‘‘(ii) all shareholders, partners, mem-
bers, or beneficiaries of a corporation, 
partnership, association, or trust or estate, 
respectively, shall be treated as a single 
beneficiary; 
‘‘(iii) all employees of an employer 
shall be treated as a single beneficiary; 
‘‘(iv) all qualified plans of an em-
ployer shall be treated as a single bene-
ficiary; 
‘‘(v) all beneficiaries of a qualified 
plan shall be treated as a single bene-
ficiary; 
‘‘(vi) all contributors to a charitable 
organization shall be treated as a single 
beneficiary; 
‘‘(vii) all holders of the same bond 
issue shall be treated as a single bene-
ficiary; and 
‘‘(viii) if a corporation, partnership, 
association, trust or estate is the bene-
ficiary of a provision, the shareholders of 
the corporation, the partners of the part-
nership, the members of the association, or 
the beneficiaries of the trust or estate shall 
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not also be treated as beneficiaries of such 
provision; 
‘‘(C) for the purpose of this paragraph, the 
term ‘revenue-losing provision’ means any pro-
vision that is estimated to result in a reduction 
in Federal tax revenues (determined with re-
spect to either present law or any provision of 
which the provision is a part) for any one of the 
two following periods— 
‘‘(i) the first fiscal year for which the 
provision is effective; or 
‘‘(ii) the period of the 5 fiscal years 
beginning with the first fiscal year for 
which the provision is effective; and 
‘‘(D) the terms used in this paragraph 
shall have the same meaning as those terms 
have generally in the Internal Revenue Code of 
1986, unless otherwise expressly provided. 
‘‘EXPIRATION 
‘‘SEC. 1018. This title shall have no force or effect 
on or after October 1, 2031.’’. 
SEC. 3. TECHNICAL AND CONFORMING AMENDMENTS. 
(a) EXERCISE OF RULEMAKING POWERS.—Section 
904 of the Congressional Budget Act of 1974 (2 U.S.C. 
621 note) is amended— 
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(1) in subsection (a), by striking ‘‘1017’’ and 
inserting ‘‘1012’’; and 
(2) in subsection (d), by striking ‘‘section 
1017’’ and inserting ‘‘section 1012’’. 
(b) ANALYSIS
BY CONGRESSIONAL BUDGET OF-
FICE.—Section 402 of the Congressional Budget Act of 
1974 is amended by inserting ‘‘(a)’’ after ‘‘402.’’ and by 
adding at the end the following new subsection: 
‘‘(b) Upon the receipt of a special message under sec-
tion 1011 proposing to cancel any item of direct spending, 
the Director of the Congressional Budget Office shall pre-
pare an estimate of the savings in budget authority or out-
lays resulting from such proposed cancellation relative to 
the most recent levels calculated consistent with the meth-
odology used to calculate a baseline under section 257 of 
the Balanced Budget and Emergency Deficit Control Act 
of 1985 and included with a budget submission under sec-
tion 1105(a) of title 31, United States Code, and transmit 
such estimate to the chairmen of the Committees on the 
Budget of the House of Representatives and Senate.’’. 
(c) CLERICAL AMENDMENTS.—(1) Section 1(a) of 
the Congressional Budget and Impoundment Control Act 
of 1974 is amended by striking the last sentence. 
(2) Section 1022(c) of such Act (as redesig-
nated) is amended is amended by striking ‘‘re-
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scinded or that is to be reserved’’ and insert ‘‘can-
celed’’ and by striking ‘‘1012’’ and inserting 
‘‘1011’’. 
(3) TABLE OF CONTENTS.—The table of con-
tents set forth in section (b) of the Congressional 
Budget and Impoundment Control Act of 1974 is 
amended by deleting the contents for parts B and C 
of title X and inserting the following: 
‘‘PART B—LEGISLATIVE LINE-ITEM VETO 
‘‘Sec. 1011. Line item veto authority. 
‘‘Sec. 1012. Procedures for expedited consideration. 
‘‘Sec. 1013. Presidential deferral authority. 
‘‘Sec. 1014. Identification of targeted tax benefits. 
‘‘Sec. 1015. Treatment of cancellations. 
‘‘Sec. 1016. Reports by comptroller general. 
‘‘Sec. 1017. Definitions. 
‘‘Sec. 1018. Expiration. 
‘‘Sec. 1019. Suits by Comptroller General. 
‘‘Sec. 1020. Proposed Deferrals of budget authority.’’. 
(d) EFFECTIVE DATE.—The amendments made by 
this Act shall take effect on the date of its enactment and 
apply only to any dollar amount of discretionary budget 
authority, item of direct spending, or targeted tax benefit 
provided in an Act enacted on or after the date of enact-
ment of this Act. 
SEC. 4. SENSE OF CONGRESS ON ABUSE OF PROPOSED 
CANCELLATIONS. 
It is the sense of Congress no President or any execu-
tive branch official should condition the inclusion or exclu-
sion or threaten to condition the inclusion or exclusion of 
any proposed cancellation in any special message under 
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this section upon any vote cast or to be cast by any Mem-
ber of either House of Congress. 
Æ 
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