Taxpayer Dividend Act of 1997 - Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to require the Office of Management and Budget (OMB), for any amount by which revenues for a budget year and any outyears through FY 2002 exceed the revenue target absent growth, to estimate the excess and include such estimate as a separate entry in the report to the Congress containing Congressional Budget Office estimates of amounts and changes in outlays and receipts of direct spending and receipts legislation at the same time the OMB sequestration preview report is issued.

Requires OMB to include the amount of any change in revenues as a deficit decrease in estimates and sequestration reports unless such amount is offset by legislation decreasing revenues in an amount not exceeding the amount of such decrease.

Sets forth the revenue targets absent growth for FY 1998 through 2002.

Considers legislation decreasing revenues in compliance with this Act to be in order for purposes of specified provisions regarding congressional pay-as-you-go points of order and consideration in the Senate.