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