In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
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Question: SECTION 1. AMENDMENTS TO UNITED STATES INSULAR POSSESSION PROGRAM.

    (a) Production Certificates.--The additional U.S. Note 5(h) to 
chapter 91 of the Harmonized Tariff Schedule of the United States is 
amended--
            (1) by amending subparagraphs (i) and (ii) to read as 
        follows:
``(i) In the case of each calendar quarter beginning after January 1, 
        2002, and before January 1, 2016, the Secretaries jointly, 
        shall:
        ``(A) verify for the preceding calendar quarter both the wages 
                paid by each producer to permanent residents of the 
                insular possessions (including the value of any fringe 
                benefits) and the total quantity and value of watches 
                produced in the insular possessions and imported into 
                the customs territory of the United States; and
        ``(B) issue to each producer (not later than 30 days after the 
                end of the calendar quarter) a certificate for the 
                applicable amount.
``(ii) For purposes of subparagraph (i), except as provided in 
        subparagraphs (iii) and (iv), the term `applicable amount' 
        means an amount equal to the sum of:
        ``(A) 90 percent of the producer's creditable wages (including 
                the value of any fringe benefits) on watch assembly 
                during the preceding calendar quarter (but only the 
                first 300,000 units per calendar year); plus
        ``(B) the applicable graduated declining percentage (determined 
                each year by the Secretaries) of the producer's 
                creditable wages (including the value of any fringe 
                benefits) on the assembly during the preceding calendar 
                quarter for units in excess of 300,000 that calendar 
                year, but not in excess of 750,000 that calendar year; 
                plus
        ``(C) the difference between the duties that would have been 
                due on the producer's watches (excluding digital 
                watches) imported into the customs territory of the 
                United States during the preceding quarter if they had 
                been imported from a country eligible for normal trade 
                relations subject to duty at the rates set forth in 
                column 1 under this chapter that were in effect on 
                January 1, 2001, and the duties that would have been 
                due on those watches if they had been imported from the 
                same country under the tariffs in effect for the 
                preceding calendar quarter.''; and
            (2) by amending subparagraph (v) to read as follows:
``(v)(A) Any certificate issued under subparagraph (i) shall entitle 
        the certificate holder to secure the refund of duties equal to 
        the face value of the certificate on watches, watch movements 
        and, with the exception of discrete cases, parts therefor 
        imported into the customs territory of the United States by the 
        certificate holder. Such refunds shall be made under 
        regulations issued by the Treasury Department. Not more than 5 
        percent of such refunds may be retained as a reimbursement to 
        the Customs Service for the administrative costs of making the 
        refunds. If the Secretary of the Treasury determines that there 
        is an insufficient level of duties from watch and watch-related 
        tariffs, the Secretary may authorize refunds of duties 
        collected on jewelry under chapter 71 or any other duties that 
        the Secretary determines are appropriate.
``(B) At the election of the certificate holder and upon making the 
        certification described in this clause, the Secretary of the 
        Treasury shall pay to the holder the face value of the 
        certificate, less the value of (1) any duty refund claimed by 
        the holder under the certificate, plus (2) a discount of not 
        more than 2 percent of the face value of the certificate, as 
        determined by the Secretary of the Treasury. A certificate 
        holder shall not be eligible for direct payment under this 
        clause unless the certificate holder certifies to the 
        Secretaries that the funds received will be reinvested or 
        utilized to support and continue employment in the Virgin 
        Islands.
``(C) The Secretary of the Treasury is authorized to make the payments 
        provided for in clause (B) from duties collected on watches, 
        watch movements and, with the exception of discrete cases, 
        parts therefor. If such duties are insufficient, the Secretary 
        of the Treasury is authorized to make those payments from 
        duties collected on jewelry under chapter 71 or any other 
        duties that the Secretary determines are appropriate.''.
    (b) Jewelry.--Additional U.S. Note to chapter 71 of the Harmonized 
Tariff Schedule of the United States is amended--
            (1) by redesignating paragraphs (b), (c), (d), and (e) as 
        paragraphs (c), (d), (e), and (f), respectively;
            (2) by inserting after paragraph (a) the following new 
        paragraph:
``(b) The 750,000 unit limitation in additional U.S. Note 5(h)(ii)(B) 
        to chapter 91 shall not apply to articles of jewelry subject to 
        this note.''; and
            (3) by striking paragraph (f), as so redesignated, and 
        inserting the following:
``(f) Notwithstanding any other provision of law, prior to February 9, 
        2004, any article of jewelry provided for in heading 7113 that 
        is assembled in the Virgin Islands, Guam, or American Samoa 
        shall be treated as a product of the Virgin Islands, Guam, or 
        American Samoa for purposes of this note and General Note 
        3(a)(iv) of this Schedule.''.

SEC. 2. EFFECTIVE DATE.

    The amendments made by this Act shall take effect on April 1, 2002, 
with respect to goods imported into the customs territory of the United 
States on or after January 1, 2002.

Answer: Amends the Harmonized Tariff Schedule of the United States to revise clock and watch provisions to require the Secretary of Commerce and the Secretary of the Interior, jointly, for each calendar quarter beginning after January 1, 2002, and before January 1, 2016, to: (1) verify for the preceding calendar quarter both the wages paid by each producer to permanent residents of the insular possessions (including the value of any fringe benefits) and the total quantity and value of watches produced there and imported into the U.S. customs territory; and (2) issue to each producer a certificate for the applicable amount.Directs the Secretary of the Treasury, at the election of the certificate holder, to pay to the holder the face value of the certificate, less the value of any duty refund claimed by the holder under the certificate, plus a discount of not more than two percent of the face value of the certificate as determined by the Secretary of the Treasury.


Question: SECTION 1. AMENDMENT AND EXTENSION OF IRISH PEACE PROCESS CULTURAL AND 
              TRAINING PROGRAM.

    (a) Irish Peace Process Cultural and Training Program Act.--
        (1) Program participant requirements.--Section 2(a) of the 
    Irish Peace Process Cultural and Training Program Act of 1998 (8 
    U.S.C. 1101 note) is amended by adding at the end the following:
        ``(5) Program participant requirements.--An alien entering the 
    United States as a participant in the program shall satisfy the 
    following requirements:
            ``(A) The alien shall be a citizen of the United Kingdom or 
        the Republic of Ireland.
            ``(B) The alien shall be between 21 and 35 years of age on 
        the date of departure for the United States.
            ``(C) The alien shall have resided continuously in a 
        designated county for not less than 18 months before such date.
            ``(D) The alien shall have been continuously unemployed for 
        not less than 12 months before such date.
            ``(E) The alien may not have a degree from an institution 
        of higher education.''.
        (2) Extension of program.--Section 2 of the Irish Peace Process 
    Cultural and Training Program Act of 1998 (8 U.S.C. 1101 note) is 
    amended--
            (A) in subsection (a)(3), by striking ``the third program 
        year and for the 4 subsequent years,'' and inserting ``each 
        program year,''; and
            (B) by amending subsection (d) to read as follows:
    ``(d) Sunset.--
        ``(1) Effective October 1, 2008, the Irish Peace Process 
    Cultural and Training Program Act of 1998 is repealed.
        ``(2) Effective October 1, 2008, section 101(a)(15)(Q) of the 
    Immigration and Nationality Act (8 U.S.C. 1101(a)(15)(Q)) is 
    amended--
            ``(A) by striking `or' at the end of clause (i);
            ``(B) by striking `(i)' after `(Q)'; and
            ``(C) by striking clause (ii).''.
        (3) Cost-sharing.--Section 2 of the Irish Peace Process 
    Cultural and Training Program Act of 1998 (8 U.S.C. 1101 note), as 
    amended by paragraph (2), is further amended--
            (A) by redesignating subsections (c) and (d) as subsections 
        (d) and (e), respectively; and
            (B) by inserting after subsection (b), the following new 
        subsection:
    ``(c) Cost-sharing.--The Secretary of State shall verify that the 
United Kingdom and the Republic of Ireland continue to pay a reasonable 
share of the costs of the administration of the cultural and training 
programs carried out pursuant to this Act.''.
        (4) Technical amendments.--The Irish Peace Process Cultural and 
    Training Program Act of 1998 (8 U.S.C. 1101 note) is amended--
            (A) by striking ``Attorney General'' each place such term 
        appears and inserting ``Secretary of Homeland Security''; and
            (B) by striking ``Immigration and Naturalization Service'' 
        each place such term appears and inserting ``Department of 
        Homeland Security''.
    (b) Immigration and Nationality Act.--
        (1) Requirements for nonimmigrant status.--Section 
    101(a)(15)(Q) of the Immigration and Nationality Act (8 U.S.C. 
    1101(a)(15)(Q)) is amended--
            (A) by striking ``Attorney General'' each place such term 
        appears and inserting ``Secretary of Homeland Security''; and
            (B) in clause (ii)(I)--
                (i) by striking ``35 years of age or younger having a 
            residence'' and inserting ``citizen of the United Kingdom 
            or the Republic of Ireland, 21 to 35 years of age, 
            unemployed for not less than 12 months, and having a 
            residence for not less than 18 months''; and
                (ii) by striking ``36 months)'' and inserting ``24 
            months)''.
        (2) Foreign residence requirement.--Section 212 of the 
    Immigration and Nationality Act (8 U.S.C. 1182) is amended--
            (A) by redesignating the subsection (p) as added by section 
        1505(f) of Public Law 106-386 (114 Stat. 1526) as subsection 
        (s); and
            (B) by adding at the end the following:
    ``(t)(1) Except as provided in paragraph (2), no person admitted 
under section 101(a)(15)(Q)(ii)(I), or acquiring such status after 
admission, shall be eligible to apply for nonimmigrant status, an 
immigrant visa, or permanent residence under this Act until it is 
established that such person has resided and been physically present in 
the person's country of nationality or last residence for an aggregate 
of at least 2 years following departure from the United States.
    ``(2) The Secretary of Homeland Security may waive the requirement 
of such 2-year foreign residence abroad if the Secretary determines 
that--
        ``(A) departure from the United States would impose exceptional 
    hardship upon the alien's spouse or child (if such spouse or child 
    is a citizen of the United States or an alien lawfully admitted for 
    permanent residence); or
        ``(B) the admission of the alien is in the public interest or 
    the national interest of the United States.''.

                               Speaker of the House of Representatives.

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

Answer: Amends the Irish Peace Process Cultural and Training Program Act of 1998 (IPPCTPA) and the Immigration and Nationality Act (INA) to revise the nonimmigrant alien eligibility qualifications for participants in the Irish Peace Process Cultural and Training Program. Sets a minimum age of 21 (retaining the current age 35 maximum) and requires that the individual: (1) be a citizen of the United Kingdom or the Republic of Ireland; (2) have been unemployed continuously for at least 12 months; (3) have resided continuously for at least 18 months in Northern Ireland or one of designated border counties of the Republic of Ireland; and (4) not have a degree from an institution of higher education.

Requires the Department of Homeland Security to report to Congress each program year (currently, the third program year and the four subsequent years) on the number of aliens admitted under the program who have overstayed their visas.

Extends the authority of the IPPCTPA through FY 2008.

Requires the Secretary of State to verify that the United Kingdom and the Republic of Ireland continue to pay a reasonable share of costs for administration of IPPCTPA programs.

Amends the INA to reduce from 36 to 24 months the temporary period of the visit to the United States for participation in the program.

Denies any such person eligibility to apply for nonimmigrant status, an immigrant visa, or permanent residence until he or she has resided and been physically present in the country of nationality or last residence for an aggregate of a least two years following departure from the United States. Authorizes the Secretary of Homeland Security to waive this requirement if: (1) departure from the United States would impose exceptional hardship upon the alien's spouse or child (if such spouse or child is a U.S. citizen or a lawfully resident alien); or (2) the admission of the alien is in the U.S. public or national interest.


Question: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Jumpstarting Our Business Sector Act 
of 2013''.

SEC. 2. CORPORATE INCOME TAX RATES REDUCED TO ZERO.

    (a) Regular Tax.--Subsection (b) of section 11 of the Internal 
Revenue Code of 1986 is amended to read as follows:
    ``(b) Amount of Tax.--The amount of the tax imposed by subsection 
(a) shall be 0 percent of taxable income.''.
    (b) Alternative Minimum Tax.--Section 55(b)(1)(B)(i) of such Code 
is amended by striking ``20 percent'' and inserting ``0 percent''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2013.

SEC. 3. EXCLUSION FOR NET CAPITAL GAIN.

    (a) In General.--Part III of subchapter B of chapter 1 of the 
Internal Revenue Code of 1986 (relating to items specifically excluded 
from gross income) is amended by inserting before section 101 the 
following new section:

``SEC. 100. EXCLUSION FOR NET CAPITAL GAIN.

    ``Gross income shall not include net capital gain.''.
    (b) Conforming Amendments.--
            (1) Section 1 of such Code is amended by striking 
        subsection (h).
            (2) Subchapter P of chapter 1 of such Code is amended by 
        striking part I.
            (3) The table of sections for part III of subchapter B of 
        chapter 1 of such Code is amended by inserting before the first 
        item the following new item:

``Sec. 100. Exclusion for net capital gain.''.
            (4) The table of parts for subchapter P of chapter 1 of 
        such Code is amended by striking the item relating to part I.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years ending after the date of the enactment of this 
Act.

SEC. 4. 3-YEAR EXTENSION OF BONUS DEPRECIATION AND 100 PERCENT 
              EXPENSING FOR CERTAIN BUSINESS ASSETS.

    (a) In General.--
            (1) Bonus depreciation.--Paragraph (2) of section 168(k) of 
        the Internal Revenue Code of 1986 is amended--
                    (A) by striking ``January 1, 2015'' in subparagraph 
                (A)(iv) and inserting ``January 1, 2018'', and
                    (B) by striking ``January 1, 2014'' each place it 
                appears and inserting ``January 1, 2017''.
            (2) 100 percent expensing.--Paragraph (5) of section 168(k) 
        is amended to read as follows:
            ``(5) Temporary 100 percent bonus depreciation.--Paragraph 
        (1)(A) shall be applied by substituting `100 percent' for `50 
        percent' in the case of qualified property--
                    ``(A) which is acquired by the taxpayer (under 
                rules similar to the rules of clauses (ii) and (iii) of 
                paragraph (2)(A))--
                            ``(i) after September 8, 2010, and before 
                        January 1, 2012, or
                            ``(ii) after December 31, 2012, and before 
                        January 1, 2018, and
                    ``(B) which is placed in service by the taxpayer--
                            ``(i) before January 1, 2012 (January 1, 
                        2013, in the case of property described in 
                        subparagraph (2)(B) or (2)(C)), or
                            ``(ii) in the case of property described in 
                        subparagraph (A)(ii), before January 1, 2017 
                        (January 1, 2018, in the case of property 
                        described in subparagraph (2)(B) or (2)(C)).''.
    (b) Special Rules Relating to Election To Accelerate AMT Credit in 
Lieu of Bonus Depreciation.--
            (1) In general.--Subclause (II) of section 
        168(k)(4)(D)(iii) of such Code is amended by striking ``2014'' 
        and inserting ``2017''.
            (2) Round 4 extension property.--Paragraph (4) of section 
        168(k) of such Code is amended by adding at the end the 
        following new subparagraph:
                    ``(K) Special rules for round 4 extension 
                property.--
                            ``(i) In general.--In the case of round 4 
                        extension property, this paragraph shall be 
                        applied without regard to--
                                    ``(I) the limitation described in 
                                subparagraph (B)(i) thereof, and
                                    ``(II) the business credit increase 
                                amount under subparagraph (E)(iii) 
                                thereof.
                            ``(ii) Taxpayers previously electing 
                        acceleration.--In the case of a taxpayer who 
                        made the election under subparagraph (A) for 
                        its first taxable year ending after March 31, 
                        2008, a taxpayer who made the election under 
                        subparagraph (H)(ii) for its first taxable year 
                        ending after December 31, 2008, a taxpayer who 
                        made the election under subparagraph (I)(iii) 
                        for its first taxable year ending after 
                        December 31, 2010, or a taxpayer who made the 
                        election under subparagraph (J)(iii) for its 
                        first taxable year ending after December 31, 
                        2012--
                                    ``(I) the taxpayer may elect not to 
                                have this paragraph apply to round 4 
                                extension property, but
                                    ``(II) if the taxpayer does not 
                                make the election under subclause (I), 
                                in applying this paragraph to the 
                                taxpayer the bonus depreciation amount, 
                                maximum amount, and maximum increase 
                                amount shall be computed and applied to 
                                eligible qualified property which is 
                                round 4 extension property.
                        The amounts described in subclause (II) shall 
                        be computed separately from any amounts 
                        computed with respect to eligible qualified 
                        property which is not round 4 extension 
                        property.
                            ``(iii) Taxpayers not previously electing 
                        acceleration.--In the case of a taxpayer who 
                        neither made the election under subparagraph 
                        (A) for its first taxable year ending after 
                        March 31, 2008, nor made the election under 
                        subparagraph (H)(ii) for its first taxable year 
                        ending after December 31, 2008, nor made the 
                        election under subparagraph (I)(iii) for any 
                        taxable year ending after December 31, 2010, 
                        nor made the election under subparagraph 
                        (J)(iii) for its first taxable year ending 
                        after December 31, 2012--
                                    ``(I) the taxpayer may elect to 
                                have this paragraph apply to its first 
                                3 taxable years ending after December 
                                31, 2013, and each subsequent taxable 
                                year, and
                                    ``(II) if the taxpayer makes the 
                                election under subclause (I), this 
                                paragraph shall only apply to eligible 
                                qualified property which is round 4 
                                extension property.
                            ``(iv) Round 4 extension property.--For 
                        purposes of this subparagraph, the term `round 
                        4 extension property' means property which is 
                        eligible qualified property solely by reason of 
                        the extension of the application of the special 
                        allowance under paragraph (1) pursuant to the 
                        amendments made by section 4(a)(1) of the 
                        Jumpstarting Our Business Sector Act of 2013 
                        (and the application of such extension to this 
                        paragraph pursuant to the amendment made by 
                        section 4(b)(1) of such Act).''.
            (3) Conforming amendments.--
                    (A) The heading for subsection (k) of section 168 
                of such Code is amended by striking ``January 1, 2014'' 
                and inserting ``January 1, 2017''.
                    (B) The heading for clause (ii) of section 
                168(k)(2)(B) of such Code is amended by striking ``pre-
                january 1, 2014'' and inserting ``pre-january 1, 
                2017''.
                    (C) Subparagraph (C) of section 168(n)(2) of such 
                Code is amended by striking ``January 1, 2014'' and 
                inserting ``January 1, 2017''.
                    (D) Subparagraph (D) of section 1400L(b)(2) of such 
                Code is amended by striking ``January 1, 2014'' and 
                inserting ``January 1, 2017''.
                    (E) Subparagraph (B) of section 1400N(d)(3) of such 
                Code is amended by striking ``January 1, 2014'' and 
                inserting ``January 1, 2017''.
    (c) Effective Date.--The amendments made by this section shall 
apply to property placed in service after December 31, 2013, in taxable 
years ending after such date.

SEC. 5. REPEAL OF ESTATE AND GIFT TAXES.

    (a) In General.--Subtitle B of the Internal Revenue Code of 1986 
(relating to estate, gift, and generation-skipping taxes ) is hereby 
repealed.
    (b) Effective Date.--The repeal made by subsection (a) shall apply 
to estates of decedents dying, gifts made, and generation-skipping 
transfers made after the date of the enactment of this Act.

Answer:
Jumpstarting Our Business Sector Act of 2013 - Amends the Internal Revenue Code to: (1) eliminate the corporate income tax and the alternative minimum tax (AMT) on corporations in taxable years beginning after 2013; (2) exclude net capital gain from gross income; (3) extend for three years the increased depreciation allowance (bonus depreciation), the 100% expensing allowance for business assets, and the election to accelerate the AMT tax credit in lieu of bonus depreciation; and (4) repeal the estate, gift, and generation-skipping transfer taxes.