, any calendar day during
which that House is in session;
‘‘(7) ‘appropriation Act’ means any general or
special appropriation Act, and any Act or joint reso-
lution making supplemental, deficiency, or con-
tinuing appropriations; and
‘‘(8) ‘limited tax benefit’ means—
‘‘(i) any revenue-losing provision which
provides a Federal tax deduction, credit, exclu-
sion, or preference to 100 or fewer beneficiaries
under the Internal Revenue Code of 1986 in
any fiscal year for which the provision is in ef-
fect; or
‘‘(ii) any Federal tax provision which pro-
vides temporary or permanent transitional relief
for 10 or fewer beneficiaries in any fiscal year
from a change to the Internal Revenue Code of
1986.
‘‘(B) A provision shall not be treated as de-
scribed in subparagraph (A)(i) if the effect of that
provision is that—
‘‘(i) all persons in the same industry or en-
gaged in the same type of activity receive the
same treatment;
‘‘(ii) all persons owning the same type of
property, or issuing the same type of invest-
ment, receive the same treatment; or
‘‘‘(iii) any difference in the treatment of
persons is based solely on—
‘‘(I) in the case of businesses and as-
sociations, the size or form of the business
or association involved;
‘‘(II) in the case of individuals, gen-
eral demographic conditions, such as in-
come, marital status, number of depend-
ents, or tax return filing status;
‘‘(III) the amount involved; or
‘‘(IV) a generally-available election
under the Internal Revenue Code of 1986.
‘‘(C) A provision shall not be treated as de-
scribed in subparagraph (A)(ii) if—
‘‘(i) it provides for the retention of prior
law with respect to all binding contracts or
other legally enforceable obligations in existence
on a date contemporaneous with congressional
action specifying such date; or
‘‘(ii) it is a technical correction to pre-
viously enacted legislation that is estimated to
have no revenue effect.
‘‘(D) For purposes of subparagraph (A)—
‘‘(i) all businesses and associations which
are related within the meaning of sections
707(b) and 1563(a) of the Internal Revenue
Code of 1986 shall be treated as a single bene-
ficiary;
‘‘(ii) all qualified plans of an employer
shall be treated as a single beneficiary;
‘‘(iii) all holders of the same bond issue
shall be treated as a single beneficiary; and
‘‘(iv) if a corporation, partnership, associa-
tion, trust, or estate is the beneficiary of a pro-
vision, the shareholders of the corporation, the
partners of the partnership, the members of the
association, or the beneficiaries of the trust or
estate shall not also be treated as beneficiaries
of such provision.
‘‘(E) For purposes of this paragraph, the term
‘revenue-losing provision’ means any provision which
results in a reduction in Federal tax revenues for
any one of the two following periods—
‘‘(i) the first fiscal year for which the pro-
vision is effective; or
‘‘(ii) the period of the 5 fiscal years begin-
ning with the first fiscal year for which the pro-
vision is effective.
‘‘(F) The terms used in this paragraph shall
have the same meaning as those terms have gen-
erally in the Internal Revenue Code of 1986, unless
otherwise expressly provided.’’.
SEC. 5. DEFERRALS PENDING RESCISSIONS.
(a) RESCISSION OF BUDGET AUTHORITY.—Section
1012 of the Impoundment Control Act of 1974 is amended
by striking ‘‘(a)’’ and by striking subsection (b).
(b) DEFERRALS.—Section 1014 of the Impoundment
Control Act of 1974 (as redesignated) is amended by—
(1) striking ‘‘PROPOSED DEFERRALS OF BUDG-
ET AUTHORITY’’ and inserting ‘‘DEFERRALS’’ in the
heading of the section;
(2) striking the last sentence of subsection (a)
and inserting ‘‘A deferral may not extend beyond the
end of the fiscal year in which it begins.’’;
(3) amending subsection (c) to read as follows:
‘‘(c) TEMPORARY DEFERRAL WHILE RESCISSION
REQUESTS ARE PENDING.—The President may defer the
obligation of budget authority subject to rescission under
sections 1012 or 1013, or defer the implementation of any
limited tax benefit subject to rescission under section
1013, but only if a special message requesting the rescis-
sion of that budget authority or limited tax benefit has
been transmitted to Congress under the applicable sec-
tion.’’; and
(4) by adding at the end the following new sub-
sections:
‘‘(d) RELEASE
OF DEFERRALS.—Any amount of
budget authority proposed to be rescinded under section
1012 shall be made available for obligation within 45 cal-
endar days of continuous session of Congress after the day
on which it was first deferred under subsection (c) unless
it has previously been rescinded by enactment of a statute.
Any amount of budget authority or any limited tax benefit
proposed to be rescinded under section 1013 shall be made
available for obligation or shall be implemented as pro-
vided by law, as the case may be, within 30 calendar days
of continuous session of Congress after the day on which
the applicable special message was transmitted to Con-
gress unless it has previously been rescinded by enactment
of a statute.
‘‘(e) PROHIBITION ON REPEATED IMPOUNDMENTS.—
Any budget authority or limited tax benefit proposed for
rescission under section 1012 or section 1013 may not be
proposed for rescission under this Act more than once.’’.
SEC. 6. CONFORMING AMENDMENTS.
(a) TABLE OF CONTENTS.—The table of sections as
set forth in section 1(b) of the Congressional Budget and
Impoundment Control Act of 1974 is amended—
(1) by redesignating the items relating to sec-
tions 1013 through 1017 as items relating to sec-
tions 1014 through 1018;
(2) by inserting after the item relating to sec-
tion 1012 the following new item:
‘‘Sec. 1013. Requests for expedited consideration.’’;
(3) by amending the item relating to section
1014 (as redesignated) to read as follows:
‘‘Sec. 1014. Deferrals.’’;
and
(4) by inserting at the end the following new
item:
‘‘Sec. 1019. Expedited procedures in House and Senate.’’
(b) EXERCISE OF RULEMAKING POWERS.—Section
904 of such Act (2 U.S.C. 621 note) is amended—
(1) by striking ‘‘and 1017’’ in subsection (a)
and inserting ‘‘1013, and 1018’’; and
(2) by striking ‘‘section 1017’’ in subsection (d)
and inserting ‘‘sections 1013 and 1018’’.