National Dividend Act of 1997

Summary

National Dividend Act of 1997 - Establishes a program for the distribution of certain corporate tax revenues, through the chief financial officer of each State, to the registered voters of each State in the form of dividend payments. Establishes in the Treasury the National Dividend Payment Trust Fund. Authorizes payment into the Fund of specified amounts from: (1) the corporate income tax; (2) the tax on the unrelated business income of certain tax-exempt organizations; (3) the capital gains tax; (4) the tax on insurance company income; and (5) the alternative minimum tax on corporations. Establishes a National Dividend Review Board to review the manner in which payments are made from the Fund and to invest Fund amounts. Amends the Internal Revenue Code to exclude from gross income all dividend income received by a taxpayer from domestic corporations, including dividends received under this Act. Increases the corporate income tax deduction for dividends received by a corporation on the preferred stock of a public utility. Prohibits corporate income tax rates from exceeding 34 percent. Amends the Congressional Budget and Impoundment Control Act of 1974 to declare it out of order in either the House of Representatives or the Senate to consider budget resolutions for FY 1999 and thereafter that would increase the level of total budget outlays beyond those budgeted for FY 1998. Requires a two-thirds vote of each House of the Congress to increase the internal revenue, except if there is a: (1) declaration of war; or (2) military conflict causing an imminent and serious threat to national security and a joint resolution declaring so has been adopted.

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 31 July 1997

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• Introduced in House (PDF)

  Introduced in House · EN · 31 July 1997

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• Introduced in House

  summary · EN · 31 July 1997

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