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; AMENDMENT OF 1986 CODE.

    (a) Short Title.--This Act may be cited as the ``Individual 
Retirement Account Equity and Enhancement Act of 1994''.
    (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. HOMEMAKERS ELIGIBLE FOR FULL IRA DEDUCTION.

    (a) Spousal IRA Computed on Basis of Compensation of Both 
Spouses.--Subsection (c) of section 219 (relating to special rules for 
certain married individuals) is amended to read as follows:
    ``(c) Special Rules for Certain Married Individuals.--
            ``(1) In general.--In the case of an individual to whom 
        this paragraph applies for the taxable year, the limitation of 
        paragraph (1) of subsection (b) shall be equal to the lesser 
        of--
                    ``(A) $2,000, or
                    ``(B) the sum of--
                            ``(i) the compensation includible in such 
                        individual's gross income for the taxable year, 
                        plus
                            ``(ii) the compensation includible in the 
                        gross income of such individual's spouse for 
                        the taxable year reduced by the amount 
                        allowable as a deduction under subsection (a) 
                        to such spouse for such taxable year.
            ``(2) Individuals to whom paragraph (1) applies.--Paragraph 
        (1) shall apply to any individual if--
                    ``(A) such individual files a joint return for the 
                taxable year, and
                    ``(B) the amount of compensation (if any) 
                includible in such individual's gross income for the 
                taxable year is less than the compensation includible 
                in the gross income of such individual's spouse for the 
                taxable year.''
    (b) Conforming Amendments.--
            (1) Paragraph (2) of section 219(f) (relating to other 
        definitions and special rules) is amended by striking 
        ``subsections (b) and (c)'' and inserting ``subsection (b)''.
            (2) Section 408(d)(5) is amended by striking ``$2,250'' and 
        inserting ``$2,000''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 1994.

SEC. 3. DISTRIBUTIONS FROM CERTAIN PLANS MAY BE USED WITHOUT PENALTY TO 
              PURCHASE FIRST HOMES, TO PAY HIGHER EDUCATION OR 
              QUALIFIED LONG-TERM CARE EXPENSES, OR BY THE LONG-TERM 
              UNEMPLOYED.

    (a) In General.--Paragraph (2) of section 72(t) (relating to 
exceptions to 10-percent additional tax on early distributions from 
qualified retirement plans) is amended by adding at the end the 
following new subparagraph:
            ``(D) Distributions from certain plans for first home 
        purchases or educational or long-term care expenses.--
        Distributions to an individual from an individual retirement 
        plan, or from amounts attributable to employer contributions 
        made pursuant to elective deferrals described in subparagraph 
        (A) or (C) of section 402(g)(3) or section 501(c)(18)(D)(iii)--
                    ``(i) which are qualified first-time homebuyer 
                distributions (as defined in paragraph (6)), or
                    ``(ii) to the extent such distributions do not 
                exceed the sum of the qualified higher education 
                expenses (as defined in paragraph (7)) and the 
                qualified long-term care expenses (as defined in 
                paragraph (8)) of the taxpayer for the taxable year.''
    (b) Definitions.--Section 72(t) is amended by adding at the end the 
following new paragraphs:
            ``(6) Qualified first-time homebuyer distributions.--For 
        purposes of paragraph (2)(D)(i)--
                    ``(A) In general.--The term `qualified first-time 
                homebuyer distribution' means any payment or 
                distribution received by an individual to the extent 
                such payment or distribution is used by the individual 
                before the close of the 60th day after the day on which 
                such payment or distribution is received to pay 
                qualified acquisition costs with respect to a principal 
                residence of a first-time homebuyer who is such 
                individual, the spouse of such individual, or the child 
                or grandchild of such individual or the individual's 
                spouse.
                    ``(B) Qualified acquisition costs.--For purposes of 
                this paragraph, the term `qualified acquisition costs' 
                means the costs of acquiring, constructing, or 
                reconstructing a residence. Such term includes any 
                usual or reasonable settlement, financing, or other 
                closing costs.
                    ``(C) First-time homebuyer; other definitions.--For 
                purposes of this paragraph--
                            ``(i) First-time homebuyer.--The term 
                        `first-time homebuyer' means any individual 
                        if--
                                    ``(I) such individual (and if 
                                married, such individual's spouse) had 
                                no present ownership interest in a 
                                principal residence during the 3-year 
                                period ending on the date of 
                                acquisition of the principal residence 
                                to which this paragraph applies, and
                                    ``(II) subsection (a)(6), (h), or 
                                (k) of section 1034 did not suspend the 
                                running of any period of time specified 
                                in section 1034 with respect to such 
                                individual on the day before the date 
                                the distribution is applied pursuant to 
                                subparagraph (A)(ii).
                            ``(ii) Principal residence.--The term 
                        `principal residence' has the same meaning as 
                        when used in section 1034.
                            ``(iii) Date of acquisition.--The term 
                        `date of acquisition' means the date--
                                    ``(I) on which a binding contract 
                                to acquire the principal residence to 
                                which subparagraph (A) applies is 
                                entered into, or
                                    ``(II) on which construction or 
                                reconstruction of such a principal 
                                residence is commenced.
                    ``(D) Special rule where delay in acquisition.--If 
                any distribution from any individual retirement plan 
                fails to meet the requirements of subparagraph (A) 
                solely by reason of a delay or cancellation of the 
                purchase or construction of the residence, the amount 
                of the distribution may be contributed to an individual 
                retirement plan as provided in section 408(d)(3)(A)(i) 
                (determined by substituting `120 days' for `60 days' in 
                such section), except that--
                            ``(i) section 408(d)(3)(B) shall not be 
                        applied to such contribution, and
                            ``(ii) such amount shall not be taken into 
                        account in determining whether section 
                        408(d)(3)(A)(i) applies to any other amount.
            ``(7) Qualified higher education expenses.--For purposes of 
        paragraph (2)(D)(ii)--
                    ``(A) In general.--The term `qualified higher 
                education expenses' means tuition, fees, books, 
                supplies, and equipment required for the enrollment or 
                attendance of--
                            ``(i) the taxpayer,
                            ``(ii) the taxpayer's spouse, or
                            ``(iii) the child (as defined in section 
                        151(c)(3)) or grandchild of the taxpayer or the 
                        taxpayer's spouse,
                at an eligible educational institution (as defined in 
                section 135(c)(3)).
                    ``(B) Coordination with savings bond provisions.--
                The amount of qualified higher education expenses for 
                any taxable year shall be reduced by any amount 
                excludable from gross income under section 135.
            ``(8) Qualified long-term care expenses.--For purposes of 
        paragraph (2)(D)(ii)--
                    ``(A) In general.--The term `qualified long-term 
                care expenses' means amounts paid or incurred for 
                qualified long-term care services, including amounts 
                for insurance covering such services.
                    ``(B) Qualified long-term care services.--For 
                purposes of subparagraph (A)--
                            ``(i) In general.--The term `qualified 
                        long-term care services' means necessary 
                        diagnostic, preventive, therapeutic, 
                        rehabilitative, and maintenance (including 
                        personal care) services--
                                    ``(I) which are required by an 
                                individual during any period during 
                                which such individual is a functionally 
                                impaired individual,
                                    ``(II) which have as their primary 
                                purpose the provision of needed 
                                assistance with 1 or more activities of 
                                daily living which a functionally 
                                impaired individual is certified as 
                                being unable to perform under clause 
                                (ii)(I), and
                                    ``(III) which are provided pursuant 
                                to a continuing plan of care prescribed 
                                by a licensed health care practitioner 
                                (other than a relative of such 
                                individual).
                            ``(ii) Functionally impaired individual.--
                                    ``(I) In general.--The term 
                                `functionally impaired individual' 
                                means any individual who is certified 
                                by a licensed health care practitioner 
                                (other than a relative of such 
                                individual) as being unable to perform, 
                                without substantial assistance from 
                                another individual (including 
                                assistance involving verbal reminding, 
                                physical cueing, or substantial 
                                supervision), at least 3 activities of 
                                daily living described in clause (iii).
                                    ``(II) Special rule for home health 
                                care services.--In the case of services 
                                which are provided during any period 
                                during which an individual is residing 
                                within the individual's home (whether 
                                or not the services are provided within 
                                the home), subclause (I) shall be 
                                applied by substituting `2' for `3'. 
                                For purposes of this subclause, a 
                                nursing home or similar facility shall 
                                not be treated as a home.
                            ``(iii) Activities of daily living.--Each 
                        of the following is an activity of daily 
                        living:
                                    ``(I) Eating.
                                    ``(II) Transferring.
                                    ``(III) Toileting.
                                    ``(IV) Dressing.
                                    ``(V) Bathing.
                    ``(C) Licensed health care practitioner.--For 
                purposes of subparagraph (B)--
                            ``(i) In general.--The term `licensed 
                        health care practitioner' means--
                                    ``(I) a physician or registered 
                                professional nurse,
                                    ``(II) a qualified community care 
                                case manager (as defined in clause 
                                (ii)), or
                                    ``(III) any other individual who 
                                meets such requirements as may be 
                                prescribed by the Secretary after 
                                consultation with the Secretary of 
                                Health and Human Services.
                            ``(ii) Qualified community care case 
                        manager.--The term `qualified community care 
                        case manager' means an individual or entity 
                        which--
                                    ``(I) has experience or has been 
                                trained in providing case management 
                                services and in preparing individual 
                                care plans;
                                    ``(II) has experience in assessing 
                                individuals to determine their 
                                functional and cognitive impairment;
                                    ``(III) is not a relative of the 
                                individual receiving case management 
                                services; and
                                    ``(IV) meets such requirements as 
                                may be prescribed by the Secretary 
                                after consultation with the Secretary 
                                of Health and Human Services.
                    ``(D) Relative.--For purposes of this paragraph, 
                the term `relative' means an individual bearing a 
                relationship to another individual which is described 
                in paragraphs (1) through (8) of section 152(a).''
    (c) Penalty-Free Distributions for Certain Unemployed 
Individuals.--Paragraph (2) of section 72(t) is amended by adding at 
the end the following new subparagraph:
                    ``(E) Distributions to unemployed individuals.--A 
                distribution from an individual retirement plan to an 
                individual after separation from employment, if--
                            ``(i) such individual has received 
                        unemployment compensation for 12 consecutive 
                        weeks under any Federal or State unemployment 
                        compensation law by reason of such separation, 
                        and
                            ``(ii) such distributions are made during 
                        any taxable year during which such unemployment 
                        compensation is paid or the succeeding taxable 
                        year.''
    (d) Conforming Amendments.--
            (1) Section 401(k)(2)(B)(i) is amended by striking ``or'' 
        at the end of subclause (III), by striking ``and'' at the end 
        of subclause (IV) and inserting ``or'', and by inserting after 
        subclause (IV) the following new subclause:
                                    ``(V) the date on which qualified 
                                first-time homebuyer distributions (as 
                                defined in section 72(t)(6)), or 
                                distributions for qualified higher 
                                education expenses (as defined in 
                                section 72(t)(7)), or for qualified 
                                long-term care expenses (as defined in 
                                section 72(t)(18)), are made, and''.
            (2) Section 403(b)(11) is amended by striking ``or'' at the 
        end of subparagraph (A), by striking the period at the end of 
        subparagraph (B) and inserting ``, or'', and by inserting after 
        subparagraph (B) the following new subparagraph:
                    ``(C) for qualified first-time homebuyer 
                distributions (as defined in section 72(t)(6)) or for 
                the payment of qualified higher education expenses (as 
                defined in section 72(t)(7)) or qualified long-term 
                care expenses (as defined in section 72(t)(8)).''
    (e) Effective Date.--The amendments made by this section shall 
apply to payments and distributions after the date of the enactment of 
this Act.

Answer: Individual Retirement Account Equity and Enhancement Act of 1994 - Amends the Internal Revenue Code to allow certain spouses a deduction for contributions to an individual retirement account. 
Allows distribution from certain retirement plans without penalty to purchase first homes, pay higher education expenses and qualified long-term care expenses, and assist certain unemployed individuals.


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 ``Fair Credit Reporting Act Amendments 
of 2001''.

SEC. 2. FREE CREDIT REPORT ANNUALLY UPON REQUEST OF CONSUMER.

    (a) Section 612 of the Fair Credit Reporting Act (15 U.S.C. 1681j) 
is amended--
            (1) by redesignating subsections (c) and (d) as subsections 
        (d) and (e), respectively; and
            (2) by inserting after subsection (b) the following new 
        subsection:
    ``(c) Free Credit Report Annually Upon Request of Consumer.--Upon 
the request of any consumer, each consumer reporting agency shall make 
all disclosures pursuant to section 609 without charge to such consumer 
at least once each calendar year.''.
    (b) Technical and Conforming Amendment.--Section 612(a)(1) of the 
Fair Credit Reporting Act (15 U.S.C. 1681j(a)(1)) is amended by 
striking ``(c), and (d)'' and inserting ``(c), (d), and (e)''.

SEC. 3. DISCLOSURE OF WORLD WIDE WEB SITE.

    Section 609(c)(1)(B) of the Fair Credit Reporting Act (15 U.S.C. 
1681(c)(1)(B)) is amended by inserting ``and information sufficient to 
allow the consumer to contact the agency, or request a consumer report 
relating to the consumer from the agency, through the Internet or the 
World Wide Web'' before the period at the end.

SEC. 4. DISCLOSURE OF CREDIT SCORES AND EXPLANATION OF CREDIT SCORES.

    Section 609(a)(1) of the Fair Credit Reporting Act (15 U.S.C. 
1681g(a)(1)) is amended to read as follows:
            ``(1) All information in the consumer's file at the time of 
        the request, including any information concerning credit scores 
        or any other risk scores or predictors relating to the 
        consumer, together with--
                    ``(A) a clear and concise summary of how the scores 
                and predictors are derived;
                    ``(B) the factors taken into account in deriving a 
                score or predictor;
                    ``(C) how such factors are applied to the consumer;
                    ``(D) the relative weight given to each factor; and
                    ``(E) the manner and extent to which such factors 
                raise or lower the score or predictor.''

SEC. 5. SHORTER PERIOD FOR INCLUSION OF SMALL DEBTS UNDER CERTAIN 
              CIRCUMSTANCES.

    Section 605(a) of the Fair Credit Reporting Act (15 U.S.C. 
1681c(a)) is amended by adding at the end the following new paragraph:
            ``(6) Notwithstanding paragraph (4), any account placed for 
        collection or charged to profit and loss in which the amount 
        placed to collection or charged to profit and loss did not 
        exceed $100 and which antedates the report by more than 3 
        years, if--
                    ``(A) the consumer to whom the report relates 
                completed a credit and financial management class 
                during such 3-year period; and
                    ``(B) the consumer has not previously had an 
                account excluded from paragraph (4) by virtue of this 
                paragraph.''.

SEC. 6. PROMPT INVESTIGATION AND CORRECTION OR DELETION OF INACCURATE, 
              INCOMPLETE, OR UNVERIFIABLE CONSUMER INFORMATION.

    (A) Review and Monitoring Required.--The Board of Governors of the 
Federal Reserve System and the Federal Trade Commission shall each 
review and monitor the extent to which, and the manner in which, 
consumer reporting agencies and furnishers of consumer information to 
consumer reporting agencies are complying with the procedures, time 
lines, and requirements under the Fair Credit Reporting Act for the 
prompt investigation of the disputed accuracy of any consumer 
information and the prompt correction or deletion, in accordance with 
such Act, of any inaccurate or incomplete information or information 
that cannot be verified.
    (b) Report Required.--Before the end of the 6-month period 
beginning on the date of the enactment of this Act, the Board of 
Governors of the Federal Reserve System and the Federal Trade 
Commission shall each submit a progress report to the Congress on the 
results of the review required under subsection (a).
    (c) Recommendations.--The report under subsection (b) shall include 
such recommendations as the Board and the Commission determine to be 
appropriate for legislative or administrative action to ensure that--
            (1) consumer disputes with consumer reporting agencies over 
        the accuracy or completeness of information in a consumer's 
        file are promptly and fully investigated and any incorrect, 
        incomplete, or unverifiable information is immediately 
        corrected or deleted;
            (2) furnishers of information to consumer reporting 
        agencies maintain full and prompt compliance with the duties 
        and responsibilities established under section 623 of the Fair 
        Credit Reporting Act; and
            (3) consumer reporting agencies establish and maintain 
        appropriate internal controls and management review procedures 
        for maintaining full and continuous compliance with the 
        procedures, time lines, and requirements under the Fair Credit 
        Reporting Act for the prompt investigation of the disputed 
        accuracy of any consumer information and the prompt correction 
        or deletion, in accordance with such Act, of any inaccurate or 
        incomplete information or information that cannot be verified.
    (d) Definitions.--For purposes of this section, the terms 
``consumer'', ``consumer report'', and ``consumer reporting agency'' 
have the same meaning as in the Fair Credit Reporting Act.

SEC. 7. EFFECTIVE DATE.

    The amendments made by this Act shall take effect at the end of the 
90-day period beginning on the date of the enactment of this Act.

Answer:
Fair Credit Reporting Act Amendments of 2001 - Amends the Fair Credit Reporting Act (FCRA) to mandate that, upon consumer request, a consumer reporting agency: (1) furnish an annual credit report free of charge; and (2) disclose credit risk scores or other predictors contained in the consumer's file, including the factors and relative weights taken into account, and the extent to which such factors raise or lower the score or predictor. (Currently such scores are exempted from disclosure.)Prohibits the inclusion of certain small debts in a consumer report under specified circumstances.Directs the Board of Governors of the Federal Reserve System and the Federal Trade Commission to: (1) monitor and review the extent to which consumer reporting agencies and purveyors of information to such agencies comply with FCRA requirements for the prompt investigation of matters in dispute and the prompt correction of inaccurate or incomplete information, or information that cannot be verified; and (2) present a progress report to Congress.