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

[Q]: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Federal Law Enforcement Officers Pay 
Equity and Reform Act''.

SEC. 2. LIMITATION ON PREMIUM PAY.

    (a) In General.--Section 5547 of title 5, United States Code, is 
amended--
            (1) in subsection (a), by striking ``5545a,'';
            (2) in subsection (c), by striking ``or 5545a''; and
            (3) in subsection (d), by striking the period and inserting 
        ``or a criminal investigator who is paid availability pay under 
        section 5545a.''.
    (b) Effective Date.--The amendments made by this section shall take 
effect as if included in the enactment of section 1114 of the National 
Defense Authorization Act for Fiscal Year 2002 (Public Law 107-107; 115 
Stat. 1239).

SEC. 3. SPECIAL PAY ADJUSTMENTS FOR FEDERAL LAW ENFORCEMENT OFFICERS IN 
              CERTAIN AREAS.

    (a) In General.--Section 404(b)(1) of the Federal Law Enforcement 
Pay Reform Act of 1990 (5 U.S.C. 5305 note) is amended by striking the 
matter after the semicolon and inserting the following:

          ``Area                                           Differential
        Boston-Lawrence-Salem, MA-NH Consolidated                24.4% 
            Metropolitan Statistical Area.
        Chicago-Gary-Lake County, IL-IN-WI Consolidated          24.5% 
            Metropolitan Statistical Area.
        Detroit-Ann Arbor-Flint, MI........................      18.5% 
        Hartford, CT.......................................      20.3% 
        Los Angeles-Anaheim-Riverside, CA Consolidated           27.1% 
            Metropolitan Statistical Area.
        New York-Northern New Jersey-Long Island, NY-NJ-CT       26.1% 
            Consolidated Metropolitan Statistical Area.
        Philadelphia-Wilmington-Trenton PA-NJ-DE-MD              20.3% 
            Consolidated Metropolitan Statistical Area.
        Portland-Salem, OR-WA..............................      18.5% 
        Sacramento-Yolo, CA................................        21% 
        San Diego, CA Metropolitan Statistical Area........      27.1% 
        San Francisco-Oakland-San Jose, CA Consolidated         32.03% 
            Metropolitan Statistical Area.
        Seattle-Tacoma-Bremerton, WA.......................      27.5% 
        Washington-Baltimore, DC-MD-VA-WV Consolidated         24.3%''.
            Metropolitan Statistical Area.
    (b) Effective Date.--The amendment made by this section shall apply 
with respect to pay for service performed in pay periods beginning on 
or after the date of the enactment of this Act.

SEC. 4. SEPARATE PAY, EVALUATION, AND PROMOTION SYSTEM FOR FEDERAL LAW 
              ENFORCEMENT OFFICERS.

    (a) Study.--Not later than 6 months after the date of the enactment 
of this Act, the Office of Personnel Management shall study and submit 
to Congress a report which shall contain its findings and 
recommendations regarding the need for, and the potential benefits to 
be derived from, the establishment of a separate pay, evaluation, and 
promotion system for Federal law enforcement officers. In carrying out 
this subsection, the Office of Personnel Management shall take into 
account the findings and recommendations contained in the September 
1993 report of the Office entitled ``A Plan to Establish a New Pay and 
Job Evaluation System for Federal Law Enforcement Officers''.
    (b) Demonstration Project.--
            (1) In general.--If, after completing its report under 
        subsection (a), the Office of Personnel Management considers it 
        to be appropriate, the Office shall implement, within 12 months 
        after the date of the enactment of this Act, a demonstration 
        project to determine whether a separate system for Federal law 
        enforcement officers (as described in subsection (a)) would 
        result in improved Federal personnel management.
            (2) Applicable provisions.--Any demonstration project under 
        this subsection shall be conducted in accordance with the 
        provisions of chapter 47 of title 5, United States Code, except 
        that a project under this subsection shall not be taken into 
        account for purposes of the numerical limitation under section 
        4703(d)(2) of such title.
            (3) Permanent changes.--Not later than 6 months before the 
        demonstration project's scheduled termination date, the Office 
        of Personnel Management shall submit to Congress--
                    (A) its evaluation of the system tested under the 
                demonstration project; and
                    (B) recommendations as to whether or not that 
                system (or any aspects of that system) should be 
                continued or extended to other Federal law enforcement 
                officers.
    (c) Federal Law Enforcement Officer Defined.--For purposes of this 
section, the term ``Federal law enforcement officer'' means a law 
enforcement officer as defined by section 8331 or 8401 of title 5, 
United States Code, and, subsection (b)(2) notwithstanding, includes 
any such officer serving in or under the Federal Bureau of 
Investigation.
[A]: Federal Law Enforcement Officers Pay Equity and Reform Act - Excludes availability pay for Federal criminal investigators from premium pay limitations.Amends the Federal Law Enforcement Pay Reform Act of 1990 to increase the Federal special pay differential for Federal law enforcement officers employed in specified metropolitan statistical areas.Requires a study by the Office of Personnel Management (OPM) regarding the need for, and potential benefits of, the establishment of a separate pay, evaluation, and promotion system for Federal law enforcement officers (including officers serving in or under the Federal Bureau of Investigation). Authorizes OPM to implement a demonstration project for such a system.


[Q]: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Taxpayer Debt Buy-Down Act''.

SEC. 2. DESIGNATION OF AMOUNTS FOR REDUCTION OF PUBLIC DEBT.

    (a) In General.--Subchapter A of chapter 61 of the Internal Revenue 
Code of 1986 (relating to returns and records) is amended by adding at 
the end the following new part:

          ``PART IX--DESIGNATION FOR REDUCTION OF PUBLIC DEBT.

                              ``Sec. 6097. Designation.

``SEC. 6097. DESIGNATION.

    ``(a) In General.--Every individual with adjusted income tax 
liability for any taxable year may designate that a portion of such 
liability (not to exceed 10 percent thereof) shall be used to reduce 
the public debt.
    ``(b) Manner and Time of Designation.--A designation under 
subsection (a) may be made with respect to any taxable year only at the 
time of filing the return of tax imposed by chapter 1 for the taxable 
year. The designation shall be made on the first page of the return or 
on the page bearing the taxpayer's signature.
    ``(c) Adjusted Income Tax Liability.--For purposes of this section, 
the term `adjusted income tax liability' means income tax liability (as 
defined in section 6096(b)) reduced by any amount designated under 
section 6096 (relating to designation of income tax payments to 
Presidential Election Campaign Fund).''
    (b) Clerical Amendment.--The table of parts for such subchapter A 
is amended by adding at the end the following new item:

                              ``Part IX. Designation for reduction of 
                                        public debt.''
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years ending after the date of the enactment of this 
Act.

SEC. 3. PUBLIC DEBT REDUCTION TRUST FUND.

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

``SEC. 9512. PUBLIC DEBT REDUCTION 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 `Public Debt 
Reduction Trust Fund', consisting of any amount appropriated or 
credited to the Trust Fund as provided in this section or section 
9602(b).
    ``(b) Transfers to Trust Fund.--There are hereby appropriated to 
the Public Debt Reduction Trust Fund amounts equivalent to the amounts 
designated under section 6097 (relating to designation for public debt 
reduction).
    ``(c) Expenditures.--Amounts in the Public Debt Reduction Trust 
Fund shall be available only for purposes of paying at maturity, or to 
redeem or buy before maturity, any obligation of the Federal Government 
included in the public debt. Any obligation which is paid, redeemed, or 
bought with amounts from such Trust Fund shall be canceled and retired 
and may not be reissued.''
    (b) Clerical Amendment.--The table of sections for such subchapter 
is amended by adding at the end the following new item:

                              ``Sec. 9512. Public Debt Reduction Trust 
                                        Fund.''
    (c) Effective Date.--The amendments made by this section shall 
apply to amounts received after the date of the enactment of this Act.

SEC. 4. TAXPAYER-GENERATED SEQUESTRATION OF FEDERAL SPENDING TO REDUCE 
              THE PUBLIC DEBT.

    (a) Sequestration To Reduce the Public Debt.--Part C of the 
Balanced Budget and Emergency Deficit Control Act of 1985 is amended by 
adding after section 253 the following new section:

``SEC. 253A. SEQUESTRATION TO REDUCE THE PUBLIC DEBT.

    ``(a) Sequestration.--Notwithstanding sections 255 and 256, within 
15 days after Congress adjourns to end a session, and on the same day 
as sequestration (if any) under sections 251, 252, and 253, but after 
any sequestration required by those sections, there shall be a 
sequestration equivalent to the estimated aggregate amount designated 
under section 6097 of the Internal Revenue Code of 1986 for the last 
taxable year ending before the beginning of that session of Congress, 
as estimated by the Department of the Treasury on May 1 and as modified 
by the total of (1) any amounts by which net discretionary spending is 
reduced by legislation below the discretionary spending limits (or, in 
the absence of such limits, any net deficit change from the baseline 
amount calculated under section 257, except that such baseline for 
fiscal year 1996 and thereafter shall be based upon fiscal year 1995 
enacted appropriations less any 1995 sequesters) and (2) the net 
deficit change that has resulted from direct spending legislation.
    ``(b) Applicability.--
            ``(1) In general.--Except as provided by paragraph (2), 
        each account of the United States shall be reduced by a dollar 
        amount calculated by multiplying the level of budgetary 
        resources in that account at that time by the uniform 
        percentage necessary to carry out subsection (a). All 
        obligational authority reduced under this section shall be done 
        in a manner that makes such reductions permanent.
            ``(2) Exempt accounts.--No order issued under this part 
        may--
                    ``(A) reduce benefits payable the old-age, 
                survivors, and disability insurance program established 
                under title II of the Social Security Act;
                    ``(B) reduce payments for net interest (all of 
                major functional category 900); or
                    ``(C) make any reduction in the following accounts:
                            ``Federal Deposit Insurance Corporation, 
                        Bank Insurance Fund;
                            ``Federal Deposit Insurance Corporation, 
                        FSLIC Resolution Fund;
                            ``Federal Deposit Insurance Corporation, 
                        Savings Association Insurance Fund;
                            ``National Credit Union Administration, 
                        credit union share insurance fund; or
                            ``Resolution Trust Corporation.''.
    (b) Reports.--Section 254 of the Balanced Budget and Emergency 
Deficit Control Act of 1985 is amended--
            (1) in subsection (a), by inserting before the item 
        relating to August 10 the following:
    ``May 1 . . . Department of Treasury report to Congress estimating 
amount of income tax designated pursuant to section 6097 of the 
Internal Revenue Code of 1986.'';
            (2) in subsection (d)(1), by inserting ``, and 
        sequestration to reduce the public debt,'';
            (3) in subsection (d), by redesignating paragraph (5) as 
        paragraph (6) and by inserting after paragraph (4) the 
        following new paragraph:
            ``(5) Sequestration to reduce the public debt reports.--The 
        preview reports shall set forth for the budget year estimates 
        for each of the following:
                    ``(A) The aggregate amount designated under section 
                6097 of the Internal Revenue Code of 1986 for the last 
                taxable year ending before the budget year.
                    ``(B) The amount of reductions required under 
                section 253A and the deficit remaining after those 
                reductions have been made.
                    ``(C) The sequestration percentage necessary to 
                achieve the required reduction in accounts under 
                section 253A(b).''; and
            (4) in subsection (g), by redesignating paragraphs (4) and 
        (5) as paragraphs (5) and (6), respectively, and by inserting 
        after paragraph (3) the following new paragraph:
            ``(4) Sequestration to reduce the public debt reports.--The 
        final reports shall contain all of the information contained in 
        the public debt taxation designation report required on May 
        1.''.
    (c) Effective Date.--Notwithstanding section 275(b) of the Balanced 
Budget and Emergency Deficit Control Act of 1985, the expiration date 
set forth in that section shall not apply to the amendments made by 
this section. The amendments made by this section shall cease to have 
any effect after the first fiscal year during which there is no public 
debt.
[A]: Taxpayer Debt Buy-Down Act - Amends the Internal Revenue Code to allow every individual with adjusted income tax liability to designate on their tax returns that a portion of such liability (not to exceed ten percent) be used to reduce the public debt. 
Establishes a Public Debt Reduction Trust Fund for the deposit of designated amounts.  Makes amounts in such Trust Fund available only to pay at maturity, or to redeem or buy before maturity, any obligation of the Federal Government included in the public debt.  Prohibits the reissuance of any obligation which is paid, redeemed, or bought with amounts from the Trust Fund. 
Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to provide for the sequestration of amounts designated to the Trust Fund.  Specifies accounts exempt from such sequestration.  Includes aggregated amounts designated to the Trust Fund and amounts sequestered to reduce the public debt in sequestration preview and final reports.


[Q]: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Neutral Cost Recovery Act for Small 
Business''.

SEC. 2. INCREASED EXPENSING FOR SMALL BUSINESS.

    (a) In General.--Paragraph (1) of section 179(b) of the Internal 
Revenue Code of 1986 (relating to dollar limitation) is amended to read 
as follows:
            ``(1) Dollar limitation.--The aggregate cost which may be 
        taken into account under subsection (a) for any taxable year 
        shall not exceed $75,000. The dollar amount otherwise 
        applicable under the preceding sentence for any taxable year 
        shall be reduced by the basis of property which is placed in 
        service during such year and which is taken into account under 
        section 168(k).''.
    (b) Increase in Phaseout Threshold.--Paragraph (2) of section 
179(b) of such Code (relating to reduction in limitation) is amended by 
striking ``$200,000'' and inserting ``$325,000''.
    (c) Certain Computer Software.--Paragraph (1) of section 179(d) of 
such Code (defining section 179 property) is amended to read as 
follows:
            ``(1) Section 179 property.--For purposes of this section, 
        the term `section 179 property' means property--
                    ``(A) which is--
                            ``(i) tangible property (to which section 
                        168 applies), or
                            ``(ii) computer software (as defined in 
                        section 197(e)(3)(B)) which is described in 
                        section 197(e)(3)(A)(i) and to which section 
                        167 applies,
                    ``(B) which is section 1245 property (as defined in 
                section 1245(a)(3)), and
                    ``(C) which is acquired by purchase for use in the 
                active conduct of a trade or business.
        Such term shall not include any property described in section 
        50(b) and shall not include air conditioning or heating 
        units.''.
    (d) Inflation Adjustment of Dollar Limitation and Phaseout 
Threshold.--Subsection (b) of section 179 of such Code is amended by 
adding at the end the following new paragraph:
            ``(5) Inflation adjustments.--
                    ``(A) In general.--In the case of any taxable year 
                beginning in a calendar year after 2003, the dollar 
                amounts in paragraphs (1) and (2) shall each 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, 
                        by substituting `calendar year 2002' for 
                        `calendar year 1992' in subparagraph (B) 
                        thereof.
                    ``(B) Rounding.--
                            ``(i) Dollar limitation.--If the amount in 
                        paragraph (1) as increased under subparagraph 
                        (A) is not a multiple of $1,000, such amount 
                        shall be rounded to the nearest multiple of 
                        $1,000.
                            ``(ii) Phaseout amount.--If the amount in 
                        paragraph (2) as increased under subparagraph 
                        (A) is not a multiple of $10,000, such amount 
                        shall be rounded to the nearest multiple of 
                        $10,000.''.
    (e) Revocation of Election.--Paragraph (2) of section 179(c) of 
such Code (relating to election irrevocable) is amended to read as 
follows:
            ``(2) Revocation of election.--The taxpayer may revoke an 
        election under paragraph (1), and any specification contained 
        in any such election, with respect to any property. Such 
        revocation, once made, shall be irrevocable.''.
    (f) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2002.

SEC. 3. NEUTRAL COST RECOVERY DEPRECIATION ADJUSTMENT FOR CERTAIN 
              PROPERTY PLACED IN SERVICE AFTER DECEMBER 31, 2003.

    (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, 2003.--
            ``(1) In general.--In the case of property placed in 
        service after December 31, 2003, that the taxpayer would (but 
        for the second sentence of section 179(b)(1)) be eligible to 
        fully expense under section 179, 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 
        `2004' for `1981' and `2003' 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, 2003, 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, 2003.
[A]:
Neutral Cost Recovery Act for Small Business - Amends the Internal Revenue Code to: (1) provide for increased expensing for small businesses; and (2) require that the depreciation deduction for certain property placed in service after 2003 be computed using neutral cost recovery ratios.