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. SHORT TITLE.

This Act may be cited as the ''Military Retirement Restoration
Act''.

SEC. 2. REPEAL OF REDUCTIONS MADE BY BIPARTISAN BUDGET ACT OF 2013.

Section 403 of the Bipartisan Budget Act of 2013 is repealed as of
the date of the enactment of such Act.

SEC. 3. TREATMENT OF FOREIGN CORPORATIONS MANAGED AND CONTROLLED IN THE
UNITED STATES AS DOMESTIC CORPORATIONS.

(a) In General.--Section 7701 of the Internal Revenue Code of 1986
is amended by redesignating subsection (p) as subsection (q) and by
inserting after subsection (o) the following new subsection:
''(p) Certain Corporations Managed and Controlled in the United
States Treated as Domestic for Income Tax.--
''(1) In general.--Notwithstanding subsection (a)(4), in
the case of a corporation described in paragraph (2) if--
''(A) the corporation would not otherwise be
treated as a domestic corporation for purposes of this
title, but
''(B) the management and control of the corporation
occurs, directly or indirectly, primarily within the
United States,
then, solely for purposes of chapter 1 (and any other provision
of this title relating to chapter 1), the corporation shall be
treated as a domestic corporation.
''(2) Corporation described.--
''(A) In general.--A corporation is described in
this paragraph if--
''(i) the stock of such corporation is
regularly traded on an established securities
market, or
''(ii) the aggregate gross assets of such
corporation (or any predecessor thereof),
including assets under management for
investors, whether held directly or indirectly,
at any time during the taxable year or any
preceding taxable year is $50,000,000 or more.
''(B) General exception.--A corporation shall not
be treated as described in this paragraph if--
''(i) such corporation was treated as a
corporation described in this paragraph in a
preceding taxable year,
''(ii) such corporation--
''(I) is not regularly traded on an
established securities market, and
''(II) has, and is reasonably
expected to continue to have, aggregate
gross assets (including assets under
management for investors, whether held
directly or indirectly) of less than
$50,000,000, and
''(iii) the Secretary grants a waiver to
such corporation under this subparagraph.
''(3) Management and control.--
''(A) In general.--The Secretary shall prescribe
regulations for purposes of determining cases in which
the management and control of a corporation is to be
treated as occurring primarily within the United
States.
''(B) Executive officers and senior management.--
Such regulations shall provide that--
''(i) the management and control of a
corporation shall be treated as occurring
primarily within the United States if
substantially all of the executive officers and
senior management of the corporation who
exercise day-to-day responsibility for making
decisions involving strategic, financial, and
operational policies of the corporation are
located primarily within the United States, and
''(ii) individuals who are not executive
officers and senior management of the
corporation (including individuals who are
officers or employees of other corporations in
the same chain of corporations as the
corporation) shall be treated as executive
officers and senior management if such
individuals exercise the day-to-day
responsibilities of the corporation described
in clause (i).
''(C) Corporations primarily holding investment
assets.--Such regulations shall also provide that the
management and control of a corporation shall be
treated as occurring primarily within the United States
if--
''(i) the assets of such corporation
(directly or indirectly) consist primarily of
assets being managed on behalf of investors,
and
''(ii) decisions about how to invest the
assets are made in the United States.''.
(b) Effective Date.--The amendments made by this section shall
apply to taxable years beginning on or after the date which is 2 years
after the date of the enactment of this Act, whether or not regulations
are issued under section 7701(p)(3) of the Internal Revenue Code of
1986, as added by this section.
A:
Military Retirement Restoration Act - Repeals the provision of the Bipartisan Budget Act of 2013 that reduces the cost-of-living adjustment to the retirement pay ofmembers of the Armed Forces under age62. Amends the Internal Revenue Code to treat a foreign corporation managed and controlled, directly or indirectly, primarily in the United States as a domestic corporation for U.S. tax purposes if the stock of such corporation is regularly traded on an established securities market or the aggregate gross assets of such corporation during the taxable year or any preceding taxable year is $50 million or more.