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; TABLE OF CONTENTS.

    (a) Short Title.--This Act may be cited as the ``Charitable Giving 
Protection Act of 1995''.
    (b) Table of Contents.--The table of contents for this Act is as 
follows:

Sec. 1. Short title; table of contents.
Sec. 2. Findings.
               TITLE I--AMENDMENTS TO THE SECURITIES LAWS

Sec. 101. Amendment to the Investment Company Act of 1940.
Sec. 102. Amendment to the Securities Act of 1933.
Sec. 103. Amendments to the Securities Exchange Act of 1934.
Sec. 104. Amendment of the Investment Advisers Act of 1940.
Sec. 105. Effective dates and applicability.
               TITLE II--CLARIFICATION OF ANTITRUST LAWS

Sec. 201. Exemption from antitrust laws.
Sec. 202. Effective date and applicability.
SEC. 2. FINDINGS.

    The Congress finds that--
            (1) charities have served a unique and essential role in 
        meeting the needs of the American people;
            (2) charities have healed the sick, fed the hungry, 
        sheltered the needy, and educated our children;
            (3) in order to ensure that charities can continue to meet 
        the needs of the American people, the Federal Government should 
        do everything possible to encourage charitable giving;
            (4) charities should be able to raise funds and invest 
        funds, both on their own and collectively with other charities, 
        without excessive Government intervention or unnecessary legal 
        or regulatory requirements;
            (5) the Congress, in passing the Technical Corrections Act 
        of 1988, differentiated between charitable gift annuities and 
        annuities issued by commercial organizations for profit; and
            (6) unlike commercial annuities, charitable gift annuities 
        are not issued for profit, and their issuance, maintenance, and 
        investment by charities is not subject to the anticompetitive 
        prohibitions of the Federal antitrust laws.

               TITLE I--AMENDMENTS TO THE SECURITIES LAWS

SEC. 101. AMENDMENT TO THE INVESTMENT COMPANY ACT OF 1940.

    Section 3(c) of the Investment Company Act of 1940 (15 U.S.C. 80a-
3(c)) is amended by inserting after paragraph (6) the following new 
paragraph:
            ``(7)(A) Subject to subparagraph (B), a pooled income fund, 
        or any collective trust fund, collective investment fund, or 
        similar fund maintained by a charitable organization 
        exclusively for the collective investment and reinvestment of--
                    ``(i) the general endowment fund or other funds of 
                one or more charitable organizations;
                    ``(ii) assets of a pooled income fund;
                    ``(iii) assets contributed to a charitable 
                organization in exchange for the issuance of charitable 
                gift annuities;
                    ``(iv) assets of a charitable remainder trust or of 
                any other trust, the remainder interests of which are 
                irrevocably dedicated to any charitable organization;
                    ``(v) assets of a charitable lead trust; or
                    ``(vi) assets of a trust not described in clauses 
                (i) through (v), the remainder interests of which are 
                revocably dedicated to a charitable organization.
            ``(B) A fund described in subparagraph (A), and any 
        charitable organization that maintains such a fund, shall be 
        excluded from treatment as an investment company in accordance 
        with this subsection only if--
                    ``(i) each contributor to a pooled income fund and 
                each settlor of a trust described in clause (iv), (v), 
                or (vi) of subparagraph (A) is provided with written 
                information describing the material terms of the 
                instruments governing the operation of the pooled 
                income fund, in the case of a contributor to such fund, 
                or of the fund in which any assets of such pooled 
                income fund or such a trust are invested, by the later 
                of June 30, 1996, or the date of investment in such 
                fund; and
                    ``(ii) each person soliciting gifts, as described 
                in subparagraph (A), that will be administered in any 
                collective trust fund, collective investment fund, or 
                similar fund maintained by a charitable organization is 
                either a volunteer or is employed in the overall 
                fundraising activities of a charitable organization and 
                receives no commissions or other special compensation 
                based on the amount of gifts transferred to such fund.
            ``(C) The exemption provided by subparagraph (A)(vi) shall 
        terminate on December 31, 1998.
            ``(D) For purposes of this paragraph--
                    ``(i) a trust or fund is `maintained' by a 
                charitable organization that serves as a trustee or 
                administrator of the trust or fund or that has the 
                power to remove the trustees or administrators of the 
                trust or fund and to designate new trustees or 
                administrators;
                    ``(ii) the term `pooled income fund' has the same 
                meaning as in section 642(c)(5) of the Internal Revenue 
                Code of 1986;
                    ``(iii) the term `charitable organization' means an 
                organization described in paragraphs (1) through (5) of 
                section 170(c) or section 501(c)(3) of the Internal 
                Revenue Code of 1986;
                    ``(iv) the term `charitable lead trust' means a 
                trust described in section 170(f)(2)(B), 2055(e)(2)(B), 
                or 2522(c)(2)(B) of the Internal Revenue Code of 1986;
                    ``(v) the term `charitable remainder trust' means a 
                charitable remainder annuity trust or a charitable 
                remainder unitrust, as those terms are defined in 
                section 664(d) of the Internal Revenue Code of 1986; 
                and
                    ``(vi) the term `charitable gift annuity' means an 
                annuity issued by a charitable organization that is 
                described in section 501(m)(5) of the Internal Revenue 
                Code of 1986.''.

SEC. 102. AMENDMENT TO THE SECURITIES ACT OF 1933.

    Section 3(a) of the Securities Act of 1933 (15 U.S.C. 77c(a)) is 
amended by adding at the end the following new paragraph:
            ``(13) Any security issued by or any interest or 
        participation in any pooled income fund, collective trust fund, 
        collective investment fund, or similar fund that is deemed not 
        to be an investment company under section 3(c)(7) of the 
        Investment Company Act of 1940.''.
SEC. 103. AMENDMENTS TO THE SECURITIES EXCHANGE ACT OF 1934.

    (a) Exempted Securities.--Section 3(a)(12)(A) of the Securities 
Exchange Act of 1934 (15 U.S.C. 78c(a)(12)(A)) is amended--
            (1) in clause (iv) by striking ``and'' at the end;
            (2) by redesignating clause (v) as clause (vi); and
            (3) by inserting after clause (iv) the following new 
        clause:
                            ``(v) any security issued by or any 
                        interest or participation in any pooled income 
                        fund, collective trust fund, collective 
                        investment fund, or similar fund that is deemed 
                        not to be an investment company under section 
                        3(c)(7) of the Investment Company Act of 1940; 
                        and''.
    (b) Exemption From Broker-Dealer Provisions.--Section 3(a) of the 
Securities Exchange Act of 1934 (15 U.S.C. 78c(c)) is amended by adding 
at the end the following new paragraph:
            ``(54) Charitable organizations.--Notwithstanding any other 
        provision of this title, a charitable organization, as defined 
        in section 3(c)(7) of the Investment Company Act of 1940, or 
        any trust- 
        ee, director, officer, employee, or volunteer of such a 
        charitable organization acting within the scope of such 
        person's employment or duties, shall not be deemed to be a 
        `broker', `dealer', `municipal securities broker', `municipal 
        securities dealer', `government securities broker', or 
        `government securities dealer' for purposes of this title 
        solely because such organization or person buys, holds, sells, 
        or trades in securities for its own account in its capacity as 
        trustee or administrator of, or otherwise on behalf of or for 
        the account of--
                    ``(A) such a charitable organization;
                    ``(B) a fund that is exempt from the provisions of 
                the Investment Company Act of 1940 under section 
                3(c)(7) of that Act; or
                    ``(C) a trust or other donative instrument, the 
                assets of which may be contributed to or invested in 
                such funds in accordance with section 3(c)(7) of the 
                Investment Company Act of 1940, or the settlors (or 
                potential settlors) or beneficiaries of any such trust 
                or other instrument.''.

SEC. 104. AMENDMENT OF THE INVESTMENT ADVISERS ACT OF 1940.

    Section 202(a)(11) of the Investment Advisers Act of 1940 (15 
U.S.C. 80b-2(a)(11)) is amended--
            (1) by striking ``does not include (A) a bank'' and 
        inserting ``does not include--
                    ``(A) a bank'';
            (2) by striking ``(B) any lawyer'' and inserting the 
        following:
                    ``(B) any lawyer'';
            (3) by striking ``(C) any broker'' and inserting the 
        following:
                    ``(C) any broker'';
            (4) by striking ``(D) the publisher'' and inserting the 
        following:
                    ``(D) the publisher'';
            (5) by striking ``(E) any person'' and inserting the 
        following:
                    ``(E) any person'';
            (6) by striking ``or (F) such other'' and inserting the 
        following:
                    ``(G) such other''; and
            (7) by inserting after subparagraph (E) the following new 
        subparagraph:
                    ``(F) any charitable organization, as defined in 
                section 3(c)(7) of the Investment Company Act of 1940, 
                or any trustee, director, officer, employee, or 
                volunteer of such a charitable organization acting 
                within the scope of the employment or duties of such 
                person, whose advice, analyses, or reports are provided 
                only to--
                            ``(i) any such charitable organization;
                            ``(ii) a fund that is exempt from the 
                        Investment Company Act of 1940 under section 
                        3(c)(7) of that Act, or the trustees or 
                        administrators of such fund; or
                            ``(iii) a trust or other donative 
                        instrument, the assets of which may be 
                        contributed to or invested in such fund in 
                        accordance with section 3(c)(7) of the 
                        Investment Company Act of 1940, or the 
                        trustees, administrators, settlors (or 
                        potential settlors), or beneficiaries of any 
                        such trust or other instrument; or''.

SEC. 105. EFFECTIVE DATES AND APPLICABILITY.

    This title and the amendments made by this title shall apply in all 
administrative and judicial actions pending on or commenced after the 
date of enactment of this Act, as a defense to any claim that any 
person, security, interest, or participation of the type described in 
this title and the amendments made by this title is subject to the
 provisions of the Securities Act of 1933, the Securities Exchange Act 
of 1934, the Investment Company Act of 1940, or the Investment Advisers 
Act of 1940, except as otherwise specifically provided in those Acts.

SEC. 106. PREEMPTION OF STATE LAW.

    (a) Registration Requirements.--A security issued by or any 
interest or participation in any pooled income fund, collective trust 
fund, collective investment fund, or similar fund that is exempt from 
the Investment Company Act of 1940 under section 3(c)(7) of that Act, 
and the offer or sale thereof, shall be exempt from any law of a State 
that requires registration or qualification of securities.
    (b) Treatment of Charitable Organizations.--No charitable 
organization, or any trustee, director, officer, employee, or volunteer 
of a charitable organization acting within the scope of such person's 
employment or duties, shall be required to register as, or be subject 
to regulation as, a dealer, broker, agent, or investment adviser under 
the laws of any State solely because such organization or person buys, 
holds, sells, or trades in securities for its own account in its 
capacity as trustee or administrator of, or otherwise on behalf of or 
for the account of--
            (1) a charitable organization;
            (2) a fund that is exempt from the Investment Company Act 
        of 1940 under section 3(c)(7) of that Act; or
            (3) a trust or other donative instrument, the assets of 
        which may be contributed to or invested in such funds in 
        accordance with section 3(c)(7) of the Investment Company Act 
        of 1940, or the settlors (or potential settlors) or 
        beneficiaries of any such trusts or other instruments.
    (c) State Action.--Notwithstanding subsections (a) and (b), during 
the 3-year period beginning on the date of enactment of this Act, a 
State may enact a statute that specifically refers to this section and 
provides prospectively that this section shall not preempt the laws of 
that State referred to in this section.
    (d) Definitions.--For purposes of this section--
            (1) the term ``charitable organization'' means an 
        organization described in paragraphs (1) through (5) of section 
        170(c) or section 501(c)(3) of the Internal Revenue Code of 
        1986;
            (2) the term ``security'' has the same meaning as in 
        section 3 of the Securities Exchange Act of 1934; and
            (3) the term ``State'' means each of the several States of 
        the United States, the District of Columbia, the Commonwealth 
        of Puerto Rico, the Virgin Islands, Guam, American Samoa, and 
        the Commonwealth of the Northern Mariana Islands.

               TITLE II--CLARIFICATION OF ANTITRUST LAWS

SEC. 201. EXEMPTION FROM ANTITRUST LAWS.

    (a) In General.--The activities of a charitable organization 
relating to the issuance, maintenance, or investment of a charitable 
gift annuity are exempt from the application of the antitrust laws.
    (b) Definitions.--For purposes of this section--
            (1) the term ``antitrust laws'' means--
                    (A) the Sherman Act (15 U.S.C. 1 et seq.);
                    (B) the Clayton Act (15 U.S.C. 12 et seq.);
                    (C) the Federal Trade Commission Act (15 U.S.C. 41 
                et seq.); and
                    (D) any State law that is similar to the Acts 
                referred to in subparagraphs (A) through (C).
            (2) the term ``charitable organization'' means an 
        organization described in paragraphs (1) through (5) of section 
        170(c) or section 501(c)(3) of the Internal Revenue Code of 
        1986;
            (3) the term ``charitable gift annuity'' means an annuity 
        issued by a charitable organization that is described in 
        section 501(m)(5) of the Internal Revenue Code of 1986; and
            (4) the term ``State'' means each of the several States of 
        the United States, the District of Columbia, the Commonwealth 
        of Puerto Rico, the Virgin Islands, Guam, American Samoa, and 
        the Commonwealth of the Northern Mariana Islands.
    (c) State Action.--Notwithstanding subsections (a) and (b), during 
the 3-year period beginning on the date of enactment of this Act, a 
State may enact a statute that specifically refers to this section and 
provides prospectively that this section shall not preempt the laws of 
that State referred to in this section.

SEC. 202. EFFECTIVE DATE AND APPLICABILITY.

    The exemption provided for in section 201 shall apply in any 
judicial or administrative action pending on or commenced after the 
date of enactment of this Act and shall serve as a defense to any claim 
that the sale or issuance of a charitable gift annuity is subject to 
any provision of antitrust laws.
[A]: TABLE OF CONTENTS: 
     Title I:  Amendments to the Securities Laws 
     Title II:  Clarification of Antitrust Laws 
Charitable Giving Protection Act of 1995 - 
Title I:  Amendments to the Securities Laws
 - Exempts from the jurisdiction of the Investment Company Act of 1940, the Securities Act of 1933, the Securities Exchange Act of 1934, and the Investment Advisers Act of 1940 any security issued by or any interest or participation in any pooled income fund, collective trust fund, collective investment fund, or similar fund deemed not to be an investment company under the Investment Company Act of 1940 (charitable gift annuities). 
Preempts State law to extend the charitable gift annuities exemption from its jurisdiction over:  (1) securities registration or qualification requirements; and (2) any charitable organization regulation. 
Permits a State to enact a statute that specifically refers to this Act and provides prospectively that it does not preempt its laws. 
Title II:  Clarification of Antitrust Laws
 - Exempts charitable gift annuities from application of the antitrust laws.


[Q]: SECTION 1. SHORT TITLE.

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

SEC. 2. DETROIT JOBS TRUST FUND.

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

``SEC. 9512. DETROIT JOBS TRUST FUND.

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

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

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

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

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

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

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

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

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

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

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

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


[Q]: SECTION 1. SHORT TITLE.

     This Act may be cited as the ``Cooperative Landscape Conservation 
Act''.

SEC. 2. PURPOSE.

     The purpose of this Act is to establish a program administered by 
the Secretary of the Interior to provide matching grants to certain 
eligible entities to facilitate the acquisition of permanent 
conservation easements on lands in order to conserve wildlife, 
fisheries, public recreation, open space, and other important 
conservation values where consistent with the continuation of 
traditional uses of those lands by private landowners.

SEC. 3. ESTABLISHMENT OF THE COOPERATIVE LANDSCAPE PROTECTION PROGRAM.

    (a) Establishment.--The Secretary of the Interior shall establish 
and carry out a program, to be known as the Cooperative Landscape 
Conservation Program, under which the Secretary, subject to the 
availability of appropriations, shall provide grants to eligible 
entities to provide the Federal share of the cost of acquiring 
permanent conservation easements on private lands that provide 
important wildlife, fisheries, public recreation, open space, or other 
conservation benefits to the public, for the purpose of preventing the 
loss of those benefits due to development that is inconsistent with the 
traditional uses of the land.
    (b) Application for Easements.--To request a grant under this 
section, an eligible entity shall submit an application that--
            (1) describes the property that will be subject to the 
        easement and the conservation benefits that will result from 
        acquiring the easement; and
            (2) demonstrates how the traditional use of the property 
        will be maintained.
    (c) Priority.--In providing grants under this section, the 
Secretary shall give priority to grants to acquire easements that--
            (1) are in areas where rapid population growth and 
        increasing land values are creating development pressures that 
        threaten traditional use of land and the ability to maintain 
        open space; and
            (2) in comparison to other easements for which grant 
        applications are submitted under this section in the same year, 
        will provide the greatest conservation benefit for wildlife, 
        fish, natural resources, or open space while maintaining the 
        traditional use of land.
    (d) Cost Sharing.--
            (1) Federal share.--The Federal share of the cost of 
        acquiring a conservation easement with a grant under this 
        section may not exceed 50 percent of the total cost of 
        acquiring the easement.
            (2) In-kind contributions.--Subject to such reasonable 
        conditions as the Secretary may establish, the Secretary shall 
        apply to the non-Federal share of the cost of such acquisition 
        the value of any land, interest in land, good, or service 
        applied to that acquisition.
    (e) Title; Enforcement.--Title to a conservation easement acquired 
with a grant under this section may be held and enforced only by an 
eligible entity.
    (f) State Certification.--As a condition of the receipt by an 
eligible entity of a grant under subsection (a), the attorney general 
of the State in which the conservation easement is to be acquired using 
the grant funds must certify that the conservation easement to be 
acquired is in a form that is sufficient, under the laws of the State, 
to achieve the conservation purposes of the easement and the terms and 
conditions of the grant.
    (g) Technical Assistance.--The Secretary may not use more than 10 
percent of the amount that is available for any fiscal year to carry 
out this Act to provide technical assistance to carry out this section.
    (h) Definitions.--In this section:
            (1) Eligible entity.--The term ``eligible entity'' means--
                    (A) an agency of a State or local government;
                    (B) a federally recognized Indian tribe; or
                    (C) any organization that is organized for, and at 
                all times since its formation has been operated 
                principally for, one or more of the conservation 
                purposes specified in clause (i), (ii), or (iii) of 
                section 170(h)(4)(A) of the Internal Revenue Code of 
                1986 and--
                            (i) is described in section 501(c)(3) of 
                        the Code;
                            (ii) is exempt from taxation under section 
                        501(a) of the Code; and
                            (iii)(I) is described in paragraph (2) of 
                        section 509(a) of the Code; or
                            (II) is described in paragraph (3) of such 
                        section, but is controlled by an organization 
                        described in paragraph (2) of such section.
            (2) Traditional use.--The term ``traditional use'' means 
        the uses of land that are in practice at the time of the 
        submission of an application for a grant under this section.

SEC. 4. AUTHORIZATION OF APPROPRIATIONS.

     There is authorized to be appropriated to the Secretary of the 
Interior to carry out this Act $100,000,000 for each of the fiscal 
years 2004 through 2009.
[A]:
Cooperative Landscape Conservation Act - Requires the Secretary of the Interior to establish and carry out the Cooperative Landscape Conservation Program to provide grants of up to 50 percent of the total cost to eligible entities for the acquisition of permanent conservation easements on private lands that provide important wildlife, fisheries, public recreation, open space, or other conservation benefits to the public, for the purpose of preventing the loss of those benefits due to development inconsistent with the traditional uses of the lands.