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.

    This Act may be cited as the ``Domestic Offshore Energy Security 
Act of 2008'' or the ``DOES Act''.

SEC. 2. DEVELOPMENT AND INVENTORY OF CERTAIN OUTER CONTINENTAL SHELF 
              RESOURCES.

    (a) Definition of United States Person.--In this section, the term 
``United States person'' means--
            (1) any United States citizen or alien lawfully admitted 
        for permanent residence in the United States; and
            (2) any person other than an individual, if 1 or more 
        individuals described in paragraph (1) own or control at least 
        51 percent of the securities or other equity interest in the 
        person.
    (b) Authorization of Activities and Exports Involving Hydrocarbon 
Resources by United States Persons.--Notwithstanding any other 
provision of law (including a regulation), United States persons 
(including agents and affiliates of those United States persons) may--
            (1) engage in any transaction necessary for the exploration 
        for and extraction of hydrocarbon resources from any portion of 
        any foreign exclusive economic zone that is contiguous to the 
        exclusive economic zone of the United States; and
            (2) export without license authority all equipment 
        necessary for the exploration for or extraction of hydrocarbon 
        resources described in paragraph (1).
    (c) Travel in Connection With Authorized Hydrocarbon Exploration 
and Extraction Activities.--Section 910 of the Trade Sanctions Reform 
and Export Enhancement Act of 2000 (22 U.S.C. 7209) is amended by 
inserting after subsection (b) the following:
    ``(c) General License Authority for Travel-Related Expenditures by 
Persons Engaging in Hydrocarbon Exploration and Extraction 
Activities.--
            ``(1) In general.--The Secretary of the Treasury shall, 
        authorize under a general license the travel-related 
        transactions listed in section 515.560(c) of title 31, Code of 
        Federal Regulations, for travel to, from or within Cuba in 
        connection with exploration for and the extraction of 
        hydrocarbon resources in any part of a foreign maritime 
        Exclusive Economic Zone that is contiguous to the United 
        States' Exclusive Economic Zone.
            ``(2) Persons authorized.--Persons authorized to travel to 
        Cuba under this section include full-time employees, 
        executives, agents, and consultants of oil and gas producers, 
        distributors, and shippers.''.
    (d) Moratorium of Oil and Gas Leasing in Certain Areas of the Gulf 
of Mexico.--
            (1) In general.--Section 104(a) of the Gulf of Mexico 
        Energy Security Act of 2006 (43 U.S.C. 1331 note; Public Law 
        109-432) is amended--
                    (A) by striking paragraph (1);
                    (B) in paragraph (2), by striking ``125 miles'' and 
                inserting ``45 miles'';
                    (C) in paragraph (3), by striking ``100 miles'' 
                each place it appears and inserting ``45 miles''; and
                    (D) by redesignating paragraphs (2) and (3) as 
                paragraphs (1) and (2), respectively.
            (2) Regulations.--
                    (A) In general.--The Secretary of the Interior 
                shall promulgate regulations that establish appropriate 
                environmental safeguards for the exploration and 
                production of oil and natural gas on the outer 
                Continental Shelf.
                    (B) Minimum requirements.--At a minimum, the 
                regulations shall include--
                            (i) provisions requiring surety bonds of 
                        sufficient value to ensure the mitigation of 
                        any foreseeable incident;
                            (ii) provisions assigning liability to the 
                        leaseholder in the event of an incident causing 
                        damage or loss, regardless of the negligence of 
                        the leaseholder or lack of negligence;
                            (iii) provisions no less stringent than 
                        those contained in the Spill Prevention, 
                        Control, and Countermeasure regulations 
                        promulgated under the Oil Pollution Act of 1990 
                        (33 U.S.C. 2701 et seq.);
                            (iv) provisions ensuring that--
                                    (I) no facility for the exploration 
                                or production of resources is visible 
                                to the unassisted eye from any shore of 
                                any coastal State; and
                                    (II) the impact of offshore 
                                production facilities on coastal vistas 
                                is otherwise mitigated;
                            (v) provisions to ensure, to the maximum 
                        extent practicable, that exploration and 
                        production activities will result in no 
                        significant adverse effect on fish or wildlife 
                        (including habitat), subsistence resources, or 
                        the environment; and
                            (vi) provisions that will impose seasonal 
                        limitations on activity to protect breeding, 
                        spawning, and wildlife migration patterns.
            (3) Conforming amendment.--Section 105 of the Department of 
        the Interior, Environment, and Related Agencies Appropriations 
        Act, 2006 (Public Law 109-54; 119 Stat. 521) (as amended by 
        section 103(d) of the Gulf of Mexico Energy Security Act of 
        2006 (43 U.S.C. 1331 note; Public Law 109-432)) is amended by 
        inserting ``and any other area that the Secretary of the 
        Interior may offer for leasing, preleasing, or any related 
        activity under section 104 of that Act'' after ``2006)''.
    (e) Inventory of Outer Continental Shelf Oil and Natural Gas 
Resources Off Southeastern Coast of the United States.--
            (1) In general.--The Secretary of the Interior (referred to 
        in this subsection as the ``Secretary'') may conduct an 
        inventory of oil and natural gas resources beneath the waters 
        of the outer Continental Shelf (as defined in section 2 of the 
        Outer Continental Shelf Lands Act (43 U.S.C. 1331)) off of the 
        coast of the States of Virginia, North Carolina, South 
        Carolina, or Georgia in accordance with this subsection.
            (2) Best available technology.--In conducting the 
        inventory, the Secretary shall use the best technology 
        available to obtain accurate resource estimates.
            (3) Request by governor.--The Secretary may conduct an 
        inventory under this subsection off the coast of a State 
        described in paragraph (1) only if the Governor of the State 
        requests the inventory.
            (4) Reports.--The Secretary shall submit to Congress and 
        the requesting Governor a report on any inventory conducted 
        under this subsection.
            (5) Authorization of appropriations.--There are authorized 
        to be appropriated such sums as are necessary to carry out this 
        subsection.
    (f) Enhanced Oil Recovery.--Section 354(c)(4)(B) of the Energy 
Policy Act of 2005 (42 U.S.C. 15910(c)(4)(B)) is amended--
            (1) in clause (iii), by striking ``and'' at the end;
            (2) in clause (iv), by striking the period at the end and 
        inserting ``; and''; and
            (3) by adding at the end the following:
                            ``(v) are carried out in geologically 
                        challenging fields.''.

SEC. 3. SUSPENSION OF PETROLEUM ACQUISITION FOR STRATEGIC PETROLEUM 
              RESERVE.

    (a) In General.--Except as provided in subsection (b) and 
notwithstanding any other provision of law, during calendar year 2008--
            (1) the Secretary of the Interior shall suspend acquisition 
        of petroleum for the Strategic Petroleum Reserve through the 
        royalty-in-kind program; and
            (2) the Secretary of Energy shall suspend acquisition of 
        petroleum for the Strategic Petroleum Reserve through any other 
        acquisition method.
    (b) Resumption.--Not earlier than 30 days after the date on which 
the President notifies Congress that the President has determined that 
the weighted average price of petroleum in the United States for the 
most recent 90-day period is $75 or less per barrel--
            (1) the Secretary of the Interior may resume acquisition of 
        petroleum for the Strategic Petroleum Reserve through the 
        royalty-in-kind program; and
            (2) the Secretary of Energy may resume acquisition of 
        petroleum for the Strategic Petroleum Reserve through any other 
        acquisition method.

A: Domestic Offshore Energy Security Act of 2008, or the DOES Act - Permits United States persons to: (1) engage in exploration and extraction of hydrocarbon resources from any portion of any foreign exclusive economic zone contiguous to the exclusive economic zone of the United States; and (2) export without license authority all pertinent equipment for such activity.

Amends the Trade Sanctions Reform and Export Enhancement Act of 2000 to direct the Secretary of the Treasury to authorize travel-related transactions for travel to, from, or within Cuba in connection with exploration and extraction of hydrocarbon resources in any part of a foreign maritime Exclusive Economic Zone contiguous to the U.S. Exclusive Economic Zone.

Identifies as persons authorized to travel to Cuba any full-time employees, executives, and agents and consultants of oil and gas producers, distributors, and shippers.

Amends the Gulf of Mexico Energy Security Act of 2006 to: (1) repeal the moratorium on oil and gas leasing east of the Military Mission Line in the Gulf of Mexico; and (2) decrease to 45 miles within the coastline of Florida the moratorium on oil and gas leasing.

Instructs the Secretary of the Interior to promulgate regulations that establish environmental safeguards for oil and natural gas exploration and production on the outer Continental Shelf.

Authorizes such Secretary to inventory the oil and natural gas resources beneath the waters of the outer Continental Shelf off the coasts of Virginia, North Carolina, South Carolina, or Georgia, only if the respective state governor requests it.

Amends the Energy Policy Act of 2005 to instruct the Secretary of Energy, in evaluating applications for enhanced oil and natural gas production through carbon dioxide injection, to grant priority consideration to applications carried out in geologically challenging fields.

Requires the Secretaries of the Interior and of Energy (Secretaries) to suspend acquisition of petroleum for the Strategic Petroleum Reserve (SPR) during calendar 2008. Authorizes the Secretaries to resume such acquisition after the President notifies Congress that the weighted average price of petroleum in the United States for the most recent 90-day period is $75 or less per barrel.
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Q: SECTION 1. AMENDMENT TO MAKE CHAPTER 12 OF TITLE 11, UNITED STATES 
              CODE, PERMANENT.

    (a) Reenactment.--Chapter 12 of title 11, United States Code, as 
reenacted by section 149 of division C of the Omnibus Consolidated and 
Emergency Supplemental Appropriations Act, 1999 (Public Law 105-277), 
and amended by this Act, is reenacted.
    (b) Effective Date.--Subsection (a) shall take effect on April 1, 
1999.
    (c) Conforming Amendment.--Section 302 of the Bankruptcy, Judges, 
United States Trustees, and Family Farmer Bankruptcy Act of 1986 (28 
U.S.C. 581 note) is amended by striking subsection (f).

SEC. 2. FAMILY FISHERMEN.

    (a) Definitions.--Section 101 of title 11, United States Code, is 
amended--
            (1) by inserting after paragraph (7) the following:
            ``(7A) `commercial fishing operation' includes--
                    ``(A) the catching or harvesting of fish, shrimp, 
                lobsters, urchins, seaweed, shellfish, or other aquatic 
                species or products; and
                    ``(B) aquaculture activities consisting of raising 
                for market any species or product described in 
                subparagraph (A);'';
            ``(7B) `commercial fishing vessel' means a vessel used by a 
        fisherman to carry out a commercial fishing operation;'';
            (2) by inserting after paragraph (19) the following:
            ``(19A) `family fisherman' means--
                    ``(A) an individual or individual and spouse 
                engaged in a commercial fishing operation--
                            ``(i) whose aggregate debts do not exceed 
                        $1,500,000 and not less than 80 percent of 
                        whose aggregate noncontingent, liquidated debts 
                        (excluding a debt for the principal residence 
                        of such individual or such individual and 
                        spouse, unless such debt arises out of a 
                        commercial fishing operation), on the date the 
                        case is filed, arise out of a commercial 
                        fishing operation owned or operated by such 
                        individual or such individual and spouse; and
                            ``(ii) who receive from such commercial 
                        fishing operation more than 50 percent of such 
                        individual's or such individual's and spouse's 
                        gross income for the taxable year preceding the 
                        taxable year in which the case concerning such 
                        individual or such individual and spouse was 
                        filed; or
                    ``(B) a corporation or partnership--
                            ``(i) in which more than 50 percent of the 
                        outstanding stock or equity is held by--
                                    ``(I) 1 family that conducts the 
                                commercial fishing operation; or
                                    ``(II) 1 family and the relatives 
                                of the members of such family, and such 
                                family or such relatives conduct the 
                                commercial fishing operation; and
                            ``(ii)(I) more than 80 percent of the value 
                        of its assets consists of assets related to the 
                        commercial fishing operation;
                            ``(II) its aggregate debts do not exceed 
                        $1,500,000 and not less than 80 percent of its 
                        aggregate noncontingent, liquidated debts 
                        (excluding a debt for 1 dwelling which is owned 
                        by such corporation or partnership and which a 
                        shareholder or partner maintains as a principal 
                        residence, unless such debt arises out of a 
                        commercial fishing operation), on the date the 
                        case is filed, arise out of a commercial 
                        fishing operation owned or operated by such 
                        corporation or such partnership; and
                            ``(III) if such corporation issues stock, 
                        such stock is not publicly traded;''; and
            (3) by inserting after paragraph (19A) the following:
            ``(19B) `family fisherman with regular annual income' means 
        a family fisherman whose annual income is sufficiently stable 
        and regular to enable such family fisherman to make payments 
        under a plan under chapter 12 of this title;''.
    (b) Who May Be a Debtor.--Section 109(f) of title 11, United States 
Code, is amended by inserting ``or family fisherman'' after ``family 
farmer''.
    (c)  Chapter 12.--Chapter 12 of title 11, United States Code, is 
amended--
            (1) in the chapter heading, by inserting ``OR FISHERMAN'' 
        after ``FAMILY FARMER'';
            (2) in section 1201, by adding at the end the following:
    ``(e)(1) Notwithstanding any other provision of law, for purposes 
of this subsection, a guarantor of a claim of a creditor under this 
section shall be treated in the same manner as a creditor with respect 
to the operation of a stay under this section.
    ``(2) For purposes of a claim that arises from the ownership or 
operation of a commercial fishing operation, a co-maker of a loan made 
by a creditor under this section shall be treated in the same manner as 
a creditor with respect to the operation of a stay under this 
section.'';
            (3) in section 1203, by inserting ``or commercial fishing 
        operation'' after ``farm'';
            (4) in section 1206, by striking ``if the property is 
        farmland or farm equipment'' and inserting ``if the property is 
        farmland, farm equipment, or property of a commercial fishing 
        operation (including a commercial fishing vessel)''; and
            (5) by adding at the end the following:
``Sec. 1232. Additional provisions relating to family fishermen
    ``(a)(1) Notwithstanding any other provision of law, except as 
provided in subsection (c), with respect to any commercial fishing 
vessel of a family fisherman, the debts of that family fisherman shall 
be treated in the manner prescribed in paragraph (2).
    ``(2)(A) For purposes of this chapter, a claim for a lien described 
in subsection (b) for a commercial fishing vessel of a family fisherman 
that could, but for this subsection, be subject to a lien under 
otherwise applicable maritime law, shall be treated as an unsecured 
claim.
    ``(B) Subparagraph (A) applies to a claim for a lien resulting from 
a debt of a family fisherman incurred on or after the date of enactment 
of this chapter.
    ``(b) A lien described in this subsection is--
            ``(1) a maritime lien under subchapter III of chapter 313 
        of title 46, United States Code, without regard to whether that 
        lien is recorded under section 31343 of title 46, United States 
        Code; or
            ``(2) a lien under applicable State law (or the law of a 
        political subdivision thereof).
    ``(c) Subsection (a) shall not apply to--
            ``(1) a claim made by a member of a crew or a seaman 
        including a claim made for--
                    ``(A) wages, maintenance, or cure; or
                    ``(B) personal injury; or
            ``(2) a preferred ship mortgage that has been perfected 
        under subchapter II of chapter 313 of title 46, United States 
        Code.
    ``(d) For purposes of this chapter, a mortgage described in 
subsection (c)(2) shall be treated as a secured claim.''.
    (d) Clerical Amendments.--
            (1) Table of chapters.--In the table of chapters for title 
        11, United States Code, the item relating to chapter 12, is 
        amended to read as follows:

``12. Adjustments of Debts of a Family Farmer or Family         1201''.
                            Fisherman with Regular Annual 
                            Income.
            (2) Table of sections.--The table of sections for chapter 
        12 of title 11, United States Code, is amended by adding at the 
        end the following new item:

``1232. Additional provisions relating to family fishermen.''.

A: Amends the Omnibus Consolidated and Emergency Supplemental Appropriations Act, 1999 to reenact permanently chapter 12 of the Federal Bankruptcy Code (Adjustments of Debts of a Family Farmer). 
Amends Federal bankruptcy provisions to include family fishermen as authorized debtors. 
Requires a guarantor of a claim of a creditor to be treated in the same manner as a creditor with respect to the operation of a stay under such provisions.  Treats, with respect to the ownership or operation of a commercial fishing operation, a co-maker of a loan made by a creditor in the same manner as a creditor with respect to such a stay. 
Includes a commercial fishing operation under provisions concerning debtor rights and powers. 
Treats a claim for a lien for a commercial fishing vessel of a family fisherman as an unsecured claim.  States that such treatment shall not apply to: (1) a claim made by a crewmember or seaman for wages or personal injury; or (2) a preferred ship mortgage that has been perfected under provisions of the Uniform Commercial Code.
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Q: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Employee Participation Incentive Act 
of 2005''.

SEC. 2. MAXIMUM RATE OF INCOME TAX FOR C CORPORATIONS WITH SUBSTANTIAL 
              EMPLOYEE OWNERSHIP.

    (a) In General.--Section 11 of the Internal Revenue Code of 1986 
(relating to tax on corporations) is amended by redesignating 
subsections (c) and (d) as subsections (d) and (e), respectively, and 
by inserting after subsection (b) the following new subsection:
    ``(c) Maximum Rate of 30 Percent for Corporations With Substantial 
Employee Ownership.--
            ``(1) In general.--Except as provided in subsection (b)(2), 
        the maximum rate of tax under subsection (b) shall be 30 
        percent with respect to any corporation if, with respect to 
        such corporation--
                    ``(A) the employee voting percentage is at least 20 
                percent, and
                    ``(B) the employee value percentage is at least 20 
                percent.
            ``(2) Definitions.--For purposes of this subsection--
                    ``(A) Employee voting percentage.--The term 
                `employee voting percentage' means the percentage of 
                the total voting power of the stock of such corporation 
                which is held directly by employees of such 
                corporation.
                    ``(B) Employee value percentage.--The term 
                `employee value percentage' means the percentage of the 
                total value of the stock of such corporation which is 
                held directly by employees of such corporation.
                    ``(C) Stock.--The term `stock' has the meaning 
                given such term under section 1504.
            ``(3) Determination of ownership averages.--
                    ``(A) In general.--The determination of the 
                employee voting percentage and the employee value 
                percentage shall be made on the last day of the taxable 
                year of the corporation.
                    ``(B) Holdings of 5 percent-shareholders and highly 
                compensated employees disregarded.--Each such 
                percentage shall be determined without regard to the 
                holdings of any highly compensated employee (as defined 
                in section 414(q)). Notwithstanding the preceding 
                sentence, the holdings of 5-percent owners (as defined 
                in such section) shall be taken into account if the 
                corporation has 50 or fewer employees.
                    ``(C) Controlled groups.--In the case of 
                corporations which are treated as a single employer 
                under section 52(a)--
                            ``(i) such corporations shall be treated as 
                        1 corporation for purposes of subparagraph (B), 
                        and
                            ``(ii) the Secretary shall prescribe 
                        regulations--
                                    ``(I) for the application of this 
                                subsection in the case of corporations 
                                filing a consolidated return, and
                                    ``(II) to prevent the abuse of the 
                                purposes of this subsection.''.
    (b) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2005.

SEC. 3. EXCLUSION FROM GROSS INCOME FOR COMPENSATION PAID IN STOCK BY 
              CERTAIN CORPORATIONS.

    (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 after section 139A the 
following new section:

``SEC. 139B. COMPENSATION PAID IN STOCK BY CERTAIN CORPORATIONS.

    ``(a) In General.--In the case of an employee of an eligible 
corporation, gross income of such employee does not include 
remuneration received in the form of stock of such corporation or of 
any parent or subsidiary (within the meaning of section 422(b)) of such 
corporation.
    ``(b) Limitation.--The amount excluded under subsection (a) from 
the gross income of an employee for any taxable year shall not exceed 
20 percent of the wages (as defined in section 3401(a) without regard 
to paragraph (23)) which would (but for this section) be includible in 
gross income for such year.
    ``(c) Eligible Corporation.--For purposes of this section, the term 
`eligible corporation' means, with respect to any taxable year of an 
employee, any corporation if--
            ``(1) the corporation offers to pay remuneration for 
        services performed during the calendar year in which or with 
        which such taxable year ends in the form of stock of such 
        corporation to at least 95 percent of such corporation's full-
        time employees, and
            ``(2) at least 95 percent of the value of the stock which 
        is so offered during such calendar year is offered to employees 
        whose wages (as defined in section 3401(a)) are among the 
        bottom 75 percent of the employees when ranked on the basis of 
        such wages.
    ``(d) Basis.--The amount excluded from gross income under this 
section shall not be taken into account in determining the basis of the 
stock.''.
    (b) Exclusion From Withholding.--Subsection (a) of section 3401 of 
such Code is amended by striking ``or'' at the end of paragraph (21), 
by striking the period at the end of paragraph (22) and inserting ``; 
or'', and by adding at the end the following new paragraph:
            ``(23) in the form of stock if at the time such stock is 
        paid it is reasonable to believe that the employee will be able 
        to exclude such stock from income under section 139B.''.
    (c) Clerical Amendment.--The table of sections for such part III is 
amended by inserting after the item relating to section 139A the 
following new item:

``139B. Compensation paid in stock by certain corporations.''.
    (d) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2005.

SEC. 4. DEDUCTION ALLOWED TO ELIGIBLE CORPORATIONS AT TIME QUALIFIED 
              STOCK OPTION GRANTED.

    (a) In General.--Subsection (a) of section 421 of the Internal 
Revenue Code of 1986 (relating to general rules for certain stock 
options) is amended by adding at the end the following flush sentence:
 ``Paragraph (2) shall not apply to options granted during any calendar 
year for which the corporation is an eligible corporation (as defined 
in section 139B(c)).''.
    (b) Effective Date.--The amendment made by subsection (a) shall 
apply to options granted after the date of the enactment of this Act.

A:
Employee Participation Incentive Act of 2005 - Amends the Internal Revenue Code to: (1) cap at 30 percent the maximum income tax rate for corporations that have a 20 percent or greater employee ownership rate; (2) exclude from employee gross income up to 20 percent of wages paid in stock; and (3) allow such corporations a tax deduction for certain stock options granted to employees.
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