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Question: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Retirement Security for Life Act of 
2004''.

SEC. 2. EXCLUSION FOR LIFETIME ANNUITY PAYMENTS.

    (a) Lifetime Annuity Payments Under Annuity Contracts.--Section 
72(b) of the Internal Revenue Code of 1986 (relating to exclusion 
ratio) is amended by adding at the end the following new paragraph:
            ``(5) Exclusion for lifetime annuity payments.--
                    ``(A) In general.--In the case of lifetime annuity 
                payments received under one or more annuity contracts 
                in any taxable year, gross income shall not include 50 
                percent of the portion of lifetime annuity payments 
                otherwise includible (without regard to this paragraph) 
                in gross income under this section. For purposes of the 
                preceding sentence, the amount excludible from gross 
                income in any taxable year shall not exceed $20,000.
                    ``(B) Cost-of-living adjustment.--In the case of 
                taxable years beginning after December 31, 2005, the 
                $20,000 amount in subparagraph (A) shall be increased 
                by an amount equal to--
                            ``(i) such dollar amount, multiplied by
                            ``(ii) the cost-of-living adjustment 
                        determined under section 1(f)(3) for the 
                        calendar year in which the taxable year begins, 
                        determined by substituting `calendar year 2004' 
                        for `calendar year 1992' in subparagraph (B) 
                        thereof.
                If any amount as increased under the preceding sentence 
                is not a multiple of $500, such amount shall be rounded 
                to the next lower multiple of $500.
                    ``(C) Application of paragraph.--Subparagraph (A) 
                shall not apply to--
                            ``(i) any amount received under an eligible 
                        deferred compensation plan (as defined in 
                        section 457(b)) or under a qualified retirement 
                        plan (as defined in section 4974(c)),
                            ``(ii) any amount paid under an annuity 
                        contract that is received by the beneficiary 
                        under the contract--
                                    ``(I) after the death of the 
                                annuitant in the case of payments 
                                described in subsection 
                                (c)(5)(A)(ii)(III), unless the 
                                beneficiary is the surviving spouse of 
                                the annuitant, or
                                    ``(II) after the death of the 
                                annuitant and joint annuitant in the 
                                case of payments described in 
                                subsection (c)(5)(A)(ii)(IV), unless 
                                the beneficiary is the surviving spouse 
                                of the last to die of the annuitant and 
                                the joint annuitant, or
                            ``(iii) any annuity contract that is a 
                        qualified funding asset (as defined in section 
                        130(d)), but without regard to whether there is 
                        a qualified assignment.
                    ``(D) Investment in the contract.--For purposes of 
                this section, the investment in the contract shall be 
                determined without regard to this paragraph.''.
    (b) Definitions.--Subsection (c) of section 72 of the Internal 
Revenue Code of 1986 is amended by adding at the end the following new 
paragraph:
            ``(5) Lifetime annuity payment.--
                    ``(A) In general.--For purposes of subsection 
                (b)(5), the term `lifetime annuity payment' means any 
                amount received as an annuity under any portion of an 
                annuity contract, but only if--
                            ``(i) the only person (or persons in the 
                        case of payments described in subclause (II) or 
                        (IV) of clause (ii)) legally entitled (by 
                        operation of the contract, a trust, or other 
                        legally enforceable means) to receive such 
                        amount during the life of the annuitant or 
                        joint annuitant is such annuitant or joint 
                        annuitant, and
                            ``(ii) such amount is part of a series of 
                        substantially equal periodic payments made not 
                        less frequently than annually over--
                                    ``(I) the life of the annuitant,
                                    ``(II) the lives of the annuitant 
                                and a joint annuitant, but only if the 
                                annuitant is the spouse of the joint 
                                annuitant as of the annuity starting 
                                date or the difference in age between 
                                the annuitant and joint annuitant is 15 
                                years or less,
                                    ``(III) the life of the annuitant 
                                with a minimum period of payments or 
                                with a minimum amount that must be paid 
                                in any event, or
                                    ``(IV) the lives of the annuitant 
                                and a joint annuitant with a minimum 
                                period of payments or with a minimum 
                                amount that must be paid in any event, 
                                but only if the annuitant is the spouse 
                                of the joint annuitant as of the 
                                annuity starting date or the difference 
                                in age between the annuitant and joint 
                                annuitant is 15 years or less.
                            ``(iii) Exceptions.--For purposes of clause 
                        (ii), annuity payments shall not fail to be 
                        treated as part of a series of substantially 
                        equal periodic payments--
                                    ``(I) because the amount of the 
                                periodic payments may vary in 
                                accordance with investment experience, 
                                reallocations among investment options, 
                                actuarial gains or losses, cost of 
                                living indices, a constant percentage 
                                applied not less frequently than 
                                annually, or similar fluctuating 
                                criteria,
                                    ``(II) due to the existence of, or 
                                modification of the duration of, a 
                                provision in the contract permitting a 
                                lump sum withdrawal after the annuity 
                                starting date, or
                                    ``(III) because the period between 
                                each such payment is lengthened or 
                                shortened, but only if at all times 
                                such period is no longer than one 
                                calendar year.
                    ``(B) Annuity contract.--For purposes of 
                subparagraph (A) and subsections (b)(5) and (w), the 
                term `annuity contract' means a commercial annuity (as 
                defined by section 3405(e)(6)), other than an endowment 
                or life insurance contract.
                    ``(C) Minimum period of payments.--For purposes of 
                subparagraph (A), the term `minimum period of payments' 
                means a guaranteed term of payments that does not 
                exceed the greater of 10 years or--
                            ``(i) the life expectancy of the annuitant 
                        as of the annuity starting date, in the case of 
                        lifetime annuity payments described in 
                        subparagraph (A)(ii)(III), or
                            ``(ii) the life expectancy of the annuitant 
                        and joint annuitant as of the annuity starting 
                        date, in the case of lifetime annuity payments 
                        described in subparagraph (A)(ii)(IV).
                For purposes of this subparagraph, life expectancy 
                shall be computed with reference to the tables 
                prescribed by the Secretary under paragraph (3). For 
                purposes of subsection (w)(1)(C)(ii), the permissible 
                minimum period of payments shall be determined as of 
                the annuity starting date and reduced by one for each 
                subsequent year.
                    ``(D) Minimum amount that must be paid in any 
                event.--For purposes of subparagraph (A), the term 
                `minimum amount that must be paid in any event' means 
                an amount payable to the designated beneficiary under 
                an annuity contract that is in the nature of a refund 
                and does not exceed the greater of the amount applied 
                to produce the lifetime annuity payments under the 
                contract or the amount, if any, available for 
                withdrawal under the contract on the date of death.''.
    (c) Recapture Tax for Lifetime Annuity Payments.--Section 72 of the 
Internal Revenue Code of 1986 is amended by redesignating subsection 
(w) as subsection (x) and by inserting after subsection (v) the 
following new subsection:
    ``(w) Recapture Tax for Modifications to or Reductions in Lifetime 
Annuity Payments.--
            ``(1) In general.--If any amount received under an annuity 
        contract is excluded from income by reason of subsection (b)(5) 
        (relating to lifetime annuity payments), and--
                    ``(A) the series of payments under such contract is 
                subsequently modified so any future payments are not 
                lifetime annuity payments,
                    ``(B) after the date of receipt of the first 
                lifetime annuity payment under the contract an 
                annuitant receives a lump sum and thereafter is to 
                receive annuity payments in a reduced amount under the 
                contract, or
                    ``(C) after the date of receipt of the first 
                lifetime annuity payment under the contract the dollar 
                amount of any subsequent annuity payment is reduced and 
                a lump sum is not paid in connection with the 
                reduction, unless such reduction is--
                            ``(i) due to an event described in 
                        subsection (c)(5)(A)(iii), or
                            ``(ii) due to the addition of, or increase 
                        in, a minimum period of payments within the 
                        meaning of subsection (c)(5)(C) or a minimum 
                        amount that must be paid in any event (within 
                        the meaning of subsection (c)(5)(D)),
        then gross income for the first taxable year in which such 
        modification or reduction occurs shall be increased by the 
        recapture amount.
            ``(2) Recapture amount.--
                    ``(A) In general.--For purposes of this subsection, 
                the recapture amount shall be the amount, determined 
                under rules prescribed by the Secretary, equal to the 
                amount that (but for subsection (b)(5)) would have been 
                includible in the taxpayer's gross income if the 
                modification or reduction described in paragraph (1) 
                had been in effect at all times, plus interest for the 
                deferral period at the underpayment rate established by 
                section 6621.
                    ``(B) Deferral period.--For purposes of this 
                subsection, the term `deferral period' means the period 
                beginning with the taxable year in which (without 
                regard to subsection (b)(5)) the payment would have 
                been includible in gross income and ending with the 
                taxable year in which the modification described in 
                paragraph (1) occurs.
            ``(3) Exceptions to recapture tax.--Paragraph (1) shall not 
        apply in the case of any modification or reduction that occurs 
        because an annuitant--
                    ``(A) dies or becomes disabled (within the meaning 
                of subsection (m)(7)),
                    ``(B) becomes a chronically ill individual within 
                the meaning of section 7702B(c)(2), or
                    ``(C) encounters hardship.''.
    (d) Lifetime Distributions of Life Insurance Death Benefits.--
            (1) In general.--Section 101(d) of the Internal Revenue 
        Code of 1986 (relating to payment of life insurance proceeds at 
        a date later than death) is amended by adding at the end the 
        following new paragraph:
            ``(4) Exclusion for lifetime annuity payments.--
                    ``(A) In general.--In the case of amounts to which 
                this subsection applies, gross income shall not include 
                the lesser of--
                            ``(i) 50 percent of the portion of lifetime 
                        annuity payments otherwise includible in gross 
                        income under this section (determined without 
                        regard to this paragraph), or
                            ``(ii) the amount in effect under section 
                        72(b)(5).
                    ``(B) Rules of section 72(b)(5) to apply.--For 
                purposes of this paragraph, rules similar to the rules 
                of section 72(b)(5) and section 72(w) shall apply, 
                substituting the term `beneficiary of the life 
                insurance contract' for the term `annuitant' wherever 
                it appears, and substituting the term `life insurance 
                contract' for the term `annuity contract' wherever it 
                appears.''.
            (2) Conforming amendment.--Section 101(d)(1) of such Code 
        is amended by inserting ``or paragraph (4)'' after ``to the 
        extent not excluded by the preceding sentence''.
    (e) Effective Date.--
            (1) In general.--The amendments made by this section shall 
        apply to amounts received in calendar years beginning after the 
        date of the enactment of this Act.
            (2) Special rule for existing contracts.--In the case of a 
        contract in force on the date of the enactment of this Act that 
        does not satisfy the requirements of section 72(c)(5)(A) of the 
        Internal Revenue Code of 1986 (as added by this section), or 
        requirements similar to such section 72(c)(5)(A) in the case of 
        a life insurance contract), any modification to such contract 
        (including a change in ownership) or to the payments thereunder 
        that is made to satisfy the requirements of such section (or 
        similar requirements) shall not result in the recognition of 
        any gain or loss, any amount being included in gross income, or 
        any addition to tax that otherwise might result from such 
        modification, but only if the modification is completed prior 
        to the date that is 2 years after the date of the enactment of 
        this Act.

Answer: Retirement Security for Life Act of 2004 - Amends the Internal Revenue Code to allow an exclusion from gross income for 50 percent of the amount otherwise includible in gross income as guaranteed payments from certain annuity or life insurance contracts. Limits the amount of such exclusion to $20,000 in any taxable year. Provides for an inflation adjustment of the $20,000 limitation beginning in 2006.


Question: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Women's Health Research and 
Prevention Amendments of 1998''.

  TITLE I--PROVISIONS RELATING TO WOMEN'S HEALTH RESEARCH AT NATIONAL 
                          INSTITUTES OF HEALTH

    SEC. 101. RESEARCH ON DRUG DES; NATIONAL PROGRAM OF EDUCATION.
    (a) Research.--Section 403A(e) of the Public Health Service Act (42 
U.S.C. 283a(e)) is amended by striking ``1996'' and inserting ``2003''.
    (b) National Program for Education of Health Professionals and 
Public.--Title XVII of the Public Health Service Act (42 U.S.C. 300u et 
seq.) is amended by adding at the end the following:


                        ``education regarding des

    ``Sec. 1710. (a) In General.--The Secretary, acting through the 
heads of the appropriate agencies of the Public Health Service, shall 
carry out a national program for the education of health professionals 
and the public with respect to the drug diethylstilbestrol (commonly 
known as DES). To the extent appropriate, such national program shall 
use methodologies developed through the education demonstration program 
carried out under section 403A. In developing and carrying out the 
national program, the Secretary shall consult closely with 
representatives of nonprofit private entities that represent 
individuals who have been exposed to DES and that have expertise in 
community-based information campaigns for the public and for health 
care providers. The implementation of the national program shall begin 
during fiscal year 1999.
    ``(b) Authorization of Appropriations.--For the purpose of carrying 
out this section, there are authorized to be appropriated such sums as 
may be necessary for each of the fiscal years 1999 through 2003. The 
authorization of appropriations established in the preceding sentence 
is in addition to any other authorization of appropriation that is 
available for such purpose.''.
    SEC. 102. RESEARCH ON OSTEOPOROSIS, PAGET'S DISEASE, AND RELATED 
      BONE DISORDERS.
    Section 409A(d) of the Public Health Service Act (42 U.S.C. 
284e(d)) is amended by striking ``and 1996'' and inserting ``through 
2003''.

SEC. 103. RESEARCH ON CANCER.

    (a) Research on Breast Cancer.--Section 417B(b)(1) of the Public 
Health Service Act (42 U.S.C. 286a-8(b)(1)) is amended--
        (1) in subparagraph (A), by striking ``and 1996'' and inserting 
    ``through 2003''; and
        (2) in subparagraph (B), by striking ``and 1996'' and inserting 
    ``through 2003''.
    (b) Research on Ovarian and Related Cancer Research.--Section 
417B(b)(2) of the Public Health Service Act (42 U.S.C. 286a-8(b)(2)) is 
amended by striking ``and 1996'' and inserting ``through 2003''.
    SEC. 104. RESEARCH ON HEART ATTACK, STROKE, AND OTHER 
      CARDIOVASCULAR DISEASES IN WOMEN.
    Subpart 2 of part C of title IV of the Public Health Service Act 
(42 U.S.C. 285b et seq.) is amended by inserting after section 424 the 
following:


    ``heart attack, stroke, and other cardiovascular diseases in women

    ``Sec. 424A. (a) In General.--The Director of the Institute shall 
expand, intensify, and coordinate research and related activities of 
the Institute with respect to heart attack, stroke, and other 
cardiovascular diseases in women.
    ``(b) Coordination With Other Institutes.--The Director of the 
Institute shall coordinate activities under subsection (a) with similar 
activities conducted by the other national research institutes and 
agencies of the National Institutes of Health to the extent that such 
Institutes and agencies have responsibilities that are related to heart 
attack, stroke, and other cardiovascular diseases in women.
    ``(c) Certain Programs.--In carrying out subsection (a), the 
Director of the Institute shall conduct or support research to expand 
the understanding of the causes of, and to develop methods for 
preventing, cardiovascular diseases in women. Activities under such 
subsection shall include conducting and supporting the following:
        ``(1) Research to determine the reasons underlying the 
    prevalence of heart attack, stroke, and other cardiovascular 
    diseases in women, including African-American women and other women 
    who are members of racial or ethnic minority groups.
        ``(2) Basic research concerning the etiology and causes of 
    cardiovascular diseases in women.
        ``(3) Epidemiological studies to address the frequency and 
    natural history of such diseases and the differences among men and 
    women, and among racial and ethnic groups, with respect to such 
    diseases.
        ``(4) The development of safe, efficient, and cost-effective 
    diagnostic approaches to evaluating women with suspected ischemic 
    heart disease.
        ``(5) Clinical research for the development and evaluation of 
    new treatments for women, including rehabilitation.
        ``(6) Studies to gain a better understanding of methods of 
    preventing cardiovascular diseases in women, including applications 
    of effective methods for the control of blood pressure, lipids, and 
    obesity.
        ``(7) Information and education programs for patients and 
    health care providers on risk factors associated with heart attack, 
    stroke, and other cardiovascular diseases in women, and on the 
    importance of the prevention or control of such risk factors and 
    timely referral with appropriate diagnosis and treatment. Such 
    programs shall include information and education on health-related 
    behaviors that can improve such important risk factors as smoking, 
    obesity, high blood cholesterol, and lack of exercise.
    ``(d) Authorization of Appropriations.--For the purpose of carrying 
out this section, there are authorized to be appropriated such sums as 
may be necessary for each of the fiscal years 1999 through 2003. The 
authorization of appropriations established in the preceding sentence 
is in addition to any other authorization of appropriation that is 
available for such purpose.''.

SEC. 105. AGING PROCESSES REGARDING WOMEN.

    Section 445H of the Public Health Service Act (42 U.S.C. 285e-10) 
is amended--
        (1) by striking ``The Director'' and inserting ``(a) The 
    Director''; and
        (2) by adding at the end the following subsection:
    ``(b) For the purpose of carrying out this section, there are 
authorized to be appropriated such sums as may be necessary for each of 
the fiscal years 1999 through 2003. The authorization of appropriations 
established in the preceding sentence is in addition to any other 
authorization of appropriation that is available for such purpose.''.

SEC. 106. OFFICE OF RESEARCH ON WOMEN'S HEALTH.

    Section 486(d)(2) of the Public Health Service Act (42 U.S.C. 
287d(d)(2)) is amended by striking ``Director of the Office'' and 
inserting ``Director of NIH''.

TITLE II--PROVISIONS RELATING TO WOMEN'S HEALTH AT CENTERS FOR DISEASE 
                         CONTROL AND PREVENTION

SEC. 201. NATIONAL CENTER FOR HEALTH STATISTICS.

    Section 306(n) of the Public Health Service Act (42 U.S.C. 242k(n)) 
is amended--
        (1) in paragraph (1), by striking ``through 1998'' and 
    inserting ``through 2003''; and
        (2) in paragraph (2), by striking ``through 1998'' and 
    inserting ``through 2003''.

SEC. 202. NATIONAL PROGRAM OF CANCER REGISTRIES.

    Section 399L(a) of the Public Health Service Act (42 U.S.C. 280e-
4(a)) is amended by striking ``through 1998'' and inserting ``through 
2003''.
    SEC. 203. NATIONAL BREAST AND CERVICAL CANCER EARLY DETECTION 
      PROGRAM.
    (a) Services.--Section 1501(a)(2) of the Public Health Service Act 
(42 U.S.C. 300k(a)(2)) is amended by inserting before the semicolon the 
following: ``and support services such as case management''.
    (b) Providers of Services.--Section 1501(b) of the Public Health 
Service Act (42 U.S.C. 300k(b)) is amended--
        (1) in paragraph (1), by striking ``through grants'' and all 
    that follows and inserting the following: ``through grants to 
    public and nonprofit private entities and through contracts with 
    public and private entities.''; and
        (2) by striking paragraph (2) and inserting the following:
        ``(2) Certain applications.--If a nonprofit private entity and 
    a private entity that is not a nonprofit entity both submit 
    applications to a State to receive an award of a grant or contract 
    pursuant to paragraph (1), the State may give priority to the 
    application submitted by the nonprofit private entity in any case 
    in which the State determines that the quality of such application 
    is equivalent to the quality of the application submitted by the 
    other private entity.''.
    (c) Authorizations of Appropriations.--
        (1) Supplemental grants for additional preventive health 
    services.--Section 1509(d)(1) of the Public Health Service Act (42 
    U.S.C. 300n-4a(d)(1)) is amended by striking ``through 1998'' and 
    inserting ``through 2003''.
        (2) General program.--Section 1510(a) of the Public Health 
    Service Act (42 U.S.C. 300n-5(a)) is amended by striking ``through 
    1998'' and inserting ``through 2003''.
    SEC. 204. CENTERS FOR RESEARCH AND DEMONSTRATION OF HEALTH 
      PROMOTION.
    Section 1706(e) of the Public Health Service Act (42 U.S.C. 300u-
5(e)) is amended by striking ``through 1998'' and inserting ``through 
2003''.

                               Speaker of the House of Representatives.

                            Vice President of the United States and    
                                               President of the Senate.

Answer: TABLE OF CONTENTS: 
     Title I:  Provisions Relating to Women's Health Research at 
          National Institutes of Health 
     Title II:  Provisions Relating to Women's Health at Centers 
          for Disease Control and Prevention 
Women's Health Research and Prevention Amendments of 1998 - 
Title I:  Provisions Relating to Women's Health Research at National Institutes of Health
 - Amends the Public Health Service Act to extend the authorization of appropriations for programs regarding diethylstilbestrol (DES). 
Mandates a program of education of health professionals and the public concerning DES.  Authorizes appropriations. 
(Sec. 102) Extends the authorizations of appropriations for:  (1) research on osteoporosis, Paget's disease, and related bone disorders; (2) breast cancer programs; and (3) programs on ovarian and other cancers of the reproductive system of women. 
(Sec. 104) Mandates expansion, intensification, and coordination of research and related activities of the National Heart, Lung, and Blood Institute regarding heart attack, stroke, and other cardiovascular diseases in women.  Authorizes appropriations. 
(Sec. 105) Extends the authorization of appropriations for research on the aging processes of women. 
(Sec. 106) Requires that the Director of the National Institutes of Health (currently, the Director of the Office of Research on Women's Health) appoint members of the Advisory Committee on Women's Health. 
Title II:  Provisions Relating to Women's Health at Centers for Disease Control and Prevention
 - Extends the authorization of appropriations for the National Center for Health Statistics and the National Program of Cancer Registries. 
(Sec. 203) Authorizes grants to States to ensure the provision to women screened for breast or cervical cancer of support services such as case management.  Allows certain breast and cervical cancer programs to be carried out through grants to public and nonprofit private entities and contracts with public or private entities (currently, through grants and contracts with public or nonprofit private entities).  Allows a State to give priority to a nonprofit entity over an entity that is not a nonprofit if the quality of the entities' applications are equivalent.  Extends authorizations of appropriations for:  (1) annual evaluations of programs relating to preventive health measures regarding breast and cervical cancers; and (2) various breast and cervical cancer preventive health measures. 
(Sec. 204) Extends the authorization of appropriations for centers for research and demonstration regarding health promotion and disease prevention.


Question: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Taxpayer Protection Lock-box Act of 
1995''.

SEC. 2. TAXPAYER PROTECTION LOCK-BOX LEDGER.

    (a) Establishment of Ledger.--Title III of the Congressional Budget 
Act of 1974 is amended by adding at the end the following new section:

                 ``taxpayer protection lock-box ledger

    ``Sec. 314. (a) Establishment of Ledger.--The Director of the 
Congressional Budget Office (hereinafter in this section referred to as 
the `Director') shall maintain a ledger to be known as the `Taxpayer 
Protection Lock-box Ledger'. The Ledger shall be divided into entries 
corresponding to the subcommittees of the Committees on Appropriations. 
Each entry shall consist of three parts: the `House Lock-box Balance'; 
the `Senate Lock-box Balance'; and the `Joint House-Senate Lock-box 
Balance'.
    ``(b) Components of Ledger.--Each component in an entry shall 
consist only of amounts credited to it under subsection (c). No entry 
of a negative amount shall be made.
    ``(c) Credit of Amounts to Ledger.--(1) The Director shall, upon 
the engrossment of any appropriation bill by the House of 
Representatives and upon the engrossment of that bill by the Senate, 
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.
    ``(2) The Director shall, upon the engrossment of Senate amendments 
to any appropriation bill, credit to the applicable Joint House-Senate 
Lock-box Balance the amounts of new budget authority and outlays equal 
to--
            ``(A) an amount equal to one-half of the sum of (i) the 
        amount of new budget authority in the House Lock-box Balance 
        plus (ii) the amount of new budget authority in the Senate 
        Lock-box Balance for that bill; and
            ``(B) an amount equal to one-half of the sum of (i) the 
        amount of outlays in the House Lock-box Balance plus (ii) the 
        amount of outlays in the Senate Lock-box Balance for that bill.
    ``(3) For purposes of calculating under this section the net 
amounts of reductions in new budget authority and in outlays resulting 
from amendments agreed to by the Senate on an appropriation bill, the 
amendments reported to the Senate by its Committee on Appropriations 
shall be considered to be part of the original text of the bill.
    ``(d) Definition.--As used in this section, the term `appropriation 
bill' means any general or special appropriation bill, and any bill or 
joint resolution making supplemental, deficiency, or continuing 
appropriations through the end of a fiscal year.''.
    (b) Conforming Amendment.--The table of contents set forth in 
section 1(b) of the Congressional Budget and Impoundment Control Act of 
1974 is amended by inserting after the item relating to section 313 the 
following new item:

``Sec. 314. Taxpayer protection lock-box ledger.''.

SEC. 3. TALLY DURING HOUSE OR SENATE CONSIDERATION.

    There shall be available to Members in the House of Representatives 
and the Senate during consideration of any appropriations bill by the 
House and the Senate a running tally of the amendments adopted 
reflecting increases and decreases of budget authority in the bill as 
reported.

SEC. 4. DOWNWARD ADJUSTMENT OF 602(a) ALLOCATIONS AND SECTION 602(b) 
              SUBALLOCATIONS.

    (a) Allocations.--Section 602(a) of the Congressional Budget Act of 
1974 is amended by adding at the end the following new paragraph:
            ``(5) Upon the engrossment of Senate amendments to any 
        appropriation bill (as defined in section 314(d)) for a fiscal 
        year, the amounts allocated under paragraph (1) or (2) to the 
        Committee on Appropriations of each House upon the adoption of 
        the most recent concurrent resolution on the budget for that 
fiscal year shall be adjusted downward by the amounts credited to the 
applicable Joint House-Senate Lock-box Balance under section 314(c)(2). 
The revised levels of budget authority and outlays shall be submitted 
to each House by the chairman of the Committee on the Budget of that 
House and shall be printed in the Congressional Record.''.
    (b) Suballocations.--Section 602(b)(1) of the Congressional Budget 
Act of 1974 is amended by adding at the end the following new sentence: 
``Whenever an adjustment is made under subsection (a)(5) to an 
allocation under that subsection, the chairman of the Committee on 
Appropriations of each House shall make downward adjustments in the 
most recent suballocations of new budget authority and outlays under 
subparagraph (A) to the appropriate subcommittees of that committee in 
the total amounts of those adjustments under section 314(c)(2). The 
revised suballocations shall be submitted to each House by the chairman 
of the Committee on Appropriations of that House and shall be printed 
in the Congressional Record.''.

SEC. 5. PERIODIC REPORTING OF LEDGER STATEMENTS.

    Section 308(b)(1) of the Congressional Budget Act of 1974 is 
amended by adding at the end the following new sentence: ``Such reports 
shall also include an up-to-date tabulation of the amounts contained in 
the ledger and each entry established by section 314(a).''.

SEC. 6. DOWNWARD ADJUSTMENT OF DISCRETIONARY SPENDING LIMITS.

    The discretionary spending limits for new budget authority and 
outlays for any fiscal year set forth in section 601(a)(2) of the 
Congressional Budget Act of 1974, as adjusted in strict conformance 
with section 251 of the Balanced Budget and Emergency Deficit Control 
Act of 1985, shall be reduced by the amounts set forth in the final 
regular appropriation bill for that fiscal year or joint resolution 
making continuing appropriations through the end of that fiscal year. 
Those amounts shall be the sums of the Joint House-Senate Lock-box 
Balances for that fiscal year, as calculated under section 602(a)(5) of 
the Congressional Budget Act of 1974. That bill or joint resolution 
shall contain the following statement of law: ``As required by section 
6 of the Taxpayer Protection Lock-box Act of 1995, for fiscal year 
[insert appropriate fiscal year] and each outyear, the adjusted 
discretionary spending limit for new budget authority shall be reduced 
by $ [insert appropriate amount of reduction] and the adjusted 
discretionary limit for outlays shall be reduced by $ [insert 
appropriate amount of reduction] for the budget year and each 
outyear.'' Notwithstanding section 904(c) of the Congressional Budget 
Act of 1974, section 306 of that Act as it applies to this statement 
shall be waived. This adjustment shall be reflected in reports under 
sections 254(g) and 254(h) of the Balanced Budget and Emergency Deficit 
Control Act of 1985.

SEC. 7. EFFECTIVE DATE.

    (a) In General.--The provisions of sections 1 through 6 of this Act 
shall apply to all appropriation bills making appropriations for fiscal 
year 1996 or any subsequent fiscal year.
    (b) FY96 Application.--In the case of any appropriation bill for 
fiscal year 1996 engrossed by the House of Representatives after August 
4, 1995, and before the date of enactment of this Act, the Director of 
the Congressional Budget Office, the Director of the Office of 
Management and Budget, and the Committees on Appropriations and the 
Committees on the Budget of the House of Representatives and of the 
Senate shall, within 10 calendar days after that date of enactment of 
this Act, carry out the duties required by this Act and amendments made 
by it that occur after the date this Act was engrossed by the House of 
Representatives.
    (c) FY96 Allocations.--The duties of the Director of the 
Congressional Budget Office and of the Committees on the Budget and on 
Appropriations of the House of Representatives pursuant to this Act and 
the amendments made by it regarding appropriation bills for fiscal year 
1996 shall be based upon the revised section 602(a) allocations in 
effect on August 4, 1995.
    (d) Definition.--As used in this section, the term ``appropriation 
bill'' means any general or special appropriation bill, and any bill or 
joint resolution making supplemental, deficiency, or continuing 
appropriations through the end of a fiscal year.

SEC. 8. ADJUSTMENT FOR STIMULATIVE EFFECT OF REVENUE REDUCTIONS.

    (a) Amount of Adjustment.--
            (1) OMB.--Effective in 1996 and not later than October 15 
        of each year, the Director of OMB shall calculate stimulative 
        effect by determining the amount by which actual revenues 
        exceed the projected level of revenues set forth in paragraph 
        (2) and then estimating the amount of the excess (fiscal 
        dividend excess) attributable to provisions of the Balanced 
        Budget Act of 1995 reducing revenues.
            (2) Projected level of revenues.--The projected level of 
        revenues referred to in paragraph (1) are as follows:
                    (A) For fiscal year 1996, $1,416,000,000.
                    (B) For fiscal year 1997, $1,450,000,000.
                    (C) For fiscal year 1998, $1,518,000,000.
                    (D) For fiscal year 1999, $1,587,000,000.
                    (E) For fiscal year 2000, $1,667,000,000.
                    (F) For fiscal year 2001, $1,757,000,000.
                    (G) For fiscal year 2002, $1,853,000,000.
            (3) CBO certification.--Not later than October 20, the 
        Director of the CBO shall certify the estimates and projections 
        of the Director of OMB made under this subsection. If the 
        Director of CBO cannot certify the estimates and projections, 
        the Director shall notify Congress and the President of the 
        disagreement and submit revised estimates.
    (b) Reduction of Deficit.--If the Director of OMB determines that a 
fiscal dividend excess exists under subsection (a) and on November 1, 
the President may--
            (1) direct the Secretary of the Treasury to pay an amount 
        not to exceed the level of excess to retire debt obligations of 
        the United States; or
            (2) submit a legislative proposal to Congress for reducing 
        taxes by the amount of excess not dedicated to deficit 
        reduction to be considered by Congress as provided in 
        subsection (c).
    (c) Expedited Procedure.--
            (1) Introduction.--Not later than 3 days after the 
        President submits a legislative proposal under subsection 
        (b)(2), the Majority Leaders of the Senate and the House of 
        Representatives shall introduce the proposal in their 
        respective Houses as a bill. If the bill described in the 
        preceding sentence is not introduced as provided in the 
        preceding sentence, then, on the 4th day after the submission 
        of the legislative proposal by the President, any Member of 
        that House may introduce the bill.
            (2) Referral to committee.--A bill described in paragraph 
        (1) introduced in the House of Representatives shall be 
        referred to the Committee on Ways and Means of the House of 
        Representatives. A bill described in paragraph (1) introduced 
        in the Senate shall be referred to the Committee on Finance of 
        the Senate. If more than 1 bill is introduced as provided in 
        paragraph (1), the committee shall consider and report the 
        first bill introduced. Amendments to the bill in committee may 
        not reduce revenues in the bill below the amount proposed by 
        the President. Such a bill may not be reported before the 8th 
        day after its introduction.
            (3) Discharge of committee.--If the committee to which is 
        referred a bill described in paragraph (1) has not reported 
        such bill at the end of 15 calendar days after its 
        introduction, such committee shall be deemed to be discharged 
        from further consideration of such bill and such bill shall be 
        placed on the appropriate calendar of the House involved.
            (4) Floor consideration.--
                    (A) In general.--When the committee to which a bill 
                is referred has reported, or has been deemed to be 
                discharged (under paragraph (3)) from further 
                consideration of, a bill described in paragraph (1), it 
                is at any time thereafter in order (even though a 
                previous motion to the same effect has been disagreed 
                to) for any Member of the respective House to move to 
                proceed to the consideration of the bill, and all 
                points of order against the bill (and against 
                consideration of the bill) are waived. The motion is 
                highly privileged in the House of Representatives and 
                is privileged in the Senate and is not debatable. The 
                motion is not subject to amendment, or to a motion to 
                postpone, or to a motion to proceed to the 
                consideration of other business. A motion to reconsider 
                the vote by which the motion is agreed to or disagreed 
                to shall not be in order. If a motion to proceed to the 
                consideration of the bill is agreed to, the bill shall 
                remain the unfinished business of the respective House 
                until disposed of.
                    (B) Debate.--Consideration of the bill, and on all 
                debatable motions and appeals in connection therewith, 
                shall be limited to not more than 20 hours, which shall 
                be divided equally between those favoring and those 
                opposing the bill. A motion further to limit debate is 
                in order and not debatable. A motion to postpone, or a 
                motion to proceed to the consideration of other 
                business, or a motion to recommit the bill is not in 
                order. A motion to reconsider the vote by which the 
                bill is agreed to or disagreed to is not in order. 
                Debate on amendments to the bill shall be limited to 30 
                minutes equally divided. Amendments to the bill may not 
                reduce revenues in the bill below the amount proposed 
                by the President.
                    (C) Vote on final passage.--Immediately following 
                the conclusion of the debate on a bill described in 
                paragraph (1), and a single quorum call at the 
                conclusion of the debate if requested in accordance 
                with the rules of the appropriate House, the vote on 
                final passage of the bill shall occur.
                    (D) Rulings of the chair on procedure.--Appeals 
                from the decisions of the Chair relating to the 
                application of the rules of the Senate or the House of 
                Representatives, as the case may be, to the procedure 
                relating to a bill described in paragraph (1) shall be 
                decided without debate.
            (5) Coordination with action by other house.--If, before 
        the passage by one House of a bill of that House described in 
        paragraph (1), that House receives from the other House a bill 
        described in paragraph (1), then the following procedures shall 
        apply:
                    (A) The bill of the other House shall not be 
                referred to a committee.
                    (B) With respect to a bill described in paragraph 
                (1) of the House receiving the bill--
                            (i) the procedure in that House shall be 
                        the same as if no bill had been received from 
                        the other House; but
                            (ii) the vote on final passage shall be on 
                        the bill of the other House.
            (6) Rules of house of representatives and senate.--This 
        subsection is enacted by Congress--
                    (A) as an exercise of the rulemaking power of the 
                Senate and House of Representatives, respectively, and 
                as such it is deemed a part of the rules of each House, 
                respectively, but applicable only with respect to the 
                procedure to be followed in that House in the case of a 
                bill described in paragraph (1), and it supersedes 
                other rules only to the extent that it is inconsistent 
                with such rules; and
                    (B) with full recognition of the constitutional 
                right of either House to change the rules (so far as 
                relating to the procedure of that House) at any time, 
                in the same manner and to the same extent as in the 
                case of any other rule of that House.
    (d) Deficit Reduction if Tax Reductions Not Enacted.--If tax 
reductions are not enacted by December 31 of the year of the submission 
of a legislative proposal under subsection (b)(2), the President shall 
pay an amount equal to the amount by which revenues are not reduced to 
deficit reduction as provided in subsection (b)(1).
    (e) Definition.--For purposes of this section, the term 
``stimulative economic effect of any laws reducing revenues'' refers to 
laws that have the effect of stimulating savings, investment, job 
creation, and economic growth.
    (f) Maximum Deficit Amount.--
            (1) Levels.--Section 601(a)(1) of the Congressional Budget 
        Act of 1974 is amended to read as follows:
            ``(1) Maximum deficit amount.--The term `maximum deficit 
        amount' means--
                    ``(A) with respect to fiscal year 1996, 
                $166,000,000,000;
                    ``(B) with respect to fiscal year 1997, 
                $168,000,000,000;
                    ``(C) with respect to fiscal year 1998, 
                $135,000,000,000;
                    ``(D) with respect to fiscal year 1999, 
                $133,000,000,000;
                    ``(E) with respect to fiscal year 2000, 
                $88,000,000,000;
                    ``(F) with respect to fiscal year 2001, 
                $32,000,000,000;
                    ``(E) with respect to fiscal year 2002, a surplus 
                of $13,000,000,000; and
                    ``(F) with respect to fiscal year 2003 and fiscal 
                years thereafter, zero.''.
            (2) MDA point of order.--Section 605(b) of the 
        Congressional Budget Act of 1974 is amended to read as follows:
    ``(b) Maximum Deficit Point of Order.--
            ``(1) In general.--It shall not be in order in the House of 
        Representatives or the Senate to consider any bill, joint 
        resolution, amendment, or conference report that includes any 
        provision that would result in a deficit for a fiscal year that 
        exceeds the maximum deficit amount for such fiscal year.
            ``(2) Waiver or suspension.--This subsection may be waived 
        or suspended in the House of Representatives or the Senate only 
        by the affirmative vote of three-fifths of the Members, duly 
        chosen and sworn.''.
            (3) Sixty vote point of order.--Section 904 of the 
        Congressional Budget Act of 1974 is amended--
            (A) in the second sentence of subsection (c) by inserting 
        ``605(b),'' after ``601(b), ''; and
            (B) in the third sentence of subsection (d) by inserting 
        ``605(b),'' after ``601(b), ''.
S 1452 RS----2

Answer:
Taxpayer Protection Lock-box Act of 1995 - Amends the Congressional Budget Act of 1974 to require the Director of the Congressional Budget Office (CBO) to establish a ledger to be known as the "Taxpayer Protection Lock-box Ledger."  Requires the ledger to be divided into entries corresponding to the Appropriations Subcommittees. 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.  Limits components in an entry of the ledger to amounts credited to it and prohibits negative amounts from being made to the ledger.   Sets forth provisions concerning the crediting of amounts of new budget authority and outlays to the applicable entry balance. 
(Sec. 3) Requires that a running tally of the amendments adopted which reflect increases and decreases of budget authority in the bill as reported be available to Members of Congress during consideration of any appropriations bill. 
(Sec. 4) Provides for the downward adjustment of allocations of new budget authority and outlays and the most recent suballocations of new budget authority and outlays. 
(Sec. 5) Requires periodic reporting of ledger statements to be included in reports issued on congressional actions on legislation providing new budget authority or tax expenditures. 
(Sec. 6) Provides for the downward adjustment of discretionary spending limits for new budget authority and outlays.  Waives the requirement that legislation dealing with the congressional budget be handled by the Budget Committees. 
(Sec. 8) Authorizes the Director of the Office of Management and Budget (OMB) to calculate the stimulative effect of revenue reductions.  Lists the projected level of revenues for FY 1996 through 2002.  Directs the CBO Director to certify the estimates and projections of the OMB Director and conditions that if the Director cannot certify the estimates and projections, he must:  (1) notify the Congress and the President of the disagreement; and (2) submit revised estimates.  Permits the President on November 1, if the OMB Director determines that a fiscal dividend excess exists from the adjustment, to:  (1) direct the Secretary of the Treasury to pay an amount not exceeding the excess level to retire U.S. debt obligations; or (2) submit a legislative proposal to the Congress for reducing taxes by the amount of excess not dedicated for deficit reduction.  Provides for an expedited procedure for the introduction and referral to committee of the President's legislative proposal as a bill. Specifies maximum deficit amounts for FY 1996 through 2003.  Provides for a maximum deficit amount point of order in the House or the Senate.