Corporate Welfare Reform Act

[AI summary unavailable — showing source text] Corporate Welfare Reform Act - Establishes the Corporate Independence Commission to study reductions in corporate subsidies to reduce the Federal budget deficit. Authorizes appropriations. Sets forth procedures for making recommendations for corporate subsidy reductions. Directs the Chairman of the Commission to develop and publish criteria to be used in making such recommendations based on specified factors, including the number and income categories of individuals affected. Requires the Commission, during every Congress, to identify and review corporate subsidies and, after weighing each subsidy's cost against its value in creating jobs, publish a report recommending corporate subsidy reductions sufficient to raise specified amounts of revenue and alternative methods for funding such subsidies. Directs the Comptroller General to report to the President on the Commission's recommendations. Provides for: (1) the President's approval or disapproval of the recommendations contained in the Commission's report; (2) transmission of a revised list of recommendations for the President's approval; and (3) introduction of legislation to make approved reductions. Establishes a Joint Committe…