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

Ex Input:
SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Retirement Security for Life Act of 
2004''.

SEC. 2. EXCLUSION FOR LIFETIME ANNUITY PAYMENTS.

    (a) Lifetime Annuity Payments Under Annuity Contracts.--Section 
72(b) of the Internal Revenue Code of 1986 (relating to exclusion 
ratio) is amended by adding at the end the following new paragraph:
            ``(5) Exclusion for lifetime annuity payments.--
                    ``(A) In general.--In the case of lifetime annuity 
                payments received under one or more annuity contracts 
                in any taxable year, gross income shall not include 50 
                percent of the portion of lifetime annuity payments 
                otherwise includible (without regard to this paragraph) 
                in gross income under this section. For purposes of the 
                preceding sentence, the amount excludible from gross 
                income in any taxable year shall not exceed $20,000.
                    ``(B) Cost-of-living adjustment.--In the case of 
                taxable years beginning after December 31, 2005, the 
                $20,000 amount in subparagraph (A) shall be increased 
                by an amount equal to--
                            ``(i) such dollar amount, multiplied by
                            ``(ii) the cost-of-living adjustment 
                        determined under section 1(f)(3) for the 
                        calendar year in which the taxable year begins, 
                        determined by substituting `calendar year 2004' 
                        for `calendar year 1992' in subparagraph (B) 
                        thereof.
                If any amount as increased under the preceding sentence 
                is not a multiple of $500, such amount shall be rounded 
                to the next lower multiple of $500.
                    ``(C) Application of paragraph.--Subparagraph (A) 
                shall not apply to--
                            ``(i) any amount received under an eligible 
                        deferred compensation plan (as defined in 
                        section 457(b)) or under a qualified retirement 
                        plan (as defined in section 4974(c)),
                            ``(ii) any amount paid under an annuity 
                        contract that is received by the beneficiary 
                        under the contract--
                                    ``(I) after the death of the 
                                annuitant in the case of payments 
                                described in subsection 
                                (c)(5)(A)(ii)(III), unless the 
                                beneficiary is the surviving spouse of 
                                the annuitant, or
                                    ``(II) after the death of the 
                                annuitant and joint annuitant in the 
                                case of payments described in 
                                subsection (c)(5)(A)(ii)(IV), unless 
                                the beneficiary is the surviving spouse 
                                of the last to die of the annuitant and 
                                the joint annuitant, or
                            ``(iii) any annuity contract that is a 
                        qualified funding asset (as defined in section 
                        130(d)), but without regard to whether there is 
                        a qualified assignment.
                    ``(D) Investment in the contract.--For purposes of 
                this section, the investment in the contract shall be 
                determined without regard to this paragraph.''.
    (b) Definitions.--Subsection (c) of section 72 of the Internal 
Revenue Code of 1986 is amended by adding at the end the following new 
paragraph:
            ``(5) Lifetime annuity payment.--
                    ``(A) In general.--For purposes of subsection 
                (b)(5), the term `lifetime annuity payment' means any 
                amount received as an annuity under any portion of an 
                annuity contract, but only if--
                            ``(i) the only person (or persons in the 
                        case of payments described in subclause (II) or 
                        (IV) of clause (ii)) legally entitled (by 
                        operation of the contract, a trust, or other 
                        legally enforceable means) to receive such 
                        amount during the life of the annuitant or 
                        joint annuitant is such annuitant or joint 
                        annuitant, and
                            ``(ii) such amount is part of a series of 
                        substantially equal periodic payments made not 
                        less frequently than annually over--
                                    ``(I) the life of the annuitant,
                                    ``(II) the lives of the annuitant 
                                and a joint annuitant, but only if the 
                                annuitant is the spouse of the joint 
                                annuitant as of the annuity starting 
                                date or the difference in age between 
                                the annuitant and joint annuitant is 15 
                                years or less,
                                    ``(III) the life of the annuitant 
                                with a minimum period of payments or 
                                with a minimum amount that must be paid 
                                in any event, or
                                    ``(IV) the lives of the annuitant 
                                and a joint annuitant with a minimum 
                                period of payments or with a minimum 
                                amount that must be paid in any event, 
                                but only if the annuitant is the spouse 
                                of the joint annuitant as of the 
                                annuity starting date or the difference 
                                in age between the annuitant and joint 
                                annuitant is 15 years or less.
                            ``(iii) Exceptions.--For purposes of clause 
                        (ii), annuity payments shall not fail to be 
                        treated as part of a series of substantially 
                        equal periodic payments--
                                    ``(I) because the amount of the 
                                periodic payments may vary in 
                                accordance with investment experience, 
                                reallocations among investment options, 
                                actuarial gains or losses, cost of 
                                living indices, a constant percentage 
                                applied not less frequently than 
                                annually, or similar fluctuating 
                                criteria,
                                    ``(II) due to the existence of, or 
                                modification of the duration of, a 
                                provision in the contract permitting a 
                                lump sum withdrawal after the annuity 
                                starting date, or
                                    ``(III) because the period between 
                                each such payment is lengthened or 
                                shortened, but only if at all times 
                                such period is no longer than one 
                                calendar year.
                    ``(B) Annuity contract.--For purposes of 
                subparagraph (A) and subsections (b)(5) and (w), the 
                term `annuity contract' means a commercial annuity (as 
                defined by section 3405(e)(6)), other than an endowment 
                or life insurance contract.
                    ``(C) Minimum period of payments.--For purposes of 
                subparagraph (A), the term `minimum period of payments' 
                means a guaranteed term of payments that does not 
                exceed the greater of 10 years or--
                            ``(i) the life expectancy of the annuitant 
                        as of the annuity starting date, in the case of 
                        lifetime annuity payments described in 
                        subparagraph (A)(ii)(III), or
                            ``(ii) the life expectancy of the annuitant 
                        and joint annuitant as of the annuity starting 
                        date, in the case of lifetime annuity payments 
                        described in subparagraph (A)(ii)(IV).
                For purposes of this subparagraph, life expectancy 
                shall be computed with reference to the tables 
                prescribed by the Secretary under paragraph (3). For 
                purposes of subsection (w)(1)(C)(ii), the permissible 
                minimum period of payments shall be determined as of 
                the annuity starting date and reduced by one for each 
                subsequent year.
                    ``(D) Minimum amount that must be paid in any 
                event.--For purposes of subparagraph (A), the term 
                `minimum amount that must be paid in any event' means 
                an amount payable to the designated beneficiary under 
                an annuity contract that is in the nature of a refund 
                and does not exceed the greater of the amount applied 
                to produce the lifetime annuity payments under the 
                contract or the amount, if any, available for 
                withdrawal under the contract on the date of death.''.
    (c) Recapture Tax for Lifetime Annuity Payments.--Section 72 of the 
Internal Revenue Code of 1986 is amended by redesignating subsection 
(w) as subsection (x) and by inserting after subsection (v) the 
following new subsection:
    ``(w) Recapture Tax for Modifications to or Reductions in Lifetime 
Annuity Payments.--
            ``(1) In general.--If any amount received under an annuity 
        contract is excluded from income by reason of subsection (b)(5) 
        (relating to lifetime annuity payments), and--
                    ``(A) the series of payments under such contract is 
                subsequently modified so any future payments are not 
                lifetime annuity payments,
                    ``(B) after the date of receipt of the first 
                lifetime annuity payment under the contract an 
                annuitant receives a lump sum and thereafter is to 
                receive annuity payments in a reduced amount under the 
                contract, or
                    ``(C) after the date of receipt of the first 
                lifetime annuity payment under the contract the dollar 
                amount of any subsequent annuity payment is reduced and 
                a lump sum is not paid in connection with the 
                reduction, unless such reduction is--
                            ``(i) due to an event described in 
                        subsection (c)(5)(A)(iii), or
                            ``(ii) due to the addition of, or increase 
                        in, a minimum period of payments within the 
                        meaning of subsection (c)(5)(C) or a minimum 
                        amount that must be paid in any event (within 
                        the meaning of subsection (c)(5)(D)),
        then gross income for the first taxable year in which such 
        modification or reduction occurs shall be increased by the 
        recapture amount.
            ``(2) Recapture amount.--
                    ``(A) In general.--For purposes of this subsection, 
                the recapture amount shall be the amount, determined 
                under rules prescribed by the Secretary, equal to the 
                amount that (but for subsection (b)(5)) would have been 
                includible in the taxpayer's gross income if the 
                modification or reduction described in paragraph (1) 
                had been in effect at all times, plus interest for the 
                deferral period at the underpayment rate established by 
                section 6621.
                    ``(B) Deferral period.--For purposes of this 
                subsection, the term `deferral period' means the period 
                beginning with the taxable year in which (without 
                regard to subsection (b)(5)) the payment would have 
                been includible in gross income and ending with the 
                taxable year in which the modification described in 
                paragraph (1) occurs.
            ``(3) Exceptions to recapture tax.--Paragraph (1) shall not 
        apply in the case of any modification or reduction that occurs 
        because an annuitant--
                    ``(A) dies or becomes disabled (within the meaning 
                of subsection (m)(7)),
                    ``(B) becomes a chronically ill individual within 
                the meaning of section 7702B(c)(2), or
                    ``(C) encounters hardship.''.
    (d) Lifetime Distributions of Life Insurance Death Benefits.--
            (1) In general.--Section 101(d) of the Internal Revenue 
        Code of 1986 (relating to payment of life insurance proceeds at 
        a date later than death) is amended by adding at the end the 
        following new paragraph:
            ``(4) Exclusion for lifetime annuity payments.--
                    ``(A) In general.--In the case of amounts to which 
                this subsection applies, gross income shall not include 
                the lesser of--
                            ``(i) 50 percent of the portion of lifetime 
                        annuity payments otherwise includible in gross 
                        income under this section (determined without 
                        regard to this paragraph), or
                            ``(ii) the amount in effect under section 
                        72(b)(5).
                    ``(B) Rules of section 72(b)(5) to apply.--For 
                purposes of this paragraph, rules similar to the rules 
                of section 72(b)(5) and section 72(w) shall apply, 
                substituting the term `beneficiary of the life 
                insurance contract' for the term `annuitant' wherever 
                it appears, and substituting the term `life insurance 
                contract' for the term `annuity contract' wherever it 
                appears.''.
            (2) Conforming amendment.--Section 101(d)(1) of such Code 
        is amended by inserting ``or paragraph (4)'' after ``to the 
        extent not excluded by the preceding sentence''.
    (e) Effective Date.--
            (1) In general.--The amendments made by this section shall 
        apply to amounts received in calendar years beginning after the 
        date of the enactment of this Act.
            (2) Special rule for existing contracts.--In the case of a 
        contract in force on the date of the enactment of this Act that 
        does not satisfy the requirements of section 72(c)(5)(A) of the 
        Internal Revenue Code of 1986 (as added by this section), or 
        requirements similar to such section 72(c)(5)(A) in the case of 
        a life insurance contract), any modification to such contract 
        (including a change in ownership) or to the payments thereunder 
        that is made to satisfy the requirements of such section (or 
        similar requirements) shall not result in the recognition of 
        any gain or loss, any amount being included in gross income, or 
        any addition to tax that otherwise might result from such 
        modification, but only if the modification is completed prior 
        to the date that is 2 years after the date of the enactment of 
        this Act.

Ex Output:
Retirement Security for Life Act of 2004 - Amends the Internal Revenue Code to allow an exclusion from gross income for 50 percent of the amount otherwise includible in gross income as guaranteed payments from certain annuity or life insurance contracts. Limits the amount of such exclusion to $20,000 in any taxable year. Provides for an inflation adjustment of the $20,000 limitation beginning in 2006.


Ex Input:
SECTION 1. SHORT TITLE; AMENDMENT OF 1986 CODE.

    (a) Short Title.--This Act may be cited as the ``Long-Term 
Investment Incentive Act of 1997''.
    (b) Amendment of 1986 Code.--Except as otherwise expressly 
provided, whenever in this Act an amendment or repeal is expressed in 
terms of an amendment to, or repeal of, a section or other provision, 
the reference shall be considered to be made to a section or other 
provision of the Internal Revenue Code of 1986.

SEC. 2. REDUCTION OF TAX ON LONG-TERM CAPITAL GAINS ON ASSETS HELD MORE 
              THAN 2 YEARS.

    (a) In General.--Part I of subchapter P of chapter 1 (relating to 
treatment of capital gains) is amended by redesignating section 1202 as 
section 1203 and by inserting after section 1201 the following new 
section:

``SEC. 1202. CAPITAL GAINS DEDUCTION FOR ASSETS HELD BY NONCORPORATE 
              TAXPAYERS MORE THAN 2 YEARS.

    ``(a) General Rule.--If a taxpayer other than a corporation has a 
net capital gain for any taxable year, there shall be allowed as a 
deduction an amount equal to the sum of the applicable percentages of 
the classes of net capital gain described in the table under subsection 
(b).
    ``(b) Applicable Percentage.--For purposes of this subsection, the 
applicable percentage shall be the percentage determined in accordance 
with the following table:

          
                                                         The applicable
          ``In the case of:
                                                         percentage is:
                  2-year gain........................        7.145     
                  3-year gain........................        14.29     
                  4-year gain........................        21.45     
                  5-year gain........................        28.57     
                  6-year gain........................        35.71     
                  7-year gain........................        42.86     
                  8-year gain........................        50.00.    
    ``(c) Gain to Which Deduction Applies.--For purposes of this 
section--
            ``(1) 2-year gain.--The term `2-year gain' means the lesser 
        of--
                    ``(A) the net capital gain for the taxable year, or
                    ``(B) the amount of long-term capital gain which 
                would be computed for the taxable year if only gain 
                from the sale or exchange of property held by the 
                taxpayer for more than 2 years but not more than 3 
                years were taken into account.
            ``(2) 3-year gain, etc.--The terms `3-, 4-,
        5-, 6-, or 7-year gain' mean the amounts determined under 
        paragraph (1)--
                    ``(A) by reducing the amount of the net capital 
                gain under subparagraph (A) thereof by an amount equal 
                to the long-term capital gain from the sale or exchange 
                of property with a holding period less than the minimum 
                holding period for any such category, and
                    ``(B) by substituting 3, 4, 5, 6, or 7 years for 2 
                years and 4, 5, 6, 7, or 8 years for 3 years, 
                respectively, in subparagraph (B) thereof.
            ``(3) 8-year gain.--The term `8-year gain' means the lesser 
        of--
                    ``(A) the net capital gain for the taxable year, 
                reduced by in the same manner as under paragraph 
                (2)(A), or
                    ``(B) the amount of the long-term capital gain 
                which would be computed for the taxable year if only 
                gain from the sale or exchange of property held by the 
                taxpayer for more than 8 years were taken into account.
    ``(d) Estates and Trusts.--In the case of an estate or trust, the 
deduction under subsection (a) shall be computed by excluding the 
portion (if any) of the gains for the taxable year from sales or 
exchanges of capital assets which, under sections 652 and 662 (relating 
to inclusions of amounts in gross income of beneficiaries of trusts), 
is includible by the income beneficiaries as gain derived from the sale 
or exchange of capital assets.
    ``(e) Coordination With Treatment of Capital Gain Under Limitation 
on Investment Interest.--For purposes of this section, the net capital 
gain for any taxable year shall be reduced (but not below zero) by the 
amount which the taxpayer takes into account as investment income under 
section 163(d)(4)(B)(iii).
    ``(f) Treatment of Collectibles.--
            ``(1) In general.--Solely for purposes of this section, any 
        gain or loss from the sale or exchange of a collectible shall 
be treated as a short-term capital gain or loss (as the case may be), 
without regard to the period such asset was held. The preceding 
sentence shall apply only to the extent the gain or loss is taken into 
account in computing taxable income.
            ``(2) Treatment of certain sales of interest in 
        partnership, etc.--For purposes of paragraph (1), any gain from 
        the sale or exchange of an interest in a partnership, S 
        corporation, or trust which is attributable to unrealized 
        appreciation in the value of collectibles held by such entity 
        shall be treated as gain from the sale or exchange of a 
        collectible. Rules similar to the rules of section 751(f) shall 
        apply for purposes of the preceding sentence.
            ``(3) Collectible.--For purposes of this subsection, the 
        term `collectible' means any capital asset which is a 
        collectible (as defined in section 408(m) without regard to 
        paragraph (3) thereof).
    ``(g) Transitional Rule.--
            ``(1) In general.--Gain may be taken into account under 
        subsection (c) only if such gain is properly taken into account 
        on or after May 7, 1997.
            ``(2) Special rules for pass-thru entities.--
                    ``(A) In general.--In applying paragraph (1) with 
                respect to any pass-thru entity, the determination of 
                when gains and losses are properly taken into account 
                shall be made at the entity level.
                    ``(B) Pass-thru entity defined.--For purposes of 
                subparagraph (A), the term `pass-thru entity' means--
                            ``(i) a regulated investment company,
                            ``(ii) a real estate investment trust,
                            ``(iii) an S corporation,
                            ``(iv) a partnership,
                            ``(v) an estate or trust, and
                            ``(vi) a common trust fund.''
    (b) Deduction Allowable in Computing Adjusted Gross Income.--
Subsection (a) of section 62 is amended by inserting after paragraph 
(16) the following new paragraph:
            ``(17) Long-term capital gains.--The deduction allowed by 
        section 1202.''
    (c) Maximum Capital Gains Rate.--Section 1(h) is amended by adding 
at the end the following new sentence: ``For purposes of this 
subsection, taxable income shall be computed without regard to the 
deduction allowed under section 1202.''
    (d) Treatment of Certain Pass-Thru Entities.--
            (1) Capital gain dividends of regulated investment 
        companies.--
                    (A) Subparagraph (B) of section 852(b)(3) is 
                amended to read as follows:
                    ``(B) Treatment of capital gain dividends by 
                shareholders.--A capital gain dividend shall be treated 
                by the shareholders as gain from the sale or exchange 
                of a capital asset held for more than 1 year but not 
                more than 2 years; except that the portion of any such 
                dividend designated by the company as allocable 2-, 3-, 
                4-, 5-, 6-, 7-, or 8-year gain of the company shall be 
                treated as gain from the sale or exchange of a capital 
                asset held for the amount of years in such class for 
                purposes of section 1202. Rules similar to the rules of 
                subparagraph (C) shall apply to any designation under 
                the preceding sentence.''
                    (B) Clause (i) of section 852(b)(3)(D) is amended 
                by adding at the end the following new sentence: 
                ``Rules similar to the rules of subparagraph (B) shall 
                apply in determining character of the amount to be so 
                included by any such shareholder.''
            (2) Capital gain dividends of real estate investment 
        trusts.--Subparagraph (B) of section 857(b)(3) is amended to 
        read as follows:
                    ``(B) Treatment of capital gain dividends by 
                shareholders.--A capital gain dividend shall be treated 
                by the shareholders or holders of beneficial interests 
                as gain from the sale or exchange of a capital asset 
                held for more than 1 year but not more than 2 years; 
                except that the portion of any such dividend designated 
                by the company as allocable to 2-, 3-, 4-, 5-, 6-, 7-, 
                or 8-year gain of the company shall be treated as gain 
                from the sale or exchange of a capital asset held for 
                the amount of years in such class for purposes of 
                section 1202. Rules similar to the rules of 
                subparagraph (C) shall apply to any designation under 
                the preceding sentence.''
            (3) Common trust funds.--Subsection (c) of section 584 is 
        amended--
                    (A) by inserting ``and not more than 2 years'' 
                after ``1 year'' each place it appears in paragraph 
                (2),
                    (B) by striking ``and'' at the end of paragraph 
                (2), and
                    (C) by redesignating paragraph (3) as paragraph (4) 
                and inserting after paragraph (2) the following new 
                paragraph:
            ``(3) as part of its gains from sales or exchanges of 
        capital assets held for periods described in the classes of 
        gains under section 1202(c), its proportionate share of the 
        gains of the common trust fund from sales or exchanges of 
        capital assets held for such periods, and''.
    (e) Technical and Conforming Changes.--
            (1) Subparagraph (B) of section 170(e)(1) is amended by 
        inserting ``(or, in the case of a taxpayer other than a 
        corporation, the percentage of such gain equal to 100 percent 
        minus the percentage applicable to such gain under section 
        1202(a))'' after ``the amount of gain''.
            (2) Subparagraph (B) of section 172(d)(2) is amended to 
        read as follows:
                    ``(B) the deduction under section 1202 and the 
                exclusion under section 1203 shall not be allowed.''
            (3)(A) Section 221 (relating to cross reference) is amended 
        to read as follows:

``SEC. 221. CROSS REFERENCES.

    ``(1) For deduction for net capital gains in the case of a taxpayer 
other than a corporation, see section 1202.
    ``(2) For deductions in respect of a decedent, see section 691.''
            (B) The table of sections for part VII of subchapter B of 
        chapter 1 is amended by striking ``reference'' in the item 
        relating to section 221 and inserting ``references''.
            (4) The last sentence of section 453A(c)(3) is amended by 
        striking all that follows ``long-term capital gain,'' and 
        inserting ``the maximum rate on net capital gain under section 
        1(h) or 1201 or the deduction under section 1202 (whichever is 
        appropriate) shall be taken into account.''
            (5) Paragraph (4) of section 642(c) is amended to read as 
        follows:
            ``(4) Adjustments.--To the extent that the amount otherwise 
        allowable as a deduction under this subsection consists of gain 
        from the sale or exchange of capital assets held for more than 
        1 year, proper adjustment shall be made for any deduction 
        allowable to the estate or trust under section 1202 or any 
        exclusion allowable to the estate or trust under section 
        1203(a). In the case of a trust, the deduction allowed by this 
        subsection shall be subject to section 681 (relating to 
        unrelated business income).''
            (6) The last sentence of paragraph (3) of section 643(a) is 
        amended to read as follows: ``The deduction under section 1202 
        and the exclusion under section 1203 shall not be taken into 
        account.''
            (7) Subparagraph (C) of section 643(a)(6) is amended by 
        inserting ``(i)'' before ``there shall'' and by inserting 
        before the period ``, and (ii) the deduction under section 1202 
        (relating to capital gains deduction) shall not be taken into 
        account''.
            (8) Paragraph (4) of section 691(c) is amended by striking 
        ``sections 1(h), 1201, and 1211'' and inserting ``sections 
        1(h), 1201, 1202, and 1211''.
            (9) The second sentence of section 871(a)(2) is amended by 
        inserting ``or 1203'' after ``1202''.
            (10) Subsection (d) of section 1044 is amended by striking 
        ``1202'' and inserting ``1203''.
            (11) Paragraph (1) of section 1402(i) is amended by 
        inserting ``, and the deduction provided by section 1202 shall 
        not apply'' before the period at the end thereof.
    (f) Clerical Amendment.--The table of sections for part I of 
subchapter P of chapter 1 is amended by inserting after the item 
relating to section 1201 the following new item:

                              ``Sec. 1202. Capital gains deduction for 
                                        assets held by noncorporate 
                                        taxpayers more than 2 years.''
    (g) Effective Date.--
            (1) In general.--Except as otherwise provided in this 
        subsection, the amendments made by this section shall apply to 
        taxable years ending on and after May 7, 1997.
            (2) Contributions.--The amendment made by subsection (e)(1) 
        shall apply to contributions on or after May 7, 1997.

Ex Output:
Long-Term Investment Incentive Act of 1997 - Amends the Internal Revenue Code to establish a sliding scale capital gains deduction on assets held between two years and eight years by noncorporate taxpayers.


Ex Input:
SECTION 1. SHORT TITLE.

    This Act may be cited as ``Department of Energy Nanoscale Science 
and Engineering Research Act''.

SEC. 2. FINDINGS.

    The Congress finds the following:
            (1) The emerging fields of nanoscience and nanoengineering 
        address the ability to create materials with fundamentally new 
        compositions by prepositioning atoms within an overall 
        molecular composition.
            (2) The ability of the United States to respond to the 
        energy and economic challenges of the 21st century will be 
        driven by science and technology. Nanoscience and 
        nanoengineering will enable the United States to develop new 
        technologies for energy exploration and production, for 
        monitoring energy infrastructure, for increasing energy 
        efficiency in end-use application, and for developing new 
        technologies applicable to other Department of Energy statutory 
        missions. These advances will also enhance the strength of U.S. 
        science, technology, and medicine generally.
            (3) The fundamental intellectual challenges inherent in 
        nanoscience and nanoengineering are considerable, and require 
        public support for basic and applied research and development. 
        Significant advances in areas such as the self-assembly of atom 
        clusters will be required before nanoscience or nanoengineering 
        will be useful to the energy or manufacturing industries.
            (4) The development of new scientific instruments will also 
        be required to advance nanoscience and nanoengineering. Such 
        instruments are likely to be large and costly. Specialized 
        facilities are also likely to be required in order to advance 
        the field and to realize its promise. Such facilities will be 
        sufficiently expensive that they will have to be located and 
        constructed on a centralized basis, similar to a number of 
        unique facilities already managed by the Department of Energy.
            (5) Contributions from individual researchers as well as 
        multidisciplinary research teams will be required to advance 
        nanoscience and nanoengineering.
            (6) The Department of Energy's Office of Science is well 
        suited to manage nanoscience and nanoengineering research and 
        development for the Department. Through its support of research 
        and development pursuant to the Department's statutory 
authorities, the Office of Science is the principal federal supporter 
of the research and development in the physical and computational 
sciences. The Office is also a significant source of federal support 
for research in genomics and the life sciences. The Office supports 
research and development by individual investigators and 
multidisciplinary teams, and manages special user facilities that serve 
investigators in both university and industry.

SEC. 3. DEPARTMENT OF ENERGY PROGRAM.

    (a) Establishment.--The Secretary of Energy, through the Office of 
Science of the Department of Energy, shall support a program of 
research and development in nanoscience and nanoengineering consistent 
with the Department's statutory authorities related to research and 
development. The program shall include efforts to further the 
understanding of the chemistry, physics, materials science and 
engineering of phenomena on the scale of 1 to 100 nanometers.
    (b) Duties of the Office of Science.--In carrying out the program 
under this Act, the Director of the Office of Science shall--
            (1) support both individual investigators and 
        multidisciplinary teams of investigators;
            (2) pursuant to subsection (c), develop, plan, construct, 
        acquire, or operate special equipment or facilities for the use 
        of investigators conducting research and development in 
        nanoscience and nanoengineering;
            (3) support technology transfer activities to benefit 
        industry and other users of nanoscience and nanoengineering; 
        and
            (4) coordinate research and development activities with 
        industry and other federal agencies.
    (c) Nanoscience and Nanoengineering Research Centers and Major 
Instrumentation.--
            (1) Authorization.--Within the funds authorized to be 
        appropriated pursuant to this Act, the amounts specified under 
        section 4(b) shall, subject to appropriations, be available for 
        projects to develop, plan, construct, acquire, or operate 
        special equipment, instrumentation, or facilities for 
        investigators conducting research and development in 
        nanoscience and nanoengineering.
            (2) Projects.--Projects under paragraph (1) may include the 
        measurement of properties at the scale of 1 to 100 nanometers, 
        manipulation at such scales, and the integration of 
        technologies based on nanoscience or nanoengineering into bulk 
        materials or other technologies.
            (3) Facilities.--Facilities under paragraph (1) may include 
        electron microcharacterization facilities, microlithography 
        facilities, scanning probe facilities and related 
        instrumentation science.
            (4) Collaboration.--The Secretary shall encourage 
        collaborations among universities, laboratories and industry at 
        facilities under this subsection. At least one Department 
        facility under this subsection shall have a specific mission of 
        technology transfer to other institutions and to industry.
    (d) Merit Review Required.--All grants, contracts, cooperative 
agreements, or other financial assistance awards under this Act shall 
be made only after independent merit review.

SEC. 4. AUTHORIZATION OF APPROPRIATIONS.

    (a) Total Authorization.--The following sums are authorized to be 
appropriated to the Secretary of Energy, to remain available until 
expended, for the purposes of carrying out this Act:
            (1) $160,000,000 for fiscal year 2002.
            (2) $270,000,000 for fiscal year 2003.
            (3) $290,000,000 for fiscal year 2004.
            (4) $310,000,000 for fiscal year 2005.
            (5) $330,000,000 for fiscal year 2006.
    (b) Nanoscience and Nanoengineering Research Centers and Major 
Instrumentation.--Of the funds under subsection (a), the following sums 
are authorized to be appropriated to carry out section 3(c):
            (1) $55,000,000 for fiscal year 2002.
            (2) $135,000,000 for fiscal year 2003.
            (3) $150,000,000 for fiscal year 2004.
            (4) $120,000,000 for fiscal year 2005.
            (5) $100,000,000 for fiscal year 2006.

Ex Output:

Department of Energy Nanoscale Science and Engineering Research Act - Directs the Secretary of Energy, through the Office of Science of the Department of Energy, to support a program of research and development (R&D) in nanoscience and nanoengineering, including efforts to further the understanding of the chemistry, physics, materials science, and engineering of phenomena on a scale of one to 100 nanometers.