In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.

[EX Q]: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Fracturing Regulations are Effective 
in State Hands Act''.

SEC. 2. FINDINGS.

    Congress finds that--
            (1) hydraulic fracturing is a commercially viable practice 
        that has been used in the United States for more than 60 years 
        in more than 1,000,000 wells;
            (2) the Ground Water Protection Council, a national 
        association of State water regulators that is considered to be 
        a leading groundwater protection organization in the United 
        States, released a report entitled ``State Oil and Natural Gas 
        Regulations Designed to Protect Water Resources'' and dated May 
        2009 finding that the ``current State regulation of oil and gas 
        activities is environmentally proactive and preventive'';
            (3) that report also concluded that ``[a]ll oil and gas 
        producing States have regulations which are designed to provide 
        protection for water resources'';
            (4) a 2004 study by the Environmental Protection Agency, 
        entitled ``Evaluation of Impacts to Underground Sources of 
        Drinking Water by Hydraulic Fracturing of Coalbed Methane 
        Reservoirs'', found no evidence of drinking water wells 
        contaminated by fracture fluid from the fracked formation;
            (5) a 2009 report by the Ground Water Protection Council, 
        entitled ``State Oil and Natural Gas Regulations Designed to 
        Protect Water Resources'', found a ``lack of evidence'' that 
        hydraulic fracturing conducted in both deep and shallow 
        formations presents a risk of endangerment to ground water;
            (6) a January 2009 resolution by the Interstate Oil and Gas 
        Compact Commission stated ``The states, who regulate 
        production, have comprehensive laws and regulations to ensure 
        operations are safe and to protect drinking water. States have 
        found no verified cases of groundwater contamination associated 
        with hydraulic fracturing.'';
            (7) on May 24, 2011, before the Oversight and Government 
        Reform Committee of the House of Representatives, Lisa Jackson, 
        the Administrator of the Environmental Protection Agency, 
        testified that she was ``not aware of any proven case where the 
        fracking process itself has affected water'';
            (8) in 2011, Bureau of Land Management Director Bob Abbey 
        stated, ``We have not seen evidence of any adverse effect as a 
        result of the use of the chemicals that are part of that 
        fracking technology.'';
            (9)(A) activities relating to hydraulic fracturing (such as 
        surface discharges, wastewater disposal, and air emissions) are 
        already regulated at the Federal level under a variety of 
        environmental statutes, including portions of--
                    (i) the Federal Water Pollution Control Act (33 
                U.S.C. 1251 et seq.);
                    (ii) the Safe Drinking Water Act (42 U.S.C. 300f et 
                seq.); and
                    (iii) the Clean Air Act (42 U.S.C. 7401 et seq.); 
                but
            (B) Congress has continually elected not to include the 
        hydraulic fracturing process in the underground injection 
        control program under the Safe Drinking Water Act (42 U.S.C. 
        300f et seq.);
            (10) in 2011, the Secretary of the Interior announced the 
        intention to promulgate new Federal regulations governing 
        hydraulic fracturing on Federal land;
            (11) a February 2012 study by the Energy Institute at the 
        University of Texas at Austin, entitled ``Fact-Based Regulation 
        for Environmental Protection in Shale Gas Development'', found 
        that ``[n]o evidence of chemicals from hydraulic fracturing 
        fluid has been found in aquifers as a result of fracturing 
        operations''; and
            (12) on October 1, 2014, the Ground Water Protection 
        Council and State Oil and Gas Regulatory Exchange released a 
        report entitled ``State Oil and Gas Regulations Designed to 
        Protect Water Resources'' that describes the cutting edge of 
        State-based oil and gas regulations, concluding that ``In step 
        with dramatic industry growth over the past five years, states 
        have substantially improved groundwater protection laws and 
        regulations governing oil and natural gas production.''.

SEC. 3. DEFINITION OF FEDERAL LAND.

    In this Act, the term ``Federal land'' means--
            (1) public lands (as defined in section 103 of the Federal 
        Land Policy and Management Act of 1976 (43 U.S.C. 1702));
            (2) National Forest System land;
            (3) land under the jurisdiction of the Bureau of 
        Reclamation; and
            (4) land under the jurisdiction of the Corps of Engineers.

SEC. 4. STATE AUTHORITY.

    (a) In General.--A State shall have the sole authority to 
promulgate or enforce any regulation, guidance, or permit requirement 
regarding the treatment of a well by the application of fluids under 
pressure to which propping agents may be added for the expressly 
designed purpose of initiating or propagating fractures in a target 
geologic formation in order to enhance production of oil, natural gas, 
or geothermal production activities on or under any land within the 
boundaries of the State.
    (b) Federal Land.--The treatment of a well by the application of 
fluids under pressure to which propping agents may be added for the 
expressly designed purpose of initiating or propagating fractures in a 
target geologic formation in order to enhance production of oil, 
natural gas, or geothermal production activities on Federal land shall 
be subject to the law of the State in which the land is located.
[EX A]: Fracturing Regulations are Effective in State Hands Act  This bill gives states the sole authority to promulgate or enforce any regulation, guidance, or permit requirement regarding hydraulic fracturing on or under any land within their boundaries. Hydraulic fracturing or fracking is a process to extract underground resources such as oil or gas from a geologic formation by injecting water, a propping agent (e.g., sand), and chemical additives into a well under enough pressure to fracture the geological formation. Hydraulic fracturing on federal land must comply with the law of the state in which the land is located.

[EX Q]: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Budget Surplus Dividend Act of 
1997''.

SEC. 2. 50 PERCENT OF FEDERAL BUDGET SURPLUS TO REIMBURSE EMPLOYERS AND 
              EMPLOYEES FOR A PORTION OF THEIR SOCIAL SECURITY TAXES.

    (a) In General.--Subpart C of part IV of subchapter A of chapter 1 
of the Internal Revenue Code of 1986 (relating to refundable credits) 
is amended by redesignating section 35 as section 36 and by inserting 
after section 34 the following new section:

``SEC. 35. CREDIT FOR PORTION OF SOCIAL SECURITY TAXES.

    ``(a) Allowance of Credit.--In the case of a taxable year to which 
this section applies, there shall be allowed as a credit against the 
tax imposed by this subtitle for the taxable year an amount equal to 
the applicable percentage of the taxpayer's social security taxes for 
the taxable year.
    ``(b) Taxable Years to Which Section Applies.--This section shall 
apply to any taxable year beginning in the first calendar year 
beginning after a fiscal year if there is a Federal budget surplus for 
such fiscal year of more than $1,000,000,000.
    ``(c) Applicable Percentage.--For purposes of this section--
            ``(1) In general.--The term `applicable percentage' means--
                    ``(A) the base percentage with respect to so much 
                of the taxpayer's social security taxes as does not 
                exceed $3,000, and
                    ``(B) the phasedown percentage with respect to so 
                much of the taxpayer's social security taxes as exceeds 
                $3,000.
            ``(2) Base percentage.--The term `base percentage' means, 
        for taxable years beginning in a calendar year, the percentage 
        which the Secretary estimates will result in a reduction of 
        revenues to the Treasury by reason of this section for such 
        taxable year equal to 50 percent of the Federal budget surplus 
        for the most recent fiscal year ending before such calendar 
        year. Proper adjustments shall be made in the percentage 
        determined under the preceding sentence with respect to any 
        subsequent fiscal year to the extent that prior estimates were 
        in excess of or less than the proper percentage.
            ``(3) Phasedown percentage.--The term `phasedown 
        percentage' means the base percentage reduced (but not below 
        zero) by the number of percentage points which bears the same 
        ratio to the base percentage as--
                    ``(A) the excess of the taxpayer's social security 
                taxes over $3,000 bears to
                    ``(B) the excess of the maximum social security 
                taxes over $3,000.
            ``(4) Maximum social security taxes.--The term `maximum 
        social security taxes' means the amount which would be the 
        social security taxes of the taxpayer if the amount on which 
        such taxes are determined were equal to the maximum amount of 
        remuneration which may be taken into account under section 
        3101(a).
            ``(5) Special rules.--
                    ``(A) Dollar limitations on per employee basis.--
                The dollar limitations in paragraphs (1) and (3) shall 
                be applied on a per employee basis.
                    ``(B) Self-employed individuals.--Paragraphs (1) 
                and (3) shall be applied by substituting `$6,000' for 
                `$3,000' each place it appears in the case of the taxes 
                referred to in subparagraph (C) or (D) of subsection 
                (d)(1).
    ``(d) Social Security Taxes.--For purposes of this section--
            ``(1) In general.--The term `social security taxes' means, 
        with respect to any taxpayer for any taxable year--
                    ``(A) the taxes imposed by sections 3101 and 
                3201(a) (relating to taxes on employees) on amounts 
                received by the taxpayer during the calendar year in 
                which the taxable year begins,
                    ``(B) the taxes imposed by sections 3111 and 
                3221(a) (relating to taxes on employers) on amounts 
                paid by the taxpayer during the calendar year in which 
                the taxable year begins,
                    ``(C) the taxes imposed by section 1401 on the 
                self-employment income of the taxpayer for the taxable 
                year, and
                    ``(D) the taxes imposed by section 3211(a)(1) on 
                amounts received by the taxpayer during the calendar 
                year in which the taxable year begins.
            ``(2) Coordination with special refund of social security 
        taxes.--The term `social security taxes' shall not include any 
        taxes to the extent the taxpayer is entitled to a special 
        refund of such taxes under section 6413(c).
            ``(3) Special rule.--Any amounts paid pursuant to an 
        agreement under section 3121(l) (relating to agreements entered 
        into by American employers with respect to foreign affiliates) 
        which are equivalent to the taxes referred to in paragraph 
        (1)(A) shall be treated as taxes referred to in such 
        paragraph.''
    (b) Clerical Amendment.--The table of sections for subpart C of 
part IV of subchapter A of chapter 1 of such Code is amended by 
striking the item relating to section 35 and inserting the following:

                              ``Sec. 35. Credit for portion of social 
                                        security taxes.
                              ``Sec. 36. Overpayments of tax.''
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 1997.

SEC. 3. APPROPRIATION TO USE 25 PERCENT OF FEDERAL BUDGET SURPLUS TO 
              REDUCE OUTSTANDING PUBLIC DEBT.

    There is hereby appropriated for the first fiscal year following 
each fiscal year for which there is a Federal budget surplus an amount 
equal to 25 percent of such surplus for purpose of paying at maturity, 
or to redeem or buy before maturity, obligations of the Government 
included in the public debt. An obligation of the Government that is 
paid, redeemed, or bought with funds appropriated by the preceding 
sentence shall be canceled and retired and may not be reissued.

SEC. 4. USE 25 PERCENT OF FEDERAL BUDGET SURPLUS TO INCREASE NONDEFENSE 
              DISCRETIONARY SPENDING LIMITS.

    For the first fiscal year following each fiscal year for which 
there is a Federal budget surplus, the Director of the Office of 
Management and Budget shall increase (on a pro rata basis between the 
applicable nondefense categories for that fiscal year) the 
discretionary spending limit for new budget authority under section 
251(c) of the Balanced Budget and Emergency Deficit Control Act of 1985 
by an amount equal to 25 percent of such surplus and shall adjust the 
outlays flowing from that budget authority accordingly.
[EX A]: Budget Surplus Dividend Act of 1997 - Amends the Internal Revenue Code to allocate credits to taxpayers for social security taxes, during any year in which there is a Federal budget surplus of more than $1 billion, so as to utilize 50 percent of such surplus.  Requires that, during any such year, the remainder of such surplus shall be split and used to:  (1) reduce the outstanding public debt; and (2) increase nondefense discretionary spending limits.

[EX Q]: SECTION 1. SHORT TITLE; AMENDMENT OF 1986 CODE.

    (a) Short Title.--This Act may be cited as the ``Small Property and 
Casualty Insurance Company Equity Act of 1997''.
    (b) Amendment of 1986 Code.--Except as otherwise expressly 
provided, whenever in this Act an amendment or repeal is expressed in 
terms of an amendment to, or repeal of, a section or other provision, 
the reference shall be considered to be made to a section or other 
provision of the Internal Revenue Code of 1986.

SEC. 2. SMALL COMPANY DEDUCTION.

    (a) Section 832(c) is amended by striking ``and'' at the end of 
paragraph (12), by striking the period at the end of paragraph (13) and 
inserting ``; and'', and by adding at the end thereof the following new 
paragraph:
            ``(14) the small insurance company deduction allowed by 
        subsection (h).''
    (b) Section 832 is amended by adding at the end thereof the 
following new subsections:
    ``(h) Small Insurance Company Deduction.--In the case of taxable 
years beginning after December 31, 1997--
            ``(1) In general.--There shall be allowed as a deduction 
        for the taxable year 60 percent of so much of the tentative 
        taxable income for such taxable year as does not exceed 
        $3,000,000 (hereinafter in this section referred to as the 
        `small insurance company deduction').
            ``(2) Phaseout between $3,000,000 and $15,000,000.--The 
        amount of the small insurance company deduction determined 
        under paragraph (1) for any taxable year shall be reduced (but 
        not below zero) by 15 percent of so much of the tentative 
        taxable income for such taxable year as exceeds $3,000,000.
            ``(3) Small insurance company deduction not allowable to 
        company with assets of $500,000,000 or more.--
                    ``(A) In general.--The small insurance company 
                deduction shall not be allowed for any taxable year to 
                any insurance company which, at the close of such 
                taxable year, has assets equal to or greater than 
                $500,000,000.
                    ``(B) Assets.--For purposes of this paragraph, the 
                term `assets' means all assets of the company.
                    ``(C) Valuation of assets.--For purposes of this 
                paragraph, the amount attributable to--
                            ``(i) real property and stock shall be the 
                        fair market value thereof, and
                            ``(ii) any other asset shall be the 
                        adjusted basis of such asset for purposes of 
                        determining gain on sale or other disposition.
                    ``(D) Special rule for interests in partnerships 
                and trusts.--For purposes of this paragraph--
                            ``(i) an interest in a partnership or trust 
                        shall not be treated as an asset of the 
                        company, but
                            ``(ii) the company shall be treated as 
                        actually owning its proportionate share of the 
                        assets held by the partnership or trust (as the 
                        case may be).
    ``(i) Tentative Taxable Income.--For purposes of subsection (h)--
            ``(1) In general.--The term `tentative taxable income' 
        means taxable income determined without regard to the small 
        insurance company deduction.
            ``(2) Exclusion of items attributable to noninsurance 
        businesses.--The amount of the tentative taxable income for any 
        taxable year shall be determined without regard to all items 
        attributable to noninsurance businesses.
            ``(3) Noninsurance businesses.--
                    ``(A) In general.--The term ``non-insurance 
                business'' means any activity which is not an insurance 
                business.
                    ``(B) Certain activities treated as insurance 
                businesses.--For purposes of subparagraph (A), any 
                activity which is not an insurance business shall be 
                treated as an insurance business if--
                            ``(i) it is of a type traditionally carried 
                        on by insurance companies for investment 
                        purposes, but only if the carrying on of such 
                        activity (other than in the case of real 
                        estate) does not constitute the active conduct 
                        of a trade or business, or
                            ``(ii) it involves the performance of 
                        administrative services in connection with 
                        plans providing property or casualty insurance 
                        benefits.
                    ``(C) Limitation of amount of loss from 
                noninsurance business which may offset income from 
                insurance business.--In computing the taxable income of 
                any insurance company subject to tax imposed by section 
                831, any loss from a noninsurance business shall be 
                limited under the principles of section 1503(c).
    ``(j) Special Rule for Controlled Groups.--
            ``(1) Small insurance company deduction determined on 
        controlled group basis.--For purposes of subsections (h) and 
        (i)--
                    ``(A) all insurance companies which are members of 
                the same controlled group shall be treated as 1 
                insurance company, and
                    ``(B) any small insurance company deduction 
                determined with respect to such group shall be 
                allocated among the insurance companies which are 
                members of such group in proportion to their respective 
                tentative taxable incomes.
            ``(2) Noninsurance members included for asset test.--For 
        purposes of subsection (h)(3), all members of the same 
        controlled group (whether or not insurance companies) shall be 
        treated as 1 company.
            ``(3) Controlled group.--For purposes of this subsection, 
        the term `controlled group' means any controlled group of 
        corporations (as defined in section 1563(a)); except that 
        subsections (a)(4) and (b)(2)(D) of section 1563 shall not 
        apply.
            ``(4) Adjustments to prevent excess detriment or benefit.--
        Under regulations prescribed by the Secretary, proper 
        adjustments shall be made in the application of this subsection 
        to prevent any excess detriment or benefit (whether from year-
        to-year or otherwise) arising from the application of this 
        subsection.''

SEC. 3. EFFECTIVE DATE.

    The amendments made by this Act shall apply to taxable years 
beginning after December 31, 1997.
[EX A]:
Small Property and Casualty Insurance Company Equity Act of 1997 - Amends the Internal Revenue Code to provide for a small insurance company (assets of less than $500 million) deduction (60 percent of tentative taxable income of $3 millon or less) from the insurance company tax.