Corporate Subsidy Reform Commission Act of 2004 - Establishes an independent Corporate Subsidy Reform Commission to: (1) identify Federal programs and laws that provide inequitable Federal subsidies; (2) review such subsidies; (3) conduct public hearings on agency recommendations regarding inequitable subsidies; and (4) report to Congress recommendations for termination, modification, or retention of each subsidy reviewed. Requires each Federal agency to include in budget documents submitted in FY 2005 a list of programs or laws within that agency that provide inequitable Federal subsidies, together with recommendations for appropriate action.
Expresses the sense of Congress that, following submission of the Commission's report, the House of Representatives and the Senate should promptly consider legislation that would enact changes in Federal statutes necessary to implement the Commission's recommendations.