Corporate Subsidy Reform Commission Act - Establishes in the legislative branch an independent commission, to be known as the Corporate Subsidy Reform Commission, to: (1) examine and identify federal programs and laws that provide inequitable federal subsidies (federal government payments to a corporation or business [other than a nonprofit organization, a state or local government, or Indian tribe] that provide an unfair competitive advantage or financial windfall and that are not awarded for purposes in the broad public interest on a competitive basis); (2) review such subsidies; and (3) submit to Congress recommendations regarding the termination, modification, or retention of such subsidies.
Requires the head of each federal department or agency to include in its budget justification documents submitted for FY2012 a list of all programs and laws administered by that department or agency determined to provide inequitable federal subsidies, together with recommendations to the Commission regarding their termination, modification, or retention. Directs the Commission to review such recommendations, and report review results to Congress. Requires the Comptroller General to: (1) assist the Commission during any such reviews; and (2) submit to Congress an analysis of the lists, statements, and recommendations of each department or agency.
Expresses the sense of Congress that, following submission of the Commission's report, Congress should promptly consider legislation that would enact changes in federal statutes necessary to implement Commission recommendations.