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 ``Film Incentive Reform Act of 2014''.

SEC. 2. MODIFICATION AND EXTENSION OF ELECTION TO EXPENSE THE COST OF 
              QUALIFIED FILM, TELEVISION, AND THEATRICAL PRODUCTIONS.

    (a) Extension.--Section 181(f) of the Internal Revenue Code of 1986 
is amended by striking ``December 31, 2013'' and inserting ``December 
31, 2015''.
    (b) Modification of Qualified Film, Television and Theatrical 
Productions to Which Section Applies.--
            (1) In general.--Section 181(d) of such Code is amended to 
        read as follows:
    ``(d) Qualified Film, Television, or Theatrical Production.--For 
purposes of this section--
            ``(1) In general.--The term `qualified film, television, or 
        theatrical production' means--
                    ``(A) any film or television production if 100 
                percent of the total compensation of the film or 
                television production is compensation for services 
                performed in the United States, and
                    ``(B) any theatrical production if 75 percent of 
                the total compensation of the theatrical production is 
                qualified compensation.
            ``(2) Film or television production.--
                    ``(A) In general.--The term `film or television 
                production' means property described in section 
                168(f)(3).
                    ``(B) Special rule for television series.--In the 
                case of a television series--
                            ``(i) each episode of such series shall be 
                        treated as a separate production, and
                            ``(ii) only the first 44 episodes of such 
                        series shall be taken into account.
            ``(3) Theatrical production.--
                    ``(A) In general.--The term `theatrical production' 
                means a live staged production of a play (with or 
                without music) which is derived from a written book or 
                script and is produced or presented in any venue which 
                has an audience capacity of not more than 3,000 or a 
                series of venues the majority of which have an audience 
                capacity of not more than 3,000.
                    ``(B) Touring companies.--In the case of multiple 
                live staged productions for which an election under 
                this section is made by the same taxpayer and which 
                are--
                            ``(i) separate phases of a production, or
                            ``(ii) separate simultaneous stagings of 
                        the same production in different geographical 
                        locations (not including multiple performance 
                        locations of any one touring production),
                each such live staged production shall be treated as a 
                separate production.
                    ``(C) Phases.--For purposes of subparagraph (B), 
                the term `phase' refers to each of the following (but 
                only if the taxpayer treats each of the following as a 
                separate activity for all purposes of this title):
                            ``(i) The initial staging of the 
                        production.
                            ``(ii) Subsequent additional stagings or 
                        tourings of the production which are produced 
                        by the same producer as the initial staging.
                    ``(D) Qualified compensation.--
                            ``(i) In general.--For purposes of 
                        paragraph (1)(B), the term `qualified 
                        compensation' means compensation for services 
                        performed in the United States by actors, 
                        directors, musicians, producers, and other 
                        production and post-production personnel.
                            ``(ii) Participations and residuals 
                        excluded.--For purposes of paragraph (1)(B) and 
                        clause (i), the term `compensation' does not 
                        include participations and residuals (as 
                        defined in section 167(g)(7)(B)).
            ``(4) Exception.--The term `qualified film, television, or 
        theatrical production' shall not include any production if 
        records are required under section 2257 of title 18, United 
        States Code, to be maintained with respect to any performer in 
        such production.''.
            (2) Conforming amendments.--
                    (A) Subsections (a)(1), (a)(2)(A), (a)(2)(B), (b), 
                and (c)(1) of section 181 of such Code are each amended 
                by striking ``any qualified film or television 
                production'' and inserting ``any qualified film, 
                television, or theatrical production''.
                    (B) Section 181(f) of such Code is amended by 
                striking ``qualified film and television productions'' 
                and inserting ``any qualified film, television, or 
                theatrical production''.
                    (C) The heading of section 181 is amended by 
                striking ``qualified film and television productions'' 
                and inserting ``qualified film, television, and 
                theatrical productions''.
                    (D) The item relating to section 181 in the table 
                of sections for part VI of subchapter B of chapter 1 of 
                such Code is amended to read as follows:

``Sec. 181. Treatment of certain qualified film, television, and 
                            theatrical productions.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to qualified film, television, and theatrical productions 
commencing after December 31, 2013.
answer:
Film Incentive Reform Act of 2014 - Amends the Internal Revenue Code to: (1) extend through 2015 the election to expense the cost of qualified film, television, and theatrical productions; and (2) include theatrical productions in such expensing allowance. Defines "theatrical production" as a live staged production of a play derived from a written book or script and&nbsp;produced or presented in any venue which has an audience capacity of more than 3,000.


question:
SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Farm and Ranch Risk Management 
Act''.

SEC. 2. FARM AND RANCH RISK MANAGEMENT ACCOUNTS.

    (a) In General.--Subpart C of part II of subchapter E of chapter 1 
of the Internal Revenue Code of 1986 (relating to taxable year for 
which deductions taken) is amended by inserting after section 468B the 
following:

``SEC. 468C. FARM AND RANCH RISK MANAGEMENT ACCOUNTS.

    ``(a) Deduction Allowed.--In the case of an individual engaged in 
an eligible farming business or commercial fishing, there shall be 
allowed as a deduction for any taxable year the amount paid in cash by 
the taxpayer during the taxable year to a Farm and Ranch Risk 
Management Account (hereinafter referred to as the `FARRM Account').
    ``(b) Limitation.--
            ``(1) Contributions.--The amount which a taxpayer may pay 
        into the FARRM Account for any taxable year shall not exceed 20 
        percent of so much of the taxable income of the taxpayer 
        (determined without regard to this section) which is 
        attributable (determined in the manner applicable under section 
        1301) to any eligible farming business or commercial fishing.
            ``(2) Distributions.--Distributions from a FARRM Account 
        may not be used to purchase, lease, or finance any new fishing 
        vessel, add capacity to any fishery, or otherwise contribute to 
        the overcapitalization of any fishery. The Secretary of 
        Commerce shall implement regulations to enforce this paragraph.
    ``(c) Eligible Businesses.--For purposes of this section--
            ``(1) Eligible farming business.--The term `eligible 
        farming business' means any farming business (as defined in 
        section 263A(e)(4)) which is not a passive activity (within the 
        meaning of section 469(c)) of the taxpayer.
            ``(2) Commercial fishing.--The term `commercial fishing' 
        has the meaning given such term by section (3) of the Magnuson-
        Stevens Fishery Conservation and Management Act (16 U.S.C. 
        1802) but only if such fishing is not a passive activity 
        (within the meaning of section 469(c)) of the taxpayer.
    ``(d) FARRM Account.--For purposes of this section--
            ``(1) In general.--The term `FARRM Account' means a trust 
        created or organized in the United States for the exclusive 
        benefit of the taxpayer, but only if the written governing 
        instrument creating the trust meets the following requirements:
                    ``(A) No contribution will be accepted for any 
                taxable year in excess of the amount allowed as a 
                deduction under subsection (a) for such year.
                    ``(B) The trustee is a bank (as defined in section 
                408(n)) or another person who demonstrates to the 
                satisfaction of the Secretary that the manner in which 
                such person will administer the trust will be 
                consistent with the requirements of this section.
                    ``(C) The assets of the trust consist entirely of 
                cash or of obligations which have adequate stated 
                interest (as defined in section 1274(c)(2)) and which 
                pay such interest not less often than annually.
                    ``(D) All income of the trust is distributed 
                currently to the grantor.
                    ``(E) The assets of the trust will not be 
                commingled with other property except in a common trust 
                fund or common investment fund.
            ``(2) Account taxed as grantor trust.--The grantor of a 
        FARRM Account shall be treated for purposes of this title as 
        the owner of such Account and shall be subject to tax thereon 
        in accordance with subpart E of part I of subchapter J of this 
        chapter (relating to grantors and others treated as substantial 
        owners).
    ``(e) Inclusion of Amounts Distributed.--
            ``(1) In general.--Except as provided in paragraph (2), 
        there shall be includible in the gross income of the taxpayer 
        for any taxable year--
                    ``(A) any amount distributed from a FARRM Account 
                of the taxpayer during such taxable year, and
                    ``(B) any deemed distribution under--
                            ``(i) subsection (f)(1) (relating to 
                        deposits not distributed within 5 years),
                            ``(ii) subsection (f)(2) (relating to 
                        cessation in eligible farming business), and
                            ``(iii) subparagraph (A) or (B) of 
                        subsection (f)(3) (relating to prohibited 
                        transactions and pledging account as security).
            ``(2) Exceptions.--Paragraph (1)(A) shall not apply to--
                    ``(A) any distribution to the extent attributable 
                to income of the Account, and
                    ``(B) the distribution of any contribution paid 
                during a taxable year to a FARRM Account to the extent 
                that such contribution exceeds the limitation 
                applicable under subsection (b) if requirements similar 
                to the requirements of section 408(d)(4) are met.
        For purposes of subparagraph (A), distributions shall be 
        treated as first attributable to income and then to other 
        amounts.
    ``(f) Special Rules.--
            ``(1) Tax on deposits in account which are not distributed 
        within 5 years.--
                    ``(A) In general.--If, at the close of any taxable 
                year, there is a nonqualified balance in any FARRM 
                Account--
                            ``(i) there shall be deemed distributed 
                        from such Account during such taxable year an 
                        amount equal to such balance, and
                            ``(ii) the taxpayer's tax imposed by this 
                        chapter for such taxable year shall be 
                        increased by 10 percent of such deemed 
                        distribution.
                The preceding sentence shall not apply if an amount 
                equal to such nonqualified balance is distributed from 
                such Account to the taxpayer before the due date 
                (including extensions) for filing the return of tax 
                imposed by this chapter for such year (or, if earlier, 
                the date the taxpayer files such return for such year).
                    ``(B) Nonqualified balance.--For purposes of 
                subparagraph (A), the term `nonqualified balance' means 
                any balance in the Account on the last day of the 
                taxable year which is attributable to amounts deposited 
                in such Account before the 4th preceding taxable year.
                    ``(C) Ordering rule.--For purposes of this 
                paragraph, distributions from a FARRM Account (other 
                than distributions of current income) shall be treated 
                as made from deposits in the order in which such 
                deposits were made, beginning with the earliest 
                deposits.
            ``(2) Cessation in eligible business.--At the close of the 
        first disqualification period after a period for which the 
        taxpayer was engaged in an eligible farming business or 
        commercial fishing, there shall be deemed distributed from the 
        FARRM Account of the taxpayer an amount equal to the balance in 
        such Account (if any) at the close of such disqualification 
        period. For purposes of the preceding sentence, the term 
        `disqualification period' means any period of 2 consecutive 
        taxable years for which the taxpayer is not engaged in an 
eligible farming business or commercial fishing.
            ``(3) Certain rules to apply.--Rules similar to the 
        following rules shall apply for purposes of this section:
                    ``(A) Section 220(f)(8) (relating to treatment on 
                death).
                    ``(B) Section 408(e)(2) (relating to loss of 
                exemption of account where individual engages in 
                prohibited transaction).
                    ``(C) Section 408(e)(4) (relating to effect of 
                pledging account as security).
                    ``(D) Section 408(g) (relating to community 
                property laws).
                    ``(E) Section 408(h) (relating to custodial 
                accounts).
            ``(4) Time when payments deemed made.--For purposes of this 
        section, a taxpayer shall be deemed to have made a payment to a 
        FARRM Account on the last day of a taxable year if such payment 
        is made on account of such taxable year and is made on or 
        before the due date (without regard to extensions) for filing 
        the return of tax for such taxable year.
            ``(5) Individual.--For purposes of this section, the term 
        `individual' shall not include an estate or trust.
            ``(6) Deduction not allowed for self-employment tax.--The 
        deduction allowable by reason of subsection (a) shall not be 
        taken into account in determining an individual's net earnings 
        from self-employment (within the meaning of section 1402(a)) 
        for purposes of chapter 2.
    ``(g) Reports.--The trustee of a FARRM Account shall make such 
reports regarding such Account to the Secretary and to the person for 
whose benefit the Account is maintained with respect to contributions, 
distributions, and such other matters as the Secretary may require 
under regulations. The reports required by this subsection shall be 
filed at such time and in such manner and furnished to such persons at 
such time and in such manner as may be required by such regulations.''.
    (b) Tax on Excess Contributions.--
            (1) Subsection (a) of section 4973 of such Code (relating 
        to tax on excess contributions to certain tax-favored accounts 
        and annuities) is amended by striking ``or'' at the end of 
        paragraph (3), by redesignating paragraph (4) as paragraph (5), 
        and by inserting after paragraph (3) the following:
            ``(4) a FARRM Account (within the meaning of section 
        468C(d)), or''.
            (2) Section 4973 of such Code is amended by adding at the 
        end the following:
    ``(g) Excess Contributions to FARRM Accounts.--For purposes of this 
section, in the case of a FARRM Account (within the meaning of section 
468C(d)), the term `excess contributions' means the amount by which the 
amount contributed for the taxable year to the Account exceeds the 
amount which may be contributed to the Account under section 468C(b) 
for such taxable year. For purposes of this subsection, any 
contribution which is distributed out of the FARRM Account in a 
distribution to which section 468C(e)(2)(B) applies shall be treated as 
an amount not contributed.''.
            (3) The section heading for section 4973 of such Code is 
        amended to read as follows:

``SEC. 4973. EXCESS CONTRIBUTIONS TO CERTAIN ACCOUNTS, ANNUITIES, 
              ETC.''.

            (4) The table of sections for chapter 43 of such Code is 
        amended by striking the item relating to section 4973 and 
        inserting the following:

                              ``Sec. 4973. Excess contributions to 
                                        certain accounts, annuities, 
                                        etc.''.
    (c) Tax on Prohibited Transactions.--
            (1) Subsection (c) of section 4975 of such Code (relating 
        to tax on prohibited transactions) is amended by adding at the 
        end the following:
            ``(6) Special rule for farrm accounts.--A person for whose 
        benefit a FARRM Account (within the meaning of section 468C(d)) 
        is established shall be exempt from the tax imposed by this 
        section with respect to any transaction concerning such account 
        (which would otherwise be taxable under this section) if, with 
        respect to such transaction, the account ceases to be a FARRM 
        Account by reason of the application of section 468C(f)(3)(A) 
        to such account.''.
            (2) Paragraph (1) of section 4975(e) of such Code is 
        amended by redesignating subparagraphs (E) and (F) as 
        subparagraphs (F) and (G), respectively, and by inserting after 
        subparagraph (D) the following:
                    ``(E) a FARRM Account described in section 
                468C(d),''.
    (d) Failure To Provide Reports on FARRM Accounts.--Paragraph (2) of 
section 6693(a) of such Code (relating to failure to provide reports on 
certain tax-favored accounts or annuities) is amended by redesignating 
subparagraphs (C) and (D) as subparagraphs (D) and (E), respectively, 
and by inserting after subparagraph (B) the following:
                    ``(C) section 468C(g) (relating to FARRM 
                Accounts),''.
    (e) Clerical Amendment.--The table of sections for subpart C of 
part II of subchapter E of chapter 1 of such Code is amended by 
inserting after the item relating to section 468B the following:

                              ``Sec. 468C. Farm and Ranch Risk 
                                        Management Accounts.''.
    (f) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after the date of the enactment of 
this Act.
answer:
Farm and Ranch Risk Management Act - Amends the Internal Revenue Code to allow an individual engaged in an eligible farming or commercial fishing business a deduction for any taxable year of up to 20 percent of taxable income attributable to the eligible farming or commercial fishing business which was paid in cash by the taxpayer to a Farm and Ranch Risk Management Account (FARRM Account).Includes distributions from a FARRM account in the taxpayer's gross income, and subjects to a special ten percent surtax any distributions not made within five years of contribution. Establishes a tax on excess contributions, but exempts the taxpayer from the tax on certain prohibited transactions.


question:
SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Methane Hydrate Research and 
Development Act of 2000''.

SEC. 2. DEFINITIONS.

    In this Act:
        (1) Contract.--The term ``contract'' means a procurement 
    contract within the meaning of section 6303 of title 31, United 
    States Code.
        (2) Cooperative agreement.--The term ``cooperative agreement'' 
    means a cooperative agreement within the meaning of section 6305 of 
    title 31, United States Code.
        (3) Director.--The term ``Director'' means the Director of the 
    National Science Foundation.
        (4) Grant.--The term ``grant'' means a grant awarded under a 
    grant agreement, within the meaning of section 6304 of title 31, 
    United States Code.
        (5) Industrial enterprise.--The term ``industrial enterprise'' 
    means a private, nongovernmental enterprise that has an expertise 
    or capability that relates to methane hydrate research and 
    development.
        (6) Institution of higher education.--The term ``institution of 
    higher education'' means an institution of higher education, within 
    the meaning of section 102(a) of the Higher Education Act of 1965 
    (20 U.S.C. 1002(a)).
        (7) Secretary.--The term ``Secretary'' means the Secretary of 
    Energy, acting through the Assistant Secretary for Fossil Energy.
        (8) Secretary of commerce.--The term ``Secretary of Commerce'' 
    means the Secretary of Commerce, acting through the Administrator 
    of the National Oceanic and Atmospheric Administration.
        (9) Secretary of defense.--The term ``Secretary of Defense'' 
    means the Secretary of Defense, acting through the Secretary of the 
    Navy.
        (10) Secretary of the interior.--The term ``Secretary of the 
    Interior'' means the Secretary of the Interior, acting through the 
    Director of the United States Geological Survey and the Director of 
    the Minerals Management Service.

SEC. 3. METHANE HYDRATE RESEARCH AND DEVELOPMENT PROGRAM.

    (a) In General.--
        (1) Commencement of program.--Not later than 180 days after the 
    date of the enactment of this Act, the Secretary, in consultation 
    with the Secretary of Commerce, the Secretary of Defense, the 
    Secretary of the Interior, and the Director, shall commence a 
    program of methane hydrate research and development in accordance 
    with this section.
        (2) Designations.--The Secretary, the Secretary of Commerce, 
    the Secretary of Defense, the Secretary of the Interior, and the 
    Director shall designate individuals to carry out this section.
        (3) Coordination.--The individual designated by the Secretary 
    shall coordinate all activities within the Department of Energy 
    relating to methane hydrate research and development.
        (4) Meetings.--The individuals designated under paragraph (2) 
    shall meet not later than 270 days after the date of the enactment 
    of this Act and not less frequently than every 120 days thereafter 
    to--
            (A) review the progress of the program under paragraph (1); 
        and
            (B) make recommendations on future activities to occur 
        subsequent to the meeting.
    (b) Grants, Contracts, Cooperative Agreements, Interagency Funds 
Transfer Agreements, and Field Work Proposals.--
        (1) Assistance and coordination.--In carrying out the program 
    of methane hydrate research and development authorized by this 
    section, the Secretary may award grants or contracts to, or enter 
    into cooperative agreements with, institutions of higher education 
    and industrial enterprises to--
            (A) conduct basic and applied research to identify, 
        explore, assess, and develop methane hydrate as a source of 
        energy;
            (B) assist in developing technologies required for 
        efficient and environmentally sound development of methane 
        hydrate resources;
            (C) undertake research programs to provide safe means of 
        transport and storage of methane produced from methane 
        hydrates;
            (D) promote education and training in methane hydrate 
        resource research and resource development;
            (E) conduct basic and applied research to assess and 
        mitigate the environmental impacts of hydrate degassing 
        (including both natural degassing and degassing associated with 
        commercial development);
            (F) develop technologies to reduce the risks of drilling 
        through methane hydrates; and
            (G) conduct exploratory drilling in support of the 
        activities authorized by this paragraph.
        (2) Competitive merit-based review.--Funds made available under 
    paragraph (1) shall be made available based on a competitive merit-
    based process.
    (c) Consultation.--The Secretary shall establish an advisory panel 
consisting of experts from industrial enterprises, institutions of 
higher education, and Federal agencies to--
        (1) advise the Secretary on potential applications of methane 
    hydrate;
        (2) assist in developing recommendations and priorities for the 
    methane hydrate research and development program carried out under 
    subsection (a)(1); and
        (3) not later than 2 years after the date of the enactment of 
    this Act, and at such later dates as the panel considers advisable, 
    submit to Congress a report on the anticipated impact on global 
    climate change from--
            (A) methane hydrate formation;
            (B) methane hydrate degassing (including natural degassing 
        and degassing associated with commercial development); and
            (C) the consumption of natural gas produced from methane 
        hydrates.
Not more than 25 percent of the individuals serving on the advisory 
panel shall be Federal employees.
    (d) Limitations.--
        (1) Administrative expenses.--Not more than 5 percent of the 
    amount made available to carry out this section for a fiscal year 
    may be used by the Secretary for expenses associated with the 
    administration of the program carried out under subsection (a)(1).
        (2) Construction costs.--None of the funds made available to 
    carry out this section may be used for the construction of a new 
    building or the acquisition, expansion, remodeling, or alteration 
    of an existing building (including site grading and improvement and 
    architect fees).
    (e) Responsibilities of the Secretary.--In carrying out subsection 
(b)(1), the Secretary shall--
        (1) facilitate and develop partnerships among government, 
    industrial enterprises, and institutions of higher education to 
    research, identify, assess, and explore methane hydrate resources;
        (2) undertake programs to develop basic information necessary 
    for promoting long-term interest in methane hydrate resources as an 
    energy source;
        (3) ensure that the data and information developed through the 
    program are accessible and widely disseminated as needed and 
    appropriate;
        (4) promote cooperation among agencies that are developing 
    technologies that may hold promise for methane hydrate resource 
    development; and
        (5) report annually to Congress on accomplishments under this 
    section.

SEC. 4. AMENDMENTS TO THE MINING AND MINERALS POLICY ACT OF 1970.

    Section 201 of the Mining and Minerals Policy Act of 1970 (30 
U.S.C. 1901) is amended--
        (1) in paragraph (6)--
            (A) in subparagraph (F), by striking ``and'' at the end;
            (B) by redesignating subparagraph (G) as subparagraph (H); 
        and
            (C) by inserting after subparagraph (F) the following:
            ``(G) for purposes of this section and sections 202 through 
        205 only, methane hydrate; and'';
        (2) by redesignating paragraph (7) as paragraph (8); and
        (3) by inserting after paragraph (6) the following:
        ``(7) The term `methane hydrate' means--
            ``(A) a methane clathrate that is in the form of a methane-
        water ice-like crystalline material and is stable and occurs 
        naturally in deep-ocean and permafrost areas; and
            ``(B) other natural gas hydrates found in association with 
        deep-ocean and permafrost deposits of methane hydrate.''.

SEC. 5. AUTHORIZATION OF APPROPRIATIONS.

    There are authorized to be appropriated to the Secretary of Energy 
to carry out this Act--
        (1) $5,000,000 for fiscal year 2001;
        (2) $7,500,000 for fiscal year 2002;
        (3) $11,000,000 for fiscal year 2003;
        (4) $12,000,000 for fiscal year 2004; and
        (5) $12,000,000 for fiscal year 2005.
Amounts authorized under this section shall remain available until 
expended.

SEC. 6. SUNSET.

    Section 3 of this Act shall cease to be effective after the end of 
fiscal year 2005.

SEC. 7. NATIONAL RESEARCH COUNCIL STUDY.

    The Secretary shall enter into an agreement with the National 
Research Council for such council to conduct a study of the progress 
made under the methane hydrate research and development program 
implemented pursuant to this Act, and to make recommendations for 
future methane hydrate research and development needs. The Secretary 
shall transmit to the Congress, not later than September 30, 2004, a 
report containing the findings and recommendations of the National 
Research Council under this section.

SEC. 8. REPORTS AND STUDIES.

    The Secretary of Energy shall provide to the Committee on Science 
of the House of Representatives copies of any report or study that the 
Department of Energy prepares at the direction of any committee of the 
Congress.

                               Speaker of the House of Representatives.

                            Vice President of the United States and    
                                               President of the Senate.
answer:

Directs the Secretary to establish a panel to: (1) provide advice on applications of methane hydrate and priorities for the program; and (2) report to Congress on the impact on global climate change from methane hydrate formation and degassing and the consumption of natural gas produced from such hydrates. Limits to five percent the amount of program funding that can be used for administrative expense and prohibits the use of program funding for building construction.
Requires the Secretary, in awarding such grants or contracts or entering into such cooperative agreements, to: (1) facilitate and develop partnerships among government, industry, and institutions of higher education; (2) undertake programs to develop basic information necessary for promoting long-term interest in methane hydrate resources as an energy source; (3) ensure that the data and information developed through the program are accessible and widely disseminated; (4) promote cooperation among agencies that are developing technologies that may hold promise for methane hydrate resource development; and (5) report annually to Congress on accomplishments.
Amends the Mining and Minerals Policy Act of 1970 to: (1) redefine "marine mineral resource" to include methane hydrate (for the purposes of the marine mineral resources research program); and (2) define "methane hydrate."
Authorizes appropriations for FY 2002 through 2005.
Sunsets the methane hydrate research and development program after the end of FY 2005.
Instructs the Secretary to: (1) enter into an agreement with the National Research Council for a study and report to Congress on the progress made under the methane hydrate research and development program, together with any recommendations for future methane hydrate research and development needs; and (2) provide to the House Committee on Science any report or study prepared at the direction of any congressional committee.