Definition: In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
Input: SECTION 1. SHORT TITLE.

This Act may be cited as the ''Prevent Act of 2003''.

SEC. 2. BUSINESS CREDIT FOR SECURITY DEVICES, ASSESSMENTS, AND OTHER
SECURITY-RELATED EXPENSES.

(a) In General.--Subpart D of part IV of subchapter A of chapter 1
of the Internal Revenue Code of 1986 (relating to business related
credits) is amended by adding at the end the following new section:

''SEC. 45G. CERTAIN BUSINESS SECURITY EXPENDITURES.

''(a) In General.--For purposes of section 38, the building
security credit determined under this section is an amount equal to the
sum of--
''(1) 20 percent of the cost of each qualified building
securities device placed in service by the taxpayer during the
taxable year,
''(2) 30 percent of the qualified security assessment
expenses paid or incurred by the taxpayer during the taxable
year, and
''(3) 30 percent of the co-location property placed in
service by the taxpayer during the taxable year.
''(b) Qualified Building Security Device.--For purposes of this
section--
''(1) Qualified building security device.--The term
'qualified building security device' means a security device
(to which section 168 applies)--
''(A) which is acquired by purchase (as defined in
section 179(d)(2)), and
''(B) which is used to provide security for any
building used by the taxpayer in any trade or business.
''(2) Security device.--The term 'security device' means
any of the following:
''(A) An electronic access control device or
system.
''(B) Biometric identification or verification
device or system.
''(C) Closed-circuit television or other
surveillance and security cameras and equipment.
''(D) Locks for doors and windows, including
tumbler, key, and numerical or other coded devices.
''(E) Computers and software used to combat
cyberterrorism.
''(F) Electronic alarm systems to provide detection
notification and off-premises transmission of an
unauthorized entry, attack, or fire.
''(G) An electronic device capable of tracking or
verifying the presence of assets.
''(H) High efficiency air filtering systems.
''(I) Mechanical and non-mechanical vehicle
arresting barricades.
''(J) Metal detectors.
''(K) Signal repeating devices for emergency
response personnel wireless communication systems.
''(L) Components, wiring, system displays,
terminals, auxiliary power supplies, computer systems,
software, networking infrastructure and other equipment
necessary or incidental to the operation of any item
described in any of the preceding subparagraphs.
''(c) Qualified Security Assessment Expenses.--For purposes of this
section, the term 'qualified security assessment expenses' means, with
respect to any business premises of the taxpayer, expenses for a
security analysis of such premises, including--
''(1) the susceptibility of such premises to security
threats,
''(2) the extent to which such threats can damage or
interrupt business operations at such premises, and
''(3) identifying processes that ensure the continuity of
business operations following such damage or interruption at
such premises.
''(d) Co-Location Property.--The term 'co-location property' means
buildings and equipment the exclusive purpose of which is to replicate
business operations of the taxpayer in the event of damage or
interruption of such operations by a terrorism-related disaster,
including all computer network, telecommunication network and business
process equipment or any fraction thereof as considered necessary by
the business.
''(e) Recapture of Credit in Certain Cases.--
''(1) In general.--If the taxpayer uses co-location
property for a purpose other than the purpose described in
subsection (d) at any time during the 5-year period beginning
on the date that such property is placed in service, then the
tax imposed under this chapter for the taxable year in which
such use occurs is increased by the credit recapture amount.
''(2) Credit recapture amount.--For purposes of paragraph
(1), the credit recapture amount is an amount equal to the sum
of--
''(A) the aggregate decrease in the credits allowed
to the taxpayer under section 38 for all prior taxable
years which would have resulted if no credit had been
determined under this section with respect to such
property, plus
''(B) interest at the underpayment rate established
under section 6621 on the amount determined under
subparagraph (A) for each prior taxable year for the
period beginning on the due date for filing the return
for the prior taxable year involved.
No deduction shall be allowed under this chapter for interest
described in subparagraph (B).
''(3) Special rules.--
''(A) Tax benefit rule.--The tax for the taxable
year shall be increased under paragraph (1) only with
respect to credits allowed by reason of this section
which were used to reduce tax liability. In the case of
credits not so used to reduce tax liability, the
carryforwards and carrybacks under section 39 shall be
appropriately adjusted.
''(B) No credits against tax.--Any increase in tax
under this subsection shall not be treated as a tax
imposed by this chapter for purposes of determining the
amount of any credit under this chapter or for purposes
of section 55.''.
(b) Credit Treated as Business Credit.--Section 38(b) of such Code
is amended by striking ''plus'' at the end of paragraph (14), by
striking the period at the end of paragraph (15) and inserting '',
plus'', and by adding at the end the following new paragraph:
''(16) the building security credit determined under
section 45G(a).''.
(c) No Carrybacks.--Subsection (d) of section 39 of such Code
(relating to carryback and carryforward of unused credits) is amended
by adding at the end the following:
''(11) No carryback of section 45g credit before effective
date.--No portion of the unused business credit for any taxable
year which is attributable to the building security credit
determined under section 45G may be carried back to a taxable
year ending before the date of the enactment of section 45G.''.
(d) Clerical Amendment.--The table of sections for subpart D of
part IV of subchapter A of chapter 1 of such Code is amended by adding
at the end the following new item:

''45G. Certain business security expenditures.''.
(e) Effective Date.--
(1) In general.--Except as provided in paragraph (2), the
amendments made by this section shall apply to property placed
in service after the date of the enactment of this Act in
taxable years ending after such date.
(2) Assessment expenses.--The amendments made by this
section shall apply to qualified security assessment expenses
paid or incurred after the date of the enactment of this Act in
taxable years ending after such date.
Output:
Prevent Act of 2003 - Amends the Internal Revenue Code to establish a building security credit for the purchase of a qualified building security device used to provide security for any building used by the taxpayer in any trade or business.