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

    This Act may be cited as the ``Detroit Economic Competitiveness 
Act''.

SEC. 2. DETROIT JOBS TRUST FUND.

    (a) In General.--Subchapter A of chapter 98 of the Internal Revenue 
Code of 1986 is amended by adding at the end the following new section:

``SEC. 9512. DETROIT JOBS TRUST FUND.

    ``(a) Creation of Trust Fund.--There is established in the Treasury 
of the United States a trust fund to be known as the `Detroit Jobs 
Trust Fund', consisting of such amounts as may be appropriated or 
credited to such fund as provided in this section or section 9602(b).
    ``(b) Transfers to Trust Fund.--There are hereby appropriated to 
the Detroit Jobs Trust Fund amounts equivalent to receipts in the 
Treasury of taxes (including all income, excise, and employment taxes 
whether imposed with respect to individuals or businesses) imposed 
under this title (with respect to periods after the date of the 
enactment of this section) which are (as determined by the Secretary) 
attributable to Detroit, Michigan. The city of Detroit, Michigan, shall 
provide the Secretary such information as the Secretary may request for 
purposes of making the determinations required under this subsection. 
For purposes of this subsection, the taxes imposed on a corporation or 
other business entity shall not be treated as attributable to Detroit, 
Michigan, merely because the headquarters of such corporation or entity 
is located in Detroit, Michigan.
    ``(c) Expenditures.--
            ``(1) In general.--Except as otherwise provided in this 
        subsection, amounts in the Detroit Jobs Trust Fund shall 
        (without need of any further appropriation) be distributed 
        annually by the Secretary to the city of Detroit, Michigan, to 
        carry out the purposes described in paragraph (2).
            ``(2) Use of expenditures.--Amounts distributed to the city 
        of Detroit, Michigan, under this section shall be used for the 
        following purposes and in the following order of priority:
                    ``(A) First, of the amounts distributed with 
                respect the annual period not in excess of the Detroit 
                income tax suspension hold harmless amount, for any 
                purpose determined by the city government of Detroit, 
                Michigan.
                    ``(B) Second, for payment of principal and interest 
                on any general obligation issued by the city of 
                Detroit, Michigan (to the extent of such obligations).
                    ``(C) Third, for payment of principal and interest 
                on obligations to which section 103 applies and the 
                proceeds of which were used for the public schools of 
                the city of Detroit, Michigan (to the extent of such 
                obligations).
                    ``(D) Fourth, for jobs development, public safety, 
                education, business infrastructure, or public 
                infrastructure (to the extent consistent with the plan 
                described in paragraph (4)).
            ``(3) Restriction on distributions.--No distribution shall 
        be made by the Secretary under paragraph (1) unless--
                    ``(A) the city of Detroit, Michigan, does not 
                impose an income tax with respect to the period to 
                which such distribution relates,
                    ``(B) such city has reduced the aggregate property 
                taxes imposed by an amount not less than the reduction 
                in the payment obligations of such city by reason of 
                the payments described in paragraph (2),
                    ``(C) all prior distributions made to the city 
                under paragraph (2) were used by the city in a manner 
                consistent with the requirements of paragraph (2), and
                    ``(D) such city has provided such information to 
                the Comptroller General of the United States as the 
                Comptroller General may request to carry out section 
                2(b) of the Detroit Economic Competitiveness Act.
            ``(4) 5-year development plan.--A plan is described in this 
        paragraph if such plan--
                    ``(A) is a 5-year plan describing development goals 
                for Detroit, Michigan, and detailing how distributions 
                for purposes described in paragraph (2)(D) will be 
                spent,
                    ``(B) has been approved by simple majority vote of 
                the City Council of Detroit, Michigan (after 
                consultation with the Detroit Board of Education), and
                    ``(C) has been submitted to, and approved by, the 
                Secretary of the Treasury, the Secretary of Housing and 
                Urban Development, and the Secretary of Education.
        No distribution shall be made under paragraph (1) for a purpose 
        described in paragraph (2)(D) unless a plan described in this 
        paragraph is in effect and all prior such distributions for 
        such purposes were used in accordance with such plan.
            ``(5) Special rules during period of plan development.--
        During the period during which the plan described in paragraph 
        (4) is developed (but not in excess of the 5-month period 
        beginning on the date of the first distribution under paragraph 
        (1)), amounts distributed may be used concurrently for the 
        purposes described in subparagraphs (A), (B), and (C) of 
        paragraph (2).
            ``(6) Detroit income tax suspension hold harmless amount.--
                    ``(A) In general.--For purposes of paragraph 
                (2)(A), the term `Detroit income tax suspension hold 
                harmless amount' means the amount (as determined by the 
                Secretary) of revenue collected by the city of Detroit 
                pursuant to the income tax imposed by such city during 
                the calendar year preceding the calendar year which 
                includes the date of the enactment of this section.
                    ``(B) Cross reference.--For provision which 
                requires suspension of the Detroit income tax, see 
                paragraph (3)(A).
                    ``(C) Tax returns may still be required.--The city 
                of Detroit, Michigan, shall not be treated as failing 
                to satisfy the requirement of paragraph (3)(A) with 
                respect to any period merely because taxpayers are 
                required to file tax returns and report income with 
                respect to such period.
            ``(7) Amounts made available not to reduce other funding.--
        Amounts distributed to the city of Detroit, Michigan, under 
        this section shall supplement, and not supplant, any other 
        funding (including any Federal funding) for such city.
    ``(d) Termination.--No amount shall be distributed from, or 
appropriated to, the Detroit Jobs Trust Fund after the 5-year period 
beginning on the date of the enactment of this section. Any amounts 
remaining in such Trust Fund at the end of such period shall be 
transferred to the general fund of the Treasury. The 5-year period 
specified in this subsection shall not be renewed or extended.''.
    (b) GAO Reports.--The Comptroller General of the United States 
shall submit an annual report to Congress which--
            (1) describes the manner and purposes for which 
        distributions made from the Detroit Jobs Trust Fund have been 
        used,
            (2) describes the extent to which progress has been made 
        toward meeting the development goals under the plan described 
        in section 9512(c)(4) of the Internal Revenue Code of 1986 (as 
        added by this section) and whether such progress is consistent 
        with meeting such goals, and
            (3) includes any recommendations the Comptroller General 
        may have regarding improvements to the program described in 
        section 9512 of such Code.
The first such annual report shall be submitted not later than 90 days 
after the 1-year period beginning on the date of the enactment of this 
Act and the last such annual report shall be submitted not later than 
90 days after the date on which the Detroit Jobs Trust Fund terminates 
pursuant to section 9512(d) of such Code.
    (c) Clerical Amendment.--The table of sections for subchapter A of 
chapter 98 of the Internal Revenue Code of 1986 is amended by adding at 
the end the following new item:

``Sec. 9512. Detroit Jobs Trust Fund.''.

SEC. 3. ZERO CAPITAL GAINS RATE FOR CERTAIN NEW INVESTMENTS IN DETROIT, 
              MICHIGAN.

    (a) In General.--Subchapter Y of chapter 1 of the Internal Revenue 
Code of 1986 is amended by adding at the end the following new part:

        ``PART IV--CERTAIN NEW INVESTMENTS IN DETROIT, MICHIGAN

``Sec. 1400V. Zero capital gains rate for certain new investments in 
                            Detroit, Michigan.

``SEC. 1400V. ZERO CAPITAL GAINS RATE FOR CERTAIN NEW INVESTMENTS IN 
              DETROIT, MICHIGAN.

    ``(a) In General.--Gross income does not include any qualified 
capital gain from the sale or exchange of a specified new investment 
held for more than 1 year.
    ``(b) Specified New Investment.--For purposes of this section--
            ``(1) In general.--The term `specified new investment' 
        means--
                    ``(A) any qualified stock,
                    ``(B) any qualified partnership interest, and
                    ``(C) any qualified business property.
            ``(2) Qualified stock.--
                    ``(A) In general.--Except as provided in 
                subparagraph (B), the term `qualified stock' means any 
                stock in a domestic corporation if--
                            ``(i) such stock is acquired by the 
                        taxpayer during the 1-year period beginning on 
                        the date of the enactment of this section, at 
                        its original issue (directly or through an 
                        underwriter) from the corporation solely in 
                        exchange for cash,
                            ``(ii) as of the time such stock was 
                        issued, such corporation was a specified 
                        Detroit business (or, in the case of a new 
                        corporation, such corporation was being 
                        organized for purposes of being a specified 
                        Detroit business), and
                            ``(iii) during substantially all of the 
                        taxpayer's holding period for such stock, such 
                        corporation qualified as a specified Detroit 
                        business.
                    ``(B) Redemptions.--A rule similar to the rule of 
                section 1202(c)(3) shall apply for purposes of this 
                paragraph.
            ``(3) Qualified partnership interest.--The term `qualified 
        partnership interest' means any capital or profits interest in 
        a domestic partnership if--
                    ``(A) such interest is acquired by the taxpayer 
                during the 1-year period beginning on the date of the 
                enactment of this section, from the partnership solely 
                in exchange for cash,
                    ``(B) as of the time such interest was acquired, 
                such partnership was a specified Detroit business (or, 
                in the case of a new partnership, such partnership was 
                being organized for purposes of being a specified 
                Detroit business), and
                    ``(C) during substantially all of the taxpayer's 
                holding period for such interest, such partnership 
                qualified as a specified Detroit business.
        A rule similar to the rule of paragraph (2)(B) shall apply for 
        purposes of this paragraph.
            ``(4) Qualified business property.--
                    ``(A) In general.--The term `qualified business 
                property' means tangible property if--
                            ``(i) such property was acquired by the 
                        taxpayer by purchase (as defined in section 
                        179(d)(2)) during the 1-year period beginning 
                        on the date of the enactment of this section,
                            ``(ii) the original use of such property in 
                        Detroit, Michigan, commences with the taxpayer, 
                        and
                            ``(iii) during substantially all of the 
                        taxpayer's holding period for such property, 
                        substantially all of the use of such property 
                        was in a specified Detroit business of the 
                        taxpayer.
                    ``(B) Special rule for substantial improvements.--
                The requirements of clauses (i) and (ii) of 
                subparagraph (A) shall be treated as satisfied with 
                respect to--
                            ``(i) property which is substantially 
                        improved by the taxpayer before the end of the 
                        period described in subparagraph (A)(i), and
                            ``(ii) any land on which such property is 
                        located.
                The determination of whether a property is 
                substantially improved shall be made under clause (ii) 
                of section 1400B(b)(4)(B), except that `the date of the 
                enactment of section 1400V' shall be substituted for 
                `December 31, 1997' in such clause.
    ``(c) Qualified Capital Gain.--For purposes of this section--
            ``(1) In general.--Except as otherwise provided in this 
        subsection, the term `qualified capital gain' means any gain 
        recognized on the sale or exchange of--
                    ``(A) a capital asset, or
                    ``(B) property used in the trade or business (as 
                defined in section 1231(b)).
            ``(2) Gain before enactment not qualified.--The term 
        `qualified capital gain' shall not include any gain 
        attributable to periods before the date of the enactment of 
        this section.
            ``(3) Certain rules to apply.--Rules similar to the rules 
        of paragraphs (3), (4), and (5) of section 1400B(e) shall apply 
        for purposes of this subsection.
    ``(d) Specified Detroit Business.--For purposes of this section, 
the term `specified Detroit business' means any enterprise zone 
business (as defined in section 1397C), determined--
            ``(1) without regard to subsections (b)(6) and (c)(5) 
        thereof,
            ``(2) by substituting `80 percent' for `50 percent' in 
        subsections (b)(2) and (c)(1) thereof,
            ``(3) by treating Detroit, Michigan, as an empowerment zone 
        (and by treating no area other than Detroit, Michigan, as an 
        empowerment zone).
    ``(e) Certain Rules To Apply.--For purposes of this section, rules 
similar to the rules of paragraphs (6) and (7) of subsection (b), and 
subsections (f) and (g), of section 1400B shall apply; except that for 
such purposes section 1400B(g)(2) shall be applied by substituting 
`before the date of the enactment of section 1400V' for `before January 
1, 1998, or after December 31, 2014'.
    ``(f) Regulations.--The Secretary shall prescribe such regulations 
as may be appropriate to carry out the purposes of this section, 
including regulations to prevent the abuse of the purposes of this 
section.''.
    (b) Clerical Amendment.--The table of parts for subchapter Y of 
chapter 1 of such Code is amended by adding at the end the following 
new item:

       ``Part IV. Certain New Investments in Detroit, Michigan''.

    (c) Effective Date.--The amendments made by this section shall 
apply to property acquired after the date of the enactment of this Act.
answer:
Detroit Economic Competitiveness Act - Amends the Internal Revenue Code to establish the Detroit Jobs Trust Fund to finance economic development in Detroit, Michigan. Requires the Secretary of the Treasury to make annual distributions from such Fund to the city of Detroit for payment of debt obligations and for job development, public safety, education, and business and public infrastructure. Prohibits any distributions unless the city of Detroit: (1) does not impose an income tax during a period of distribution, (2) has made specified reductions in aggregate property taxes, (3) has used prior distributions as required under this Act, (4) has provided required information to the Comptroller General (GAO), and (5) has implemented a five-year plan describing development goals for Detroit and detailing how distributions from the Trust Fund will be spent. Terminates such Fund five years after enactment of this Act.

Requires GAO to submit annual reports to Congress describing the use of distributions from the Trust Fund, the extent to which progress has been made in meeting the plan's development goals, and Comptroller General recommendations for improving the program established under this Act.

Excludes from gross income capital gain from the sale or exchange of investment property used in trade or business in Detroit.


question:
SECTION 1. SHORT TITLE.

    This Act may be cited as the ``National Coast Guard Museum Act of 
2001''.

SEC. 2. FINDINGS.

    The Congress finds the following:
            (1) There is no national museum to commemorate and honor 
        the Coast Guard's history, mission, personnel, and traditions 
        or those of its predecessor services and agencies.
            (2) There should be established a National Coast Guard 
        Museum to commemorate the 210 years of national maritime and 
        military history of the Coast Guard and its predecessor 
        services and agencies.

SEC. 3. DEFINITIONS.

    In this Act:
            (1) Association.--The term ``Association'' means the 
        National Coast Guard Museum Association (a nonprofit 
        corporation established under the laws of the State of 
        Massachusetts), or a similar organization.
            (2) Museum.--The term ``Museum'' means the National Coast 
        Guard Museum established under sections 4(a).
            (3) Commandant.--The term ``Commandant'' means the 
        Commandant of the Coast Guard.
            (4) Fund.--The term ``Fund'' means the National Coast Guard 
        Museum Fund established under section 5(a).

SEC. 4. NATIONAL COAST GUARD MUSEUM.

    (a) Establishment.--The Commandant may, in accordance with this 
section, establish, operate, and maintain a National Coast Guard Museum 
on Federal lands that are administered by the Coast Guard and specified 
by the Commandant.
    (b) Construction.--
            (1) License.--The Commandant may grant a license to the 
        Association authorizing the Association to construct facilities 
        for the Museum on the land specified under subsection (a).
            (2) Terms.--The license under this subsection shall include 
        terms that establish the following:
                    (A) Upon completion of construction of facilities 
                under the license, the Association shall donate such 
                facilities, including any associated improvements, 
                fixtures, and related personal property, as a gift to 
                Coast Guard.
                    (B) The United States shall have no responsibility 
                for project management.
                    (C) The Association shall be responsible for 
                preparation of the design and plans for facilities 
                constructed under the license, except that the design 
                and plans shall be subject to the approval of the 
                Commandant
            (3) Funding.--(A) The Commandant shall not allow 
        construction of facilities for the Museum to begin, and may not 
        provide any Federal funds for that construction, unless the 
        Commandant determines that sufficient amounts, not less than 
        $10,000,000, are available from non-Federal sources to complete 
        construction of the Museum in accordance with the design and 
        plans approved under paragraph (2)(C).
            (B) For the purposes of constructing the Museum, and 
        subject to the availability of appropriations, the Commandant 
        may transfer to the Association up to $10,000,000.
            (C) The Commandant shall require that amounts transferred 
        under subparagraph (B) that are not expended on the 
        construction of the Museum shall be returned to the Coast Guard 
        and deposited into the Fund.
            (4) Liability.--The United States shall not be liable for 
        any act or omission relating to construction under the license.
    (c) Commandant's Authorities.--Notwithstanding any other provision 
of law, in connection with the establishment, operation, and 
maintenance of the Museum, the Commandant may--
            (1) rent or lease space within the Museum for gift shops, 
        food concessions, meeting or special event spaces, and similar 
        purposes or activities, under such terms and conditions, and 
        for such periods of time, as the Commandant considers 
        appropriate;
            (2) accept, hold, administer, and, without further Act of 
        appropriation, spend any gift, devise, or bequest of real or 
        personal property (including funds) that is made on the 
        condition that it be used for the benefit of, or in connection 
        with the establishment, operation, or maintenance of, the 
        Museum;
            (3) pay necessary expenses in connection with the 
        conveyance or transfer of any such gift, devise or bequest; and
            (4) perform other acts as the Commandant deems reasonable 
        and appropriate.
    (d) Treatment of Gifts.--For the purposes of Federal income, 
estate, and gift taxes, property that is accepted under subsection 
(c)(2) shall be considered as a gift, devise, or bequest to or for the 
use of the United States.

SEC. 5. NATIONAL COAST GUARD MUSEUM FUND.

    (a) Establishment.--There is established in the Treasury a separate 
account that shall be known as the ``National Coast Guard Museum 
Fund''.
    (b) Contents.--The Fund shall consist of the following:
            (1) Gifts, devises, and bequests of funds accepted under 
        section 4(c)(2).
            (2) Amounts received by the United States from the rental 
        or leasing of space within the Museum under section 4(a).
            (3) Interest credited under subsection (d).
            (4) Amounts deposited under section 4(b)(3)(C).
    (c) Use.--The Commandant may make disbursements from the Fund for 
the establishment, operation, or maintenance of the Museum, without 
further Act of appropriation and without fiscal year limitation.
    (d) Investment.--
            (1) In general.--Upon request of the Commandant, the 
        Secretary of the Treasury may invest amounts in the Fund in 
        securities of, or in securities whose principal and interest 
        are guaranteed by, the United States Government.
            (2) Interest.--The interest and profits accruing from 
        investments under this subsection shall be deposited to the 
        credit of the Fund.
answer:
National Coast Guard Museum Act of 2001 - Authorizes the Commandant of the Coast Guard to establish, operate, and maintain a National Coast Guard Museum on Federal lands that are administered by the Coast Guard and specified by the Commandant.Establishes in the Treasury the National Coast Guard Museum Fund.


question:
SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Shared Responsibility in Preserving 
America's Future Act''.

SEC. 2. SURTAX ON MILLIONAIRES CONTINGENT ON CONGRESSIONAL PASSAGE OF A 
              BALANCED BUDGET AMENDMENT OR SPENDING LIMIT AMENDMENT.

    (a) In General.--Subchapter A of chapter 1 of the Internal Revenue 
Code of 1986 is amended by adding at the end the following new part:

                  ``PART VIII--SURTAX ON MILLIONAIRES

``Sec. 59B. Surtax on millionaires.

``SEC. 59B. SURTAX ON MILLIONAIRES.

    ``(a) General Rule.--In the case of a taxpayer other than a 
corporation for any taxable year beginning after 2012 and before 2023, 
there is hereby imposed (in addition to any other tax imposed by this 
subtitle) a tax equal to 5 percent of so much of the modified adjusted 
gross income of the taxpayer for such taxable year as exceeds the 
threshold amount.
    ``(b) Threshold Amount.--For purposes of this section--
            ``(1) In general.--The threshold amount is $1,000,000.
            ``(2) Inflation adjustment.--
                    ``(A) In general.--In the case of any taxable year 
                beginning after 2013, the $1,000,000 amount under 
                paragraph (1) shall be increased by an amount equal 
                to--
                            ``(i) such dollar amount, multiplied by
                            ``(ii) the cost-of-living adjustment 
                        determined under section 1(f)(3) for the 
                        calendar year in which the taxable year begins, 
                        determined by substituting `calendar year 2012' 
                        for `calendar year 1992' in subparagraph (B) 
                        thereof.
                    ``(B) Rounding.--If any amount as adjusted under 
                paragraph (1) is not a multiple of $10,000, such amount 
                shall be rounded to the next highest multiple of 
                $10,000.
            ``(3) Married filing separately.--In the case of a married 
        individual filing separately for any taxable year, the 
        threshold amount shall be one-half of the amount otherwise in 
        effect under this subsection for the taxable year.
    ``(c) Modified Adjusted Gross Income.--For purposes of this 
section--
            ``(1) In general.--The term `modified adjusted gross 
        income' means adjusted gross income reduced by the excess of--
                    ``(A) gross income from a trade or business--
                            ``(i) which is not a passive activity 
                        (within the meaning of section 469(c)) with 
                        respect to the taxpayer, and
                            ``(ii) with respect to which the taxpayer 
                        pays wages to at least 1 full-time equivalent 
                        employee (as defined in section 45R(d)(2) 
                        determined without regard to subsection 
                        (e)(1)(A)(iv) thereof), other than the 
                        taxpayer, over
                    ``(B) the deductions which are properly allocable 
                to such income.
            ``(2) Regulations.--The Secretary shall prescribe 
        regulations similar to the regulations under section 469(l) for 
        determining the income that is taken into account under 
        paragraph (1)(A).
    ``(d) Special Rules.--
            ``(1) Nonresident alien.--In the case of a nonresident 
        alien individual, only amounts taken into account in connection 
        with the tax imposed under section 871(b) shall be taken into 
        account under this section.
            ``(2) Citizens and residents living abroad.--The dollar 
        amount in effect under subsection (a) shall be decreased by the 
        excess of--
                    ``(A) the amounts excluded from the taxpayer's 
                gross income under section 911, over
                    ``(B) the amounts of any deductions or exclusions 
                disallowed under section 911(d)(6) with respect to the 
                amounts described in subparagraph (A).
            ``(3) Charitable trusts.--Subsection (a) shall not apply to 
        a trust all the unexpired interests in which are devoted to one 
        or more of the purposes described in section 170(c)(2)(B).
            ``(4) Not treated as tax imposed by this chapter for 
        certain purposes.--The tax imposed under this section shall not 
        be treated as tax imposed by this chapter for purposes of 
        determining the amount of any credit under this chapter or for 
        purposes of section 55.
    ``(e) Application of Section Contingent on Balanced Budget or 
Spending Limit Amendment.--
            ``(1) Submission of amendment for ratification.--This 
        section shall not apply to any taxable year which begins before 
        the date on which the President certifies that the Archivist of 
        the United States has submitted to the States for their 
        ratification a proposed amendment to the Constitution of the 
        United States pursuant to a joint resolution entitled `Joint 
        resolution proposing a balanced budget amendment to the 
        Constitution of the United States.' or `Joint resolution 
        proposing a spending limit amendment to the Constitution of the 
        United States.'. If the certification referred to in the 
        preceding sentence is not made by the President before 
        September 30, 2012, this section shall not apply to any taxable 
        year.
            ``(2) Ratification.--This section shall not apply to any 
        taxable year beginning after December 31, 2017, unless, on or 
        before such date, such an amendment, by ratification, becomes 
        valid to all intents and purposes as part of the Constitution 
        of the United States.''.
    (b) Clerical Amendment.--The table of parts for subchapter A of 
chapter 1 of the Internal Revenue Code of 1986 is amended by adding at 
the end the following new item:

                 ``Part VIII. Surtax on Millionaires''.

    (c) Section 15 Not To Apply.--The amendment made by subsection (a) 
shall not be treated as a change in a rate of tax for purposes of 
section 15 of the Internal Revenue Code of 1986.
    (d) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2012.
answer:

Shared Responsibility in Preserving America's Future Act - Amends the Internal Revenue Code to impose, in taxable years beginning after 2012 and before 2023, an additional 5% tax on individual taxpayers whose modified adjusted gross income exceeds $1 million (adjusted for inflation after 2013). Defines "modified adjusted gross income" as adjusted gross income reduced by the excess of: (1) gross income from a trade or business which is not a passive activity and with respect to which wages are paid to at least one full-time equivalent employee, over (2) the tax deductions properly allocable to such income. 

Makes this additional tax contingent upon the submission and ratification of a proposed amendment to the Constitution requiring a balanced budget or limiting spending.