TASK DEFINITION: In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
PROBLEM: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Neutral Cost Recovery Act of 2001''.

SEC. 2. NEUTRAL COST RECOVERY DEPRECIATION ADJUSTMENT FOR CERTAIN 
              PROPERTY PLACED IN SERVICE AFTER DECEMBER 31, 2001.

    (a) In General.--Section 168 of the Internal Revenue Code of 1986 
(relating to accelerated cost recovery system) is amended by adding at 
the end thereof the following new subsection:
    ``(k) Deduction Adjustment To Allow Equivalent of Expensing for 
Certain Property Placed in Service After December 31, 2001.--
            ``(1) In general.--In the case of tangible property placed 
        in service after December 31, 2001, the deduction under this 
        section with respect to such property--
                    ``(A) shall be determined by substituting `150 
                percent' for `200 percent' in subsection (b)(1) in the 
                case of property to which the 200 percent declining 
                balance method would otherwise apply, and
                    ``(B) for any taxable year after the taxable year 
                during which the property is placed in service shall 
                be--
                            ``(i) the amount determined under this 
                        section for such taxable year without regard to 
                        this subparagraph, multiplied by
                            ``(ii) the applicable neutral cost recovery 
                        ratio for such taxable year.
            ``(2) Applicable neutral cost recovery ratio.--For purposes 
        of paragraph (1)--
                    ``(A) In general.--The applicable neutral cost 
                recovery ratio for the property for any taxable year is 
                the number determined by--
                            ``(i) dividing--
                                    ``(I) the gross domestic product 
                                deflator for the calendar quarter 
                                ending in such taxable year which 
                                corresponds to the calendar quarter 
                                during which the property was placed in 
                                service by the taxpayer, by
                                    ``(II) the gross domestic product 
                                deflator for the calendar quarter 
                                during which the property was placed in 
                                service by the taxpayer, and
                            ``(ii) then multiplying the number 
                        determined under clause (i) by the number equal 
                        to 1.035 to the nth power where `n' is the 
                        number of full years in the period beginning on 
                        the 1st day of the calendar quarter during 
                        which the property was placed in service by the 
                        taxpayer and ending on the day before the 
                        beginning of the corresponding calendar quarter 
                        ending during such taxable year.
                The applicable neutral cost recovery ratio shall never 
                be less than 1. The applicable neutral cost recovery 
                ratio shall be rounded to the nearest \1/1000\.
                    ``(B) Special rule for certain property.--In the 
                case of property described in paragraph (2) or (3) of 
                subsection (b) or in subsection (g), the applicable 
                neutral cost recovery ratio shall be determined without 
                regard to subparagraph (A)(ii).
            ``(3) Gross domestic product deflator.--For purposes of 
        paragraph (2), the gross domestic product deflator for any 
        calendar quarter is the implicit price deflator for the gross 
        domestic product for such quarter (as shown in the first 
        revision thereof).
            ``(4) Election not to have subsection apply.--This 
        subsection shall not apply to any property if the taxpayer 
        elects not to have this subsection apply to such property. Such 
        an election, once made, shall be irrevocable.
            ``(5) Churning transactions.--This subsection shall not 
        apply to any property if this section would not apply to such 
        property were subsection (f)(5)(A)(ii) applied by substituting 
        `2002' for `1981' and `2001' for `1980'.
            ``(6) Additional deduction not to affect basis or 
        recapture.--
                    ``(A) In general.--The additional amount determined 
                under this section by reason of this subsection shall 
                not be taken into account in determining the adjusted 
                basis of any property or of any interest in a pass-thru 
                entity which holds such property and shall not be 
                treated as a deduction for depreciation for purposes of 
                sections 1245 and 1250.
                    ``(B) Pass-thru entity defined.--For purposes of 
                subparagraph (A), the term `pass-thru entity' means--
                            ``(i) a regulated investment company,
                            ``(ii) a real estate investment trust,
                            ``(iii) an S corporation,
                            ``(iv) a partnership,
                            ``(v) an estate or trust, and
                            ``(vi) a common trust fund.''
    (b) Minimum Tax Treatment.--
            (1) Paragraph (1) of section 56(a) of such Code is amended 
        by adding at the end thereof the following new subparagraph:
                    ``(E) Use of neutral cost recovery ratio.--In the 
                case of property to which section 168(k) applies and 
                which is placed in service after December 31, 2001, the 
                deduction allowable under this paragraph with respect 
                to such property for any taxable year (after the 
                taxable year during which the property is placed in 
                service) shall be--
                            ``(i) the amount so allowable for such 
                        taxable year without regard to this 
                        subparagraph, multiplied by
                            ``(ii) the applicable neutral cost recovery 
                        ratio for such taxable year (as determined 
                        under section 168(k)).
                This subparagraph shall not apply to any property with 
                respect to which there is an election in effect not to 
                have section 168(k)) apply.''
            (2) Subparagraph (C) of section 56(g)(4) of such Code is 
        amended by adding at the end the following new clause:
                            ``(v) Neutral cost recovery deduction.--
                        Clause (i) shall not apply to the additional 
                        deduction allowable by reason of section 
                        168(k).''
    (c) Coordination With Depreciation Limitation on Certain 
Automobiles.--Clause (i) of section 280F(a)(1)(B) of such Code is 
amended by adding at the end the following new sentence: ``For purposes 
of this clause, the unrecovered basis of any passenger automobile shall 
be treated as including the additional amount determined under section 
168 by reason of subsection (k) thereof to the extent not allowed as a 
deduction by reason of this paragraph for any taxable year in the 
recovery period.''
    (d) Effective Date.--The amendments made by this section shall 
apply to taxable years ending after December 31, 2001.

SOLUTION: Amends the Internal Revenue Code to require that the depreciation deduction for tangible property placed in service after 2001 be computed using neutral cost recovery ratios.

PROBLEM: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Family Investment Package''.

SEC. 2. ASSISTANCE FOR LOW-INCOME WORKING FAMILIES.

    (a) Block Grants.--Section 658B of the Child Care Development Block 
Grant Act of 1990 (42 U.S.C. 9858) is amended to read as follows:

``SEC. 658B. FUNDING OF GRANTS.

    ``(a) Authorization of Appropriations.--Except as provided in 
subsection (b), there is authorized to be appropriated to carry out 
this subchapter $2,000,000,000 for each of fiscal years 1997 through 
2002.
    ``(b) Appropriation.--The Secretary shall pay, from funds in the 
Treasury not otherwise appropriated, $1,400,000,000 for fiscal years 
1997 through 2002, through the awarding of grants to States under this 
subchapter for the purpose of providing child care services for 
families who have left the State program of assistance under part A of 
title IV of the Social Security Act because of employment, families 
that are at risk of becoming dependent on such assistance program, and 
low-income working families described in section 658E(c)(3)(D). Funds 
shall be paid under this subsection to the States in the same manner, 
and subject to the same requirements and limitations, as funds are paid 
to the States under section 418 of the Social Security Act (42 U.S.C. 
618).''.
    (b) Grants for Child Care Supply Shortages.--Section 658E(c)(3) of 
the Child Care Development Block Grant Act of 1990 (42 U.S.C. 
9858c(c)(3)) is amended by adding at the end the following:
                    ``(E) Child care supply shortages.--
                            ``(i) In general.--A State shall ensure 
                        that 100 percent of amounts paid to the State 
                        out of funds appropriated under section 
                        658B(a)(2) with respect to each of the fiscal 
                        years 1997 through 2002 shall be used to carry 
                        out child care activities described in clause 
                        (ii) in geographic areas within the State that 
                        have a shortage, as determined by the State, in 
                        consultation with localities, of child care 
                        services.
                            ``(ii) Child care activities described.--
                        The child care activities described in this 
                        clause include the following:
                                    ``(I) Infant care programs.
                                    ``(II) Before- and after-school 
                                child care programs.
                                    ``(III) Resource and referral 
                                programs.
                                    ``(IV) Nontraditional work hours 
                                child care programs.
                                    ``(V) Extending the hours of pre-
                                kindergarten programs to provide full-
                                day services.
                                    ``(VI) Any other child care 
                                programs that the Secretary determines 
                                are appropriate.''.
    (c) Authorization of Appropriations for Low-Income Working 
Families.--
            (1) In general.--Section 658B(a) of the Child Care 
        Development Block Grant Act of 1990 (42 U.S.C. 9858(a)), as 
        amended by subsection (f), is amended--
                    (A) by striking ``Except as provided in'' and 
                inserting the following:
            ``(1) In general.--Except as provided in paragraph (2) 
        and''; and
                    (B) by adding at the end the following:
            ``(2) Child care supply shortages.--There is authorized to 
        be appropriated to carry out section 658E(c)(3)(E), 
        $500,000,000 for each of fiscal years 1997 through 2002.''.
            (2) Conforming amendment.--Section 658(c)(3)(A) of the 
        Child Care Development Block Grant Act of 1990 (42 U.S.C. 
        9858c(c)(3)(A)) is amended by striking ``(D)'' and inserting 
        ``(E)''.
    (d) Report on Access to Child Care by Low-Income Working 
Families.--
            (1) In general.--Section 658K(a)(2) of the Child Care 
        Development Block Grant Act of 1990 (42 U.S.C. 9858i(a)(2)) is 
        amended--
                    (A) in subparagraph (D), by striking ``and'' at the 
                end; and
                    (B) by inserting after subparagraph (E), the 
                following:
                    ``(F) the total number of families described in 
                section 658B(b) that were eligible for but did not 
                receive assistance under this subchapter or under 
                section 418 of the Social Security Act and a 
                description of the obstacles to providing such 
                assistance; and
                    ``(G) the total number of families described in 
                section 658B(b) that received assistance provided under 
                this subchapter or under section 418 of the Social 
                Security Act and a description of the manner in which 
                that assistance was provided;''.
            (2) Secretarial reporting requirement.--Section 658L of the 
        Child Care Development Block Grant Act of 1990 (42 U.S.C. 
        9858j) is amended by inserting ``, with particular emphasis on 
        access of low-income working families,'' after ``public''.
    (e) Effective Date.--The amendments made by this section shall take 
effect as if included in the enactment of the Personal Responsibility 
and Work Opportunity Reconciliation Act of 1996 (Public Law 104-193, 
110 Stat. 2105).

SOLUTION: Family Investment Package - Amends the Child Care Development Block Grant Act of 1990 to increase the authorization of appropriations for FY 1997 through 2002 for block grants to States for child care assistance for low-income working families. 
Authorizes separate appropriations for such period for grants to States for specified child care activities in geographic areas with child care supply shortages. 
Authorizes appropriations in a specified amount to the Secretary of Health and Human Services for FY 1997 through 2002 to award grants to States for providing child care services for families who have left the State program of assistance under part A (Temporary Assistance for Needy Families) of title IV of the Social Security Act because of employment, families that are at risk of becoming dependent on such assistance program, and low-income working families. 
Requires States and the Secretary to report on access to child care by low-income working families.

PROBLEM: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Federal Land Acquisition Impact 
Relief Act of 1993.

SEC. 2. FINDINGS.

    Congress finds that--
            (1) land that is held by agencies of the Federal Government 
        does not fully contribute to the tax base of overburdened units 
        of local government;
            (2) further acquisitions of private lands by Federal 
        agencies have the potential to impose severe hardships on units 
        of local government; and
            (3) when it is clearly in the national interest for the 
        Federal Government to acquire private lands, other than by a 
        contemporaneous exchange involving Federal land, Federal 
        agencies should minimize the impact of Federal acquisition on 
        units of local government.

SEC. 3. DECLARATION OF POLICY.

    It is the policy of Congress that--
            (1) Federal agencies should not acquire private land, other 
        than by exchange, unless the acquisition is clearly in the 
        national interest;
            (2) the acquisition of private land by a Federal agency 
        should be based on a careful analysis of the full range of the 
        benefits and costs of Federal acquisition; and
            (3) the acquisition of private land by a Federal agency 
        should not result in a net loss of local tax revenues to the 
        relevant unit of local government.

SEC. 4. DEFINITIONS.

    As used in this Act:
            (1) Agency.--The term ``agency'' has the same meaning as is 
        provided for ``Executive agency'' in section 105 of title 5, 
        United States Code.
            (2) Unit of local government.--The term ``unit of local 
        government'' means--
                    (A) any county, municipality, or other political 
                subdivision of a State, having authority under the laws 
                of the State to levy and collect taxes upon real 
                property; or
                    (B) the District of Columbia.
            (3) Real property taxes.--The term ``real property taxes'' 
        means all taxes, whether ad valorem or otherwise, applicable 
        with respect to real property, including special assessments, 
        assessments for benefit, or other charges of general 
        application against land in favor of a State or local 
        governmental unit.
            (4) State.--The term ``State'' means any of the several 
        States, the Commonwealth of Puerto Rico, the Commonwealth of 
        the Northern Mariana Islands, or any territory and possession 
        of the United States.

SEC. 5. ECONOMIC IMPACT ANALYSIS.

    (a) In General.--Prior to each acquisition of private land by an 
agency, the head of the agency shall prepare an economic impact 
analysis in accordance with this section.
    (b) Contents.--In preparing the economic impact analysis, the head 
of the agency shall, at a minimum, analyze--
            (1) the extent to which alternative means to Federal 
        acquisition are available to serve the Federal resource 
        management objectives at issue;
            (2) any tax payment loss to the relevant unit of local 
        government;
            (3) the effects of the tax payment loss on the delivery of 
        governmental services by the unit;
            (4) the effects on local employment and income; and
            (5) any potential limitations that the Federal acquisition 
        would pose for future community expansion.
    (c) Consultation.--The agency shall consult with the relevant unit 
of local government during the preparation of the economic impact 
analysis.
    (d) Notice and Comment.--The agency shall provide an opportunity 
for notice and comment in connection with the preparation of the 
economic impact analysis.

SEC. 6. TAX EQUIVALENCY PAYMENTS.

    (a) In General.--
            (1) In general.--For each parcel of private land acquired 
        by an agency after October 1, 1992, other than by 
        contemporaneous land exchange, the head of the agency shall pay 
        annually to the unit of local government in which the parcel is 
        located an amount equal to the real property taxes computed on 
        the current market value of the parcel, as determined in 
        accordance with paragraph (2).
            (2) Current market value.--
                    (A) Initial value.--The initial current market 
                value of a parcel shall be equal to the purchase price 
                per acre multiplied by the number of acres acquired by 
                the Federal Government.
                    (B) Adjustments.--The unit of local government may 
                adjust the current market value of a parcel to reflect 
                adjustments in the current market value of other lands 
                within the jurisdiction.
            (3) Special formulas.--In computing a tax equivalency 
        payment under this subsection, special farm or forest use 
        formulas, which may vary from State to State, shall not be 
        applied to the value of the parcel.
    (b) Failure to Pay.--If for any reason the head of an agency fails 
to make a payment required under subsection (a), the unit of local 
government may file a civil action against the agency, and a district 
court of the United States shall have jurisdiction to enforce this 
section.

SEC. 7. EFFECT OF OTHER LAWS.

    If for any fiscal year a payment described in section 6(a) is made 
to a State or unit of local government with respect to a parcel of land 
described in section 6(a)(1), such payment shall be reduced in 
proportion to the payment in lieu of real property taxes, if any, which 
is made with respect to the same parcel of land under any other Federal 
law.

SEC. 8. AUTHORIZATION OF APPROPRIATIONS.

    In each fiscal year, there are authorized to be appropriated to 
each agency such sums as are necessary to carry out this Act.

SEC. 9. EFFECTIVE DATE.

    This Act shall become effective on October 1, 1994.

SOLUTION:
Federal Land Acquisition Impact Relief Act of 1993 - Requires the head of an agency to prepare an economic impact analysis prior to each agency acquisition of private land. 
Directs the agency head to pay annually to the pertinent local government an amount equal to the real property taxes computed on the current market value of each parcel of private land acquired by it after October 1, 1992, other than by contemporaneous land exchange. 
States that if such payment is made to a State or local government with respect to a parcel of land under this Act, the payment shall be reduced in proportion to the payment in lieu of real property taxes, if any, which is made relating to the same parcel of land under any other Federal law. 
Authorizes appropriations.