Taxpayer Relief Amendments to Panama Treaty Legislation

Taxpayer Relief Amendments to Panama Treaty Legislation - Specifies that all expenses incurred implementing the Panama Canal Treaty of 1977 shall be treated as an expense of the Panama Canal Commission. Prohibits payments to Panama out of U.S. Treasury revenues.

Requires the Panama Canal Company to pay its cash assets to the U.S. Treasury to be applied against its debt. Directs the Commission to continue repaying its debt to the United States. Amends the Panama Canal Code to require the Commission to pay: (1) all canal operating revenues to the U.S. Treasury; and (2) the payments required under the Treaty to Panama only with express congressional authorization.

Directs the General Accounting Office to monitor all costs incurred by the Commission and report annually to Congress on the differences in costs to the U.S. taxpayer.

Prohibits unless expressly authorized by Congress: (1) the use of U.S. funds to implement the Treaty; (2) the transfer of U.S. property in the Canal Zone to Panama; and (3) the cessation of the Panama Canal Company and the Canal Zone Government.