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

    This Act may be cited as the ``Contractors and Federal Spending 
Accountability Act of 2008''.

SEC. 2. DATABASE FOR CONTRACTING OFFICERS AND SUSPENSION AND DEBARMENT 
              OFFICIALS.

    (a) In General.--Subject to the authority, direction, and control 
of the Director of the Office of Management and Budget, the 
Administrator of General Services shall establish and maintain a 
database of information regarding integrity and performance of persons 
awarded Federal contracts and grants for use by Federal officials 
having authority over contracts and grants.
    (b) Persons Covered.--The database shall cover any person awarded a 
Federal contract or grant if any information described in subsection 
(c) exists with respect to such person.
    (c) Information Included.--With respect to a person awarded a 
Federal contract or grant, the database shall include information (in 
the form of a brief description) for at least the most recent 5-year 
period regarding--
            (1) any civil or criminal proceeding, or any administrative 
        proceeding to the extent that such proceeding results in both a 
        finding of fault on the part of the person and the payment of 
        restitution to a government of $5,000 or more, concluded by the 
        Federal Government or any State government against the person, 
        and any amount paid by the person to the Federal Government or 
        a State government;
            (2) all Federal contracts and grants awarded to the person 
        that were terminated in such period due to default;
            (3) all Federal suspensions and debarments of the person in 
        that period;
            (4) all Federal administrative agreements entered into by 
        the person and the Federal Government in that period to resolve 
        a suspension or debarment proceeding and, to the maximum extent 
        practicable, agreements involving a suspension or debarment 
        proceeding entered into by the person and a State government in 
        that period; and
            (5) all final findings by a Federal official in that period 
        that the person has been determined not to be a responsible 
        source under either subparagraph (C) or (D) of section 4(7) of 
        the Office of Federal Procurement Policy Act (41 U.S.C. 
        403(7)).
    (d) Requirements Relating to Information in Database.--
            (1) Direct input and update.--The Administrator shall 
        design and maintain the database in a manner that allows the 
        appropriate officials of each Federal agency to directly input 
        and update in the database information relating to actions it 
        has taken with regard to contractors or grant recipients.
            (2) Timeliness and accuracy.--The Administrator shall 
        develop policies to require--
                    (A) the timely and accurate input of information 
                into the database;
                    (B) notification of any covered person when 
                information relevant to the person is entered into the 
                database; and
                    (C) an opportunity for any covered person to append 
                comments to information about such person in the 
                database.
    (e) Availability.--
            (1) Availability to all federal agencies.--The 
        Administrator shall make the database available to all Federal 
        agencies.
            (2) Availability to the public.--The Administrator shall 
        make the database available to the public by posting the 
        database on the General Services Administration website.
            (3) Limitation.--This subsection does not require the 
        public availability of information that is exempt from public 
        disclosure under section 552(b) of title 5, United States Code.

SEC. 3. REVIEW OF DATABASE.

    (a) Requirement to Review Database.--Prior to the award of a 
contract or grant, an official responsible for awarding a contract or 
grant shall review the database established under section 2.
    (b) Requirement to Document Present Responsibility.--In the case of 
a prospective awardee of a contract or grant against which a judgment 
or conviction has been rendered more than once within any 3-year period 
for the same or similar offences, if each judgment or conviction is a 
cause for debarment, the official responsible for awarding the contract 
or grant shall document why the prospective awardee is considered 
presently responsible.

SEC. 4. DISCLOSURE IN APPLICATIONS.

    (a) Requirement.--Not later than 180 days after the date of the 
enactment of this Act, Federal regulations shall be amended to require 
that in applying for any Federal grant or submitting a proposal or bid 
for any Federal contract a person shall disclose in writing information 
described in section 2(c).
    (b) Covered Contracts and Grants.--This section shall apply only to 
contracts and grants in an amount greater than the simplified 
acquisition threshold, as defined in section 4(11) of the Office of 
Federal Procurement Policy Act (41 U.S.C. 401(11)).

SEC. 5. ROLE OF INTERAGENCY COMMITTEE.

    (a) Requirement.--The Interagency Committee on Debarment and 
Suspension shall--
            (1) resolve issues regarding which of several Federal 
        agencies is the lead agency having responsibility to initiate 
        suspension or debarment proceedings;
            (2) coordinate actions among interested agencies with 
        respect to such action;
            (3) encourage and assist Federal agencies in entering into 
        cooperative efforts to pool resources and achieve operational 
        efficiencies in the Governmentwide suspension and debarment 
        system;
            (4) recommend to the Office of Management and Budget 
        changes to Government suspension and debarment system and its 
        rules, if such recommendations are approved by a majority of 
        the Interagency Committee;
            (5) authorize the Office of Management and Budget to issue 
        guidelines that implement those recommendations;
            (6) authorize the chair of the Committee to establish 
        subcommittees as appropriate to best enable the Interagency 
        Committee to carry out its functions; and
            (7) submit to the Congress an annual report on--
                    (A) the progress and efforts to improve the 
                suspension and debarment system;
                    (B) member agencies' active participation in the 
                committee's work; and
                    (C) a summary of each agency's activities and 
                accomplishments in the Governmentwide debarment system.
    (b) Definition.--The term ``Interagency Committee on Debarment and 
Suspension'' means such committee constituted under sections 4 and 5 
and of Executive Order 12549.

SEC. 6. AUTHORIZATION OF INDEPENDENT AGENCIES.

    Any agency, commission, or organization of the Federal Government 
to which Executive Order 12549 does not apply is authorized to 
participate in the Governmentwide suspension and debarment system and 
may recognize the suspension or debarment issued by an executive branch 
agency in its own procurement or assistance activities.

SEC. 7. AUTHORIZATION OF APPROPRIATIONS.

    There are authorized to be appropriated to the Administrator of 
General Services such funds as may be necessary to establish the 
database described in section 2.

SEC. 8. REPORT TO CONGRESS.

    (a) Report Required.--Not later than 180 days after the date of the 
enactment of this Act, the Administrator of General Services shall 
submit to Congress a report.
    (b) Contents of Report.--The report shall contain the following:
            (1) A list of all databases that include information about 
        Federal contracting and Federal grants.
            (2) Recommendations for further legislation or 
        administrative action that the Administrator considers 
        appropriate to create a centralized, comprehensive Federal 
        contracting and Federal grant database.

            Passed the House of Representatives April 23, 2008.

            Attest:

                                            LORRAINE C. MILLER,

                                                                 Clerk.

SOLUTION: Contractors and Federal Spending Accountability Act of 2008 - (Sec. 2) Requires the Administrator of General Services, subject to the authority of the Director of the Office of Management and Budget (OMB), to establish and maintain on a General Services Administration (GSA) website a database of information regarding the integrity and performance of persons awarded federal contracts and grants for use by federal officials. Authorizes appropriations. Requires the Administrator to make the database available to all federal agencies.

Requires the database to include information, for the last five years, regarding: (1) any civil or criminal proceeding, or and administrative proceeding resulting in a finding of fault and payment of restitution to a government of $5,000 or more, concluded by the federal government and state governments against such persons; and (2) federal contacts and grants terminated due to defaults by such persons; (3) federal suspensions and debarments of such persons; (4) federal and state administrative agreements to resolve suspension or debarment proceedings; and (5) final findings by a federal official that such a person has been determined not to be a responsible source under the Office of Federal Procurement Policy Act.

Requires federal regulations to be amended to require applicants for federal grants or contracts exceeding the simplified acquisition threshold to disclose such information in writing.

Requires the Administrator to develop policies to require: (1) notification of any covered person when information relevant to the person is entered into the database; and (2) an opportunity for any covered person to append comments to information about such person in the database.



(Sec. 3) Requires an official to: (1) review such database prior to awarding a contract or grant; and (2) document why a prospective contract or grant awardee against whom a judgment or conviction for the same offense, or similar offences, has been rendered more than once within any three-year period, if each judgment or conviction is a cause for debarment, is considered presently responsible.



(Sec. 5) Requires the Interagency Committee on Debarment and Suspension to: (1) resolve issues regarding determination of the lead agency responsible for initiating suspension or debarment proceedings; (2) coordinate actions among interested agencies; (3) encourage and assist federal agencies in entering into cooperative efforts to pool resources and achieve operational efficiencies in the government-wide suspension and debarment system; (4) recommend to OMB changes to such system and its rules; (5) authorize OMB to issue guidelines that implement such recommendations; (6) authorize the Committee's chair to establish subcommittees; and (7) report to Congress annually on progress and efforts to improve such system, member agencies' active participation in the committee's work, and a summary of each agency's activities and accomplishments in such system. (Sec. 6) Allows federal agencies, commissions, or organizations not currently participating in the federal suspension and debarment system to participate and to recognize suspensions or debarments issued by participating agencies.

 (Sec. 8) Requires the Administrator to submit a report to Congress that includes: (1) a list of all databases that include information about federal contracting and grants; and (2) recommendations for legislation or administrative action to create a centralized, comprehensive federal contracting and grant database.

PROBLEM: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Invest in Energy Security Act''.

SEC. 2. STRATEGIC PETROLEUM RESERVE.

    (a) Petroleum Acquisition for the Strategic Petroleum Reserve.--
Section 301(e)(1) of the Energy Policy Act of 2005 (42 U.S.C. 6240 
note) is amended to read as follows:
            ``(1) In general.--The Secretary shall, as expeditiously as 
        practical, without incurring excessive cost or appreciably 
        affecting the price of petroleum products to consumers, acquire 
        petroleum in quantities sufficient to fill the available 
        capacity of the Strategic Petroleum Reserve, subject to the 
        following limitations:
                    ``(A) Suspension of royalty-in-kind transfers to 
                the strategic petroleum reserve.--No later than 
                September 30, 2008, the Secretary shall sell 13,000,000 
                barrels of petroleum received under the royalty-in-kind 
                program. Beginning October 1, 2008, the Secretary shall 
                suspend acquisition of petroleum for the Strategic 
                Petroleum Reserve under the Royalty-In-Kind program, 
                subject to resumption as provided in subparagraph (B).
                    ``(B) Resumption of petroleum acquisition for the 
                strategic petroleum reserve.--The Secretary may resume 
                acquisition of petroleum for the Strategic Petroleum 
                Reserve 30 days after notification to Congress that--
                            ``(i)(I) the Secretary projects that the 
                        United States will fall short of its 
                        commitments under the International Energy 
                        Program within a period of 24 months from the 
                        date of the projection; or
                            ``(II) the weighted average price of 
                        petroleum for the most recent 90 day period is 
                        at least 25 percent less than the 24-month 
                        historical average price; and
                            ``(ii) that resumption of Strategic 
                        Petroleum Reserve fill will not have an 
                        appreciable effect on the price of petroleum 
                        products to consumers within the following 12-
                        month period after the resumption of 
                        acquisition.
                    ``(C) Future suspension of strategic petroleum 
                reserve petroleum acquisition.--During any period in 
                which the Secretary is acquiring petroleum for the 
                Strategic Petroleum Reserve, the Secretary shall 
                suspend acquisition activities if--
                            ``(i) the monthly weighted average price of 
                        petroleum increases by more than 20 percent 
                        over any period of 6 months or less; or
                            ``(ii) the Secretary determines that 
                        continued Strategic Petroleum Reserve fill may 
                        have an appreciable impact on prices of 
                        petroleum products in future months.''.
    (b) Revised Procedures.--No later than 60 days after the date of 
the enactment of this section, the Secretary shall publish revised 
procedures under section 301(e)(2) of the Energy Policy Act of 2005 
consistent with the provisions contained in the amendment made by 
subsection (a).

SEC. 3. ENERGY INDEPENDENCE AND SECURITY FUND.

    (a) Establishment.--There is hereby established in the Treasury of 
the United States the ``Energy Independence and Security Fund'' 
(hereinafter in this section referred to as ``the Fund'').
    (b) Administration.--The Secretary of Energy shall be responsible 
for administering the Fund for the purpose of carrying out this 
section.
    (c) Deposits.--All proceeds from sales of petroleum from the 
Strategic Petroleum Reserve, as authorized in section 301(e)(1) of the 
Energy Policy Act of 2005 (as amended by section 2 of this Act), after 
deduction of the direct administrative costs associated with such 
sales, shall be deposited in the Fund.
    (d) Distribution of Funds.--The Secretary shall make available for 
obligation, without further appropriation and without fiscal year 
limitation, the following amounts from the Fund:
            (1) Advanced research projects agency--energy.--For fiscal 
        year 2008, the Secretary shall transfer $100,000,000 to the 
        ``Energy Transformation Acceleration Fund'', as authorized in 
        section 5012(m) of the America COMPETES Act (42 U.S.C. 
        16538(m)), to remain available until expended. Of the funds 
        transferred, the Secretary shall further allocate the amounts 
        made available for obligation as follows:
                    (A) $50,000,000 shall be available for university-
                based research projects.
                    (B) $10,000,000 shall be available for program 
                direction expenses.
            (2) Rural wind energy.--For fiscal year 2008, the Secretary 
        shall transfer $15,000,000 to the account ``Energy Efficiency 
        and Renewable Energy'', to remain available until expended, for 
        necessary expenses for a program to support the development of 
        infrastructure necessary for deployment of wind energy systems 
        in rural areas, as authorized in section 931(f)(1) of the 
        Energy Policy Act of 2005 (42 U.S.C. 16231(f)(1)).
            (3) Solar energy research and development.--For fiscal year 
        2008, the Secretary shall transfer $30,000,000 to the account 
        ``Energy Efficiency and Renewable Energy'', to remain available 
        until expended, for necessary expenses for a program to 
        accelerate the research, development, demonstration, and 
        deployment of solar energy technologies, as authorized by 
        section 931(a)(2)(A) of the Energy Policy Act of 2005 (42 
        U.S.C. 16231(a)(2)(A)).
            (4) Low income weatherization.--For fiscal year 2008, the 
        Secretary shall transfer $100,000,000 to the account 
        ``Weatherization Assistance Program'', to remain available 
        until expended, for necessary expenses for a program to 
        weatherize low income housing, as authorized by section 411 of 
        the Energy Independence and Security Act of 2007 (Public Law 
        110-140).
            (5) Marine and hydrokinetic renewable electric energy.--For 
        fiscal year 2008, the Secretary shall transfer $30,000,000 to 
        the account ``Energy Efficiency and Renewable Energy'', to 
        remain available until expended, for necessary expenses for a 
        program to accelerate the research, development, demonstration, 
        and deployment of ocean and wave energy, including hydrokinetic 
        renewable energy, as authorized by section 931 of the Energy 
        Policy Act of 2005 (42 U.S.C. 16231) and section 636 of the 
        Energy Independence and Security Act of 2007 (Public Law 110-
        140).
            (6) Industrial energy efficiency research and 
        development.--For fiscal year 2008, the Secretary shall 
        transfer $110,000,000 to the account ``Energy Efficiency and 
        Renewable Energy'', to remain available until expended, for 
        necessary expenses for a program to accelerate the research, 
        development, demonstration, and deployment of new technologies 
        to improve the energy efficiency and reduce greenhouse gas 
        emissions from industrial processes, as authorized in section 
        911(a)(2)(C) of the Energy Policy Act of 2005 (42 U.S.C. 
        16191(a)(2)(C)) and in section 452 of the Energy Independence 
        and Security Act of 2007 (Public Law 110-140).
            (7) Building energy efficiency research and development.--
        For fiscal year 2008, the Secretary shall transfer $70,000,000 
        to the account ``Energy Efficiency and Renewable Energy'', to 
        remain available until expended, for necessary expenses for a 
        program to accelerate the research, development, demonstration, 
        and deployment of new technologies to improve the energy 
        efficiency and reduce greenhouse gas emissions from buildings, 
        as authorized in section 422 of the Energy Independence and 
        Security Act of 2007 (Public Law 110-140).
            (8) Energy storage for transportation and electric power 
        applications.--For fiscal year 2008, the Secretary shall 
        transfer $30,000,000 to the account ``Energy Efficiency and 
        Renewable Energy'', to remain available until expended, for 
        necessary expenses for a program to accelerate the research, 
        development, demonstration, and deployment of new materials for 
        improving the energy efficiency of transportation, electric 
        power and other technologies, as authorized by section 641 of 
        the Energy Independence and Security Act of 2007 (Public Law 
        110-140).
            (9) Geothermal energy development.--(A) For fiscal year 
        2008, the Secretary shall transfer $30,000,000 to the account 
        ``Energy Efficiency and Renewable Energy'', to remain available 
        until expended, for necessary expenses for a program for 
        geothermal research and development activities to be managed by 
        the National Renewable Energy Laboratory, as authorized by 
        section 931(a)(2)(C) of the Energy Policy Act of 2005 (42 
        U.S.C. 16231(a)(2)(C)); and
            (B) For fiscal year 2008, the Secretary shall transfer 
        $30,000,000 to the account ``Fossil Energy Research and 
        Development'', to remain available until expended, for 
        necessary expenses for a program of advanced geothermal 
        drilling and resource characterization to be managed by the 
        National Energy Technology Laboratory.
            (10) Carbon capture and storage.--For fiscal year 2008, the 
        Secretary shall transfer $385,000,000 to the account ``Fossil 
        Energy Research and Development'', to remain available until 
        expended, for necessary expenses for a program of demonstration 
        projects of carbon capture and storage, as authorized by 
        sections 702 and 703 of the Energy Independence and Security 
        Act of 2007 (Public Law 110-140). Notwithstanding any other 
        provision of law, one of the demonstration projects shall be a 
        component of the FutureGen project.
            (11) Nonconventional domestic natural gas and petroleum 
        production and environmental research.--
                    (A) For fiscal year 2008, the Secretary shall 
                transfer $50,000,000 to the ``Ultra-Deepwater and 
                Unconventional Natural Gas and Other Petroleum Research 
                Fund'', to remain available until expended, as 
                authorized by section 999H(e) of the Energy Policy Act 
                of 2005 (42 U.S.C. 16378(e)).
                    (B) For fiscal year 2008, the Secretary shall 
                transfer $15,000,000 to the account ``Fossil Energy 
                Research and Development'', to remain available until 
                expended, for necessary expenses for a program of 
                environmental research in support of small producers of 
                domestic petroleum and natural gas, for regulatory 
                analysis and for support for the stripper well 
                consortium.
            (12) Hydrogen research and development.--For fiscal year 
        2008, the Secretary shall transfer $5,000,000 to the account 
        ``Energy Efficiency and Renewable Energy'', to remain available 
        until expended, for necessary expenses for the Department's H-
        Prize Program, as authorized by section 654 of the Energy 
        Independence and Security Act of 2007 (Public Law 110-140).
    (e) Amendments.--(1) Section 999F of the Energy Policy Act of 2005 
(42 U.S.C. 16376) is amended by striking ``2014'' and inserting 
``2017''.
    (2) Section 999B(e) of that Act (42 U.S.C.16372(e)) is amended by 
striking paragraph (3) and inserting the following:
            ``(3) Publication.--The Secretary shall publish in the 
        Federal Register the annual plan, along with any written 
        comments received under paragraph (2)(A) and (B).''.
    (3) Section 999H(b) of that Act (42 U.S.C.16378(b)) is amended by 
inserting ``, and shall be exempt from subchapter II of chapter 15 of 
title 31, United States Code'' after ``available until expended''.
    (f) Transfer Procedures.--The Secretary shall make an initial 
transfer from the Fund no later than 30 days after the initial deposit 
of monies into the Fund. The Secretary shall make additional transfers 
no later than 30 days after subsequent deposits, until the full amounts 
authorized for fiscal 2008 have been transferred. To the extent that 
any transfer in fiscal 2008 is less than the authorized total, the 
transfers shall be made on a pro rata basis.
    (g) Management and Oversight.--
            (1) Additionality of fiscal year 2008 transfers.--All 
        amounts transferred under subsection (d)(1) shall be in 
        addition to, and shall not be substituted for, any funds 
        appropriated for the same or similar purposes in the 
        Consolidated Appropriations Act, 2008.
            (2) Program plans and performance measures.--The Secretary 
        shall prepare and publish in the Federal Register a plan for 
        the proposed use of all funds authorized in subsection (d). The 
        plan also shall identify how the use of these funds will be 
        additive to, and not displace annual appropriations. The plans 
        also shall identify performance measures to assess the 
        additional benefits that may be realized from the application 
        of the additional funding provided under this section. The 
        initial plan shall be published in the Federal Register within 
        90 days from enactment of this section, and shall be updated 
        annually and submitted to Congress together with the 
        President's budget.
            (3) Congressional oversight and review.--Nothing in this 
        section shall limit or restrict the review and oversight of 
        program plans by the appropriate committees of Congress. 
        Nothing in this section shall limit or restrict the authority 
        of Congress to set alternative spending limitations in annual 
        appropriations Acts.
            (4) Apportionment.--All transactions of the Fund shall be 
        exempt from apportionment under the provisions of subchapter II 
        of chapter 15 of title 31, United States Code.
            (5) Use of other transactions authority.--(A) Any 
        solicitation for research, development, or demonstration 
        project proposals to be funded under this section shall provide 
        for and encourage the use of Other Transactions Authority, 
        including Technology Investment Agreements as authorized by 
        section 646(g) of the Department of Energy Organization Act (42 
        U.S.C. 7256) and Part 603 of the Department of Energy 
        Acquisition Regulation.
            (B) Any solicitation for a commercial demonstration project 
        under this section shall require the use of Other Transactions 
        Authority, including Technology Investment Agreements, as 
        authorized by section 646(g) of the Department of Energy 
        Organization Act (42 U.S.C. 7256) and Part 603 of the 
        Department of Energy Acquisition Regulation.

SOLUTION: Invest in Energy Security Act - Amends the Energy Policy Act of 2005 governing petroleum acquisition for the Strategic Petroleum Reserve (SPR) to direct the Secretary of Energy to: (1) sell specified quantities of petroleum received under the royalty-in-kind program; and (2) suspend petroleum acquisition for the SPR under such program.

Authorizes the Secretary to resume such acquisition upon notifying Congress that specified circumstances exist, and to suspend acquisition again if certain other circumstances arise.



Establishes the Energy Independence and Security Fund to receive all proceeds from sales of SPR petroleum.

Allocates amounts from such Fund for: (1) the Energy Transformation Acceleration Fund for university-based research projects and program direction expenses; (2) Energy Efficiency and Renewable Energy account for rural wind energy systems; (3) solar energy technologies; (4) weatherization assistance for low-income housing; (5) ocean and wave energy, including hydrokinetic renewable energy; (6) technologies to improve the energy efficiency and reduce greenhouse gas emissions from industrial processes and from buildings; (7) improvements to the energy efficiency of transportation and electric power; (8) geothermal research and development managed by the National Renewable Energy Laboratory; (9) advanced geothermal drilling and resource characterization managed by National Energy Technology Laboratory; (10) carbon capture and storage; (11) Ultra-Deepwater and Unconventional Natural Gas and Other Petroleum Research Fund; (12) environmental research in support of small producers of domestic petroleum and natural gas, for regulatory analysis and for support for the stripper well consortium; and (13) the H-Prize Program of the Department of Energy.

PROBLEM: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Estate Tax Reduction Act of 2003''.

SEC. 2. 20 PERCENT REDUCTION IN ESTATE TAX RATES.

    (a) In General.--Subsection (c) of section 2001 of the Internal 
Revenue Code of 1986 is amended to read as follows:
    ``(c) Rate Schedule.--

``If the amount with respect to     The tentative tax is:
        which the tentative tax is 
        to be computed is:
    Not over $10,000...............
                                        14.4% of such amount.
    Over $10,000 but not over 
        $20,000.
                                        $1,440, plus 16% of the excess 
                                                of such amount over 
                                                $10,000
    Over $20,000 but not over 
        $40,000.
                                        $3,040, plus 17.6% of the 
                                                excess of such amount 
                                                over $20,000
    Over $40,000 but not over 
        $60,000.
                                        $6,560, plus 19.2% of the 
                                                excess of such amount 
                                                over $40,000
    Over $60,000 but not over 
        $80,000.
                                        $10,400, plus 20.8% of the 
                                                excess of such amount 
                                                over $60,000
    Over $80,000 but not over 
        $100,000.
                                        $14,560, plus 22.4% of the 
                                                excess of such amount 
                                                over $80,000
    Over $100,000 but not over 
        $150,000.
                                        $19,040, plus 24% of the excess 
                                                of such amount over 
                                                $100,000
    Over $150,000 but not over 
        $250,000.
                                        $31,040, plus 25.6% of the 
                                                excess of such amount 
                                                over $150,000
    Over $250,000 but not over 
        $500,000.
                                        $56,640, plus 27.2% of the 
                                                excess of such amount 
                                                over $250,000
    Over $500,000 but not over 
        $750,000.
                                        $124,640, plus 29.6% of the 
                                                excess of such amount 
                                                over $500,000
    Over $750,000 but not over 
        $1,000,000.
                                        $198,640, plus 31.2% of the 
                                                excess of such amount 
                                                over $750,000
    Over $1,000,000 but not over 
        $1,250,000.
                                        $276,640, plus 32.8% of the 
                                                excess of such amount 
                                                over $1,000,000
    Over $1,250,000 but not over 
        $1,500,000.
                                        $358,640, plus 34.4% of the 
                                                excess of such amount 
                                                over $1,250,000
    Over $1,500,000 but not over 
        $2,000,000.
                                        $444,640, plus 36% of the 
                                                excess of such amount 
                                                over $1,500,000
    Over $2,000,000................
                                        $624,640, plus 39.2% of the 
                                                excess of such amount 
                                                over $2,000,000''.
    (b) Effective Date.--The amendment made by this section shall apply 
to estates of decedents dying, and gifts made, after the date of the 
enactment of this Act.

SEC. 3. UNIFIED CREDIT INCREASED TO EQUIVALENT OF $3,000,000 EXCLUSION; 
              INFLATION ADJUSTMENT OF UNIFIED CREDIT.

    (a) Increase in Unified Credit.--Subsection (c) of section 2010 of 
the Internal Revenue Code of 1986 (relating to applicable credit 
amount) is amended by striking all that follows ``were the applicable 
exclusion amount'' and inserting ``. For purposes of the preceding 
sentence, the applicable exclusion amount is $3,000,000.''
    (b) Inflation Adjustment.--Section 2010 of such Code is amended by 
redesignating subsection (d) as subsection (e) and by inserting after 
subsection (c) the following new subsection:
    ``(d) Cost-of-Living Adjustment.--In the case of any decedent 
dying, and gift made, in a calendar year after 2003, the $3,000,000 
amount set forth in subsection (c) shall be increased by an amount 
equal to--
            ``(1) $3,000,000, multiplied by
            ``(2) the cost-of-living adjustment determined under 
        section 1(f)(3) for such calendar year by substituting 
        `calendar year 2002' for `calendar year 1992' in subparagraph 
        (B) thereof.
If any amount as adjusted under the preceding sentence is not a 
multiple of $10,000, such amount shall be rounded to the nearest 
multiple of $10,000.''
    (c) Effective Date.--The amendments made by this section shall 
apply to estates of decedents dying, and gifts made, after the date of 
the enactment of this Act.

SOLUTION:
Estate Tax Reduction Act of 2003 - Amends the Internal Revenue Code to reduce estate taxes and increase the unified credit to $3 million, with an inflation adjustment.