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 ''Sales Tax Holiday Act of 2001''.

SEC. 2. STATE SALES TAX RELIEF FOR CONSUMERS.

(a) In General.--The Secretary of the Treasury shall reimburse each
eligible State for the amount of State sales tax not collected with
respect to taxable tangible personal property payable for the period
beginning November 23, 2001, and ending December 2, 2001.
(b) Requirement for Reimbursement.--The Secretary may not pay a
reimbursement under subsection (a) unless--
(1) the chief executive officer of the State informs the
Secretary of the Treasury and the Director of Management and
Budget, not later than November 15, 2001, of the intention of
the State to qualify for such reimbursement,
(2) the chief executive officer of such State agrees to
verify, not later than June 1, 2002, the amount of State sales
tax not collected with respect such property during such
period, and
(3) the Director of Management and Budget certifies such
amount and recommends the amount of the reimbursement required
by subsection (a).
(c) Eligibility.--To be eligible to receive a reimbursement under
subsection (a), a State shall--
(1) not collect sales tax with respect to taxable tangible
personal property payable for the period beginning November 23,
2001, and ending December 2, 2001, and
(2) shall comply with the requirements of this Act.
(d) Prepayment With Adjustments.--
(1) Advance payment.--Subject to adjustment under paragraph
(2), not later than February 1, 2002, the Secretary of the
Treasury shall pay to each eligible State an amount equal to 80
percent of the annual average amount of sales tax collected by
such State with respect to taxable tangible personal property
payable during the taxable period in 1998, 1999, and 2000.
(2) Adjustment.--The amount paid under paragraph (1) shall
be adjusted for overpayment or underpayment to conform to the
amount required to be paid under subsection (a).

SEC. 3. NEW YORK CITY SALES TAX RELIEF FOR CONSUMERS.

(a) In General.--The Secretary of the Treasury shall reimburse the
city of New York in the State of New York for the amount of municipal
sales tax not collected with respect to taxable tangible personal
property payable for the period beginning November 23, 2001, and ending
December 2, 2001.
(b) Requirement for Reimbursement.--The Secretary may not pay a
reimbursement under subsection (a) unless--
(1) the Mayor of the city of New York informs the Secretary
of the Treasury and the Director of Management and Budget, not
later than November 15, 2001, of the intention of the city of
New York to qualify for such reimbursement,
(2) the Mayor of the city of New York agrees to verify, not
later than June 1, 2002, the amount of municipal sales tax not
collected with respect such property during such period, and--
(3) the Director of Management and Budget certifies such
amount and recommends the amount of the reimbursement required
by subsection (a).
(c) Eligibility.--To be eligible to receive a reimbursement under
subsection (a), the City of New York shall--
(1) not collect municipal sales tax with respect to taxable
tangible personal property payable for the period beginning
November 23, 2001, and ending December 2, 2001, and
(2) shall comply with the requirements of this Act.
(d) Prepayment With Adjustments.--
(1) Advance payment.--Subject to adjustment under paragraph
(2), not later than February 1, 2002, the Secretary of the
Treasury shall pay to the Mayor of the city of New York an
amount equal to 80 percent of the annual average amount of
sales tax collected by such city with respect to taxable
tangible personal property payable during the taxable period in
1998, 1999, and 2000.
(2) Adjustment.--The amount paid under paragraph (1) shall
be adjusted for overpayment or underpayment to conform to the
amount required to be paid under subsection (a).

SEC. 4. DEFINITIONS.

For purposes of this Act--
(1) the term ''sales tax'' means--
(A) a tax imposed on or measured by general retail
sales of taxable tangible property, that is--
(i) calculated as a percentage of the
price, gross receipts, or gross proceeds; and
(ii) can or is required to be collected
directly by sellers from purchasers of such
property,
(B) a use tax, or
(C) the Illinois Retailers' Occupation Tax, as
defined under the law of the State of Illinois,
but excludes any tax payable with respect to food, tobacco
products, and beverages containing alcohol,
(2) the term ''State'' means any of the several States, the
District of Columbia, or the Commonwealth of Puerto Rico,
(3) the term ''taxable period'' means the period beginning
November 23 and ending December 2, and
(4) the term ''use tax'' means a tax imposed on the
storage, use, or other consumption of tangible property that is
not subject to sales tax.
A:
Sales Tax Holiday Act of 2001 - Directs the Secretary of the Treasury to reimburse States and New York City for lost sales tax on tangible personal property during a moratorium between November 23, 2001, and December 2, 2001.