In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
One example is below.
Q: SECTION 1. LIABILITY OF BUSINESS ENTITIES PROVIDING USE OF FACILITIES
TO NONPROFIT ORGANIZATIONS.

(a) Definitions.--In this section:
(1) Business entity.--The term ''business entity'' means a
firm, corporation, association, partnership, consortium, joint
venture, or other form of enterprise.
(2) Facility.--The term ''facility'' means any real
property, including any building, improvement, or appurtenance.
(3) Gross negligence.--The term ''gross negligence'' means
voluntary and conscious conduct by a person with knowledge (at
the time of the conduct) that the conduct is likely to be
harmful to the health or well-being of another person.
(4) Intentional misconduct.--The term ''intentional
misconduct'' means conduct by a person with knowledge (at the
time of the conduct) that the conduct is harmful to the health
or well-being of another person.
(5) Nonprofit organization.--The term ''nonprofit
organization'' means--
(A) any organization described in section 501(c)(3)
of the Internal Revenue Code of 1986 and exempt from
tax under section 501(a) of such Code; or
(B) any not-for-profit organization organized and
conducted for public benefit and operated primarily for
charitable, civic, educational, religious, welfare, or
health purposes.
(6) State.--The term ''State'' means each of the several
States, the District of Columbia, the Commonwealth of Puerto
Rico, the Virgin Islands, Guam, American Samoa, the Northern
Mariana Islands, any other territory or possession of the
United States, or any political subdivision of any such State,
territory, or possession.
(b) Limitation on Liability.--
(1) In general.--Subject to subsection (c), a business
entity shall not be subject to civil liability relating to any
injury or death occurring at a facility of the business entity
in connection with a use of such facility by a nonprofit
organization if--
(A) the use occurs outside of the scope of business
of the business entity;
(B) such injury or death occurs during a period
that such facility is used by the nonprofit
organization; and
(C) the business entity authorized the use of such
facility by the nonprofit organization.
(2) Application.--This subsection shall apply--
(A) with respect to civil liability under Federal
and State law; and
(B) regardless of whether a nonprofit organization
pays for the use of a facility.
(c) Exception for Liability.--Subsection (b) shall not apply to an
injury or death that results from an act or omission of a business
entity that constitutes gross negligence or intentional misconduct,
including any misconduct that--
(1) constitutes a crime of violence (as that term is
defined in section 16 of title 18, United States Code) or act
of international terrorism (as that term is defined in section
2331 of title 18) for which the defendant has been convicted in
any court;
(2) constitutes a hate crime (as that term is used in the
Hate Crime Statistics Act (28 U.S.C. 534 note));
(3) involves a sexual offense, as defined by applicable
State law, for which the defendant has been convicted in any
court; or
(4) involves misconduct for which the defendant has been
found to have violated a Federal or State civil rights law.
(d) Superseding Provision.--
(1) In general.--Subject to paragraph (2) and subsection
(e), this Act preempts the laws of any State to the extent that
such laws are inconsistent with this Act, except that this Act
shall not preempt any State law that provides additional
protection from liability for a business entity for an injury
or death with respect to which conditions under subparagraphs
(A) through (C) of subsection (b)(1) apply.
(2) Limitation.--Nothing in this Act shall be construed to
supersede any Federal or State health or safety law.
(e) Election of State Regarding Nonapplicability.--This Act shall
not apply to any civil action in a State court against a business
entity in which all parties are citizens of the State if such State
enacts a statute--
(1) citing the authority of this subsection;
(2) declaring the election of such State that this Act
shall not apply to such civil action in the State; and
(3) containing no other provision.
A: Shields a business entity from civil liability relating to any injury or death occurring at a facility of that entity in connection with a use of such facility by a nonprofit organization if: (1) the use occurs outside the scope of business of the business entity; (2) such injury or death occurs during a period that such facility is used by such organization; and (3) the business entity authorized the use of such facility by the organization.
Makes this Act inapplicable to an injury or death that results from an act or omission of a business entity that constitutes gross negligence or intentional misconduct, including misconduct that: (1) constitutes a hate crime or a crime of violence or act of international terrorism for which the defendant has been convicted in any court; or (2) involves a sexual offense for which the defendant has been convicted in any court or misconduct for which the defendant has been found to have violated a Federal or State civil rights law.
Preempts State laws to the extent that such laws are inconsistent with this Act, except State law that provides additional protection from liability. Specifies that this Act shall not be construed to supersede any Federal or State health or safety law.
Makes this Act inapplicable to any civil action in a State court against a business entity in which all parties are citizens of the State if such State, citing this Act's authority and containing no other provision, enacts a statute declaring the State's election that this Act shall not apply to such action in the State.
Rationale: This Bill focuses on shielding business entities from civil liability relating to an injury or death depending on the conditions of injury, hence the generated summary is correct.
Q: SECTION 1. SHORT TITLE.

This Act may be cited as the ''Personal Holding Company Tax Repeal
Act of 2004''.

SEC. 2. REPEAL OF PERSONAL HOLDING COMPANY TAX.

(a) In General.--Part II of subchapter G of chapter 1 of the
Internal Revenue Code of 1986 (relating to personal holding companies)
is hereby repealed.
(b) Conforming Amendments.--
(1) Section 12(2) of such Code is amended to read as
follows:
''(2) For accumulated earnings tax, see part I of
subchapter G (sec. 531 and following).''.
(2) Section 26(b)(2) of such Code is amended by striking
subparagraph (G) and by redesignating the succeeding
subparagraphs accordingly.
(3) Section 30A(c) of such Code is amended by striking
paragraph (3), by inserting ''or'' at the end of paragraph (2),
and by redesignating paragraph (4) as paragraph (3).
(4) Section 41(e)(7)(E) of such Code is amended by adding
''and'' at the end of clause (i), by striking clause (ii), and
by redesignating clause (iii) as clause (ii).
(5) Section 56(b)(2) of such Code is amended by striking
subparagraph (C) and by redesignating subparagraph (D) as
subparagraph (C).
(6) Section 170(e)(4)(D) of such Code is amended by adding
''and'' at the end of clause (i), by striking clause (ii), and
by redesignating clause (iii) as clause (ii).
(7) Section 111(d) of such Code is amended to read as
follows:
''(d) Special Rules for Accumulated Earnings Tax.--In applying
subsection (a) for the purpose of determining the accumulated earnings
tax under section 531--
''(1) any excluded amount under subsection (a) allowed for
purposes of this subtitle (other than section 531) shall be
allowed whether or not such amount resulted in a reduction of
the tax under section 531 for the prior taxable year, and
''(2) where any excluded amount under subsection (a) was
not allowed as a deduction for the prior taxable year for
purposes of this subtitle other than section 531 but was
allowable for the same taxable year under section 531, then
such excluded amount shall be allowable if it did not result in
a reduction of the tax under section 531.''.
(8)(A) Section 316(b) of such Code is amended by striking
paragraph (2) and by redesignating paragraph (3) as paragraph
(2).
(B) Section 331(b) of such Code is amended by striking
''(other than a distribution referred to in paragraph (2)(B) of
section 316(b))''.
(9) Section 341(d) of such Code is amended--
(A) by striking ''section 544(a)'' and inserting
''section 465(f)'', and
(B) by inserting before the period at the end of
the next to the last sentence ''and such paragraph (2)
shall be applied by inserting 'by or for his partner'
after 'his family'''.
(10) Section 381(c) of such Code is amended by striking
paragraphs (14) and (17).
(11) Section 443(e) of such Code is amended by striking
paragraph (2) and by redesignating paragraphs (3), (4), and (5)
as paragraphs (2), (3), and (4), respectively.
(12) Section 447(g)(4)(A) of such Code is amended by
striking ''other than--'' and all that follows and inserting
''other than an S corporation.''
(13)(A) Section 465(a)(1)(B) of such Code is amended to
read as follows:
''(B) a C corporation which is closely held,''.
(B) Section 465(a)(3) of such Code is amended to read as
follows:
''(3) Closely held determination.--For purposes of
paragraph (1), a corporation is closely held if, at any time
during the last half of the taxable year, more than 50 percent
in value of its outstanding stock is owned, directly or
indirectly, by or for not more than 5 individuals. For purposes
of this paragraph, an organization described in section 401(a),
501(c)(17), or 509(a) or a portion of a trust permanently set
aside or to be used exclusively for the purposes described in
section 642(c) shall be considered an individual.''
(C) Section 465 of such Code is amended by adding at the
end the following new subsection:
''(f) Constructive Ownership Rules.--For purposes of subsection
(a)(3)--
''(1) Stock not owned by individual.--Stock owned, directly
or indirectly, by or for a corporation, partnership, estate, or
trust shall be considered as being owned proportionately by its
shareholders, partners, or beneficiaries.
''(2) Family ownership.--An individual shall be considered
as owning the stock owned, directly or indirectly, by or for
his family. For purposes of this paragraph, the family of an
individual includes only his brothers and sisters (whether by
the whole or half blood), spouse, ancestors, and lineal
descendants.
''(3) Options.--If any person has an option to acquire
stock, such stock shall be considered as owned by such person.
For purposes of this paragraph, an option to acquire such an
option, and each one of a series of such options, shall be
considered as an option to acquire such stock.
''(4) Application of family and option rules.--Paragraphs
(2) and (3) shall be applied if, but only if, the effect is to
make the corporation closely held under subsection (a)(3).
''(5) Constructive ownership as actual ownership.--Stock
constructively owned by a person by reason of the application
of paragraph (1) or (3), shall, for purposes of applying
paragraph (1) or (2), be treated as actually owned by such
person; but stock constructively owned by an individual by
reason of the application of paragraph (2) shall not be treated
as owned by him for purposes of again applying such paragraph
in order to make another the constructive owner of such stock.
''(6) Option rule in lieu of family rule.--If stock may be
considered as owned by an individual under either paragraph (2)
or (3) it shall be considered as owned by him under paragraph
(3).
''(7) Convertible securities.--Outstanding securities
convertible into stock (whether or not convertible during the
taxable year) shall be considered as outstanding stock if the
effect of the inclusion of all such securities is to make the
corporation closely held under subsection (a)(3). The
requirement under the preceding sentence that all convertible
securities must be included if any are to be included shall be
subject to the exception that, where some of the outstanding
securities are convertible only after a later date than in the
case of others, the class having the earlier conversion date
may be included although the others are not included, but no
convertible securities shall be included unless all outstanding
securities having a prior conversion date are also included.''
(D) Section 465(c)(7)(B) of such Code is amended by
striking clause (i) and by redesignating clauses (ii) and (iii)
as clauses (i) and (ii), respectively.
(E) Section 465(c)(7)(G) of such Code is amended to read as
follows:
''(G) Loss of 1 member of affiliated group may not
offset income of personal service corporation.--Nothing
in this paragraph shall permit any loss of a member of
an affiliated group to be used as an offset against the
income of any other member of such group which is a
personal service corporation (as defined in section
269A(b) but determined by substituting '5 percent' for
'10 percent' in section 269A(b)(2)).''
(14) Sections 508(d), 4947, and 4948(c)(4) of such Code are
each amended by striking ''545(b)(2),'' each place it appears.
(15) Section 532(b) of such Code is amended by striking
paragraph (1) and by redesignating paragraphs (2), (3), and (4)
as paragraphs (1), (2), and (3), respectively.
(16) Sections 535(b)(1) and 556(b)(1) of such Code are each
amended by striking ''section 541'' and inserting ''section 541
(as in effect before its repeal)''.
(17)(A) Section 553(a)(1) of such Code is amended by
striking ''section 543(d)'' and inserting ''subsection (c)''.
(B) Section 553 of such Code is amended by adding at the
end the following new subsection:
''(c) Active Business Computer Software Royalties.--
''(1) In general.--For purposes of subsection (a), the term
'active business computer software royalties' means any
royalties--
''(A) received by any corporation during the
taxable year in connection with the licensing of
computer software, and
''(B) with respect to which the requirements of
paragraphs (2), (3), (4), and (5) are met.
''(2) Royalties must be received by corporation actively
engaged in computer software business.--The requirements of
this paragraph are met if the royalties described in paragraph
(1)--
''(A) are received by a corporation engaged in the
active conduct of the trade or business of developing,
manufacturing, or producing computer software, and
''(B) are attributable to computer software which--
''(i) is developed, manufactured, or
produced by such corporation (or its
predecessor) in connection with the trade or
business described in subparagraph (A), or
''(ii) is directly related to such trade or
business.
''(3) Royalties must constitute at least 50 percent of
income.--The requirements of this paragraph are met if the
royalties described in paragraph (1) constitute at least 50
percent of the ordinary gross income of the corporation for the
taxable year.
''(4) Deductions under sections 162 and 174 relating to
royalties must equal or exceed 25 percent of ordinary gross
income.--
''(A) In general.--The requirements of this
paragraph are met if--
''(i) the sum of the deductions allowable
to the corporation under sections 162, 174, and
195 for the taxable year which are properly
allocable to the trade or business described in
paragraph (2) equals or exceeds 25 percent of
the ordinary gross income of such corporation
for such taxable year, or
''(ii) the average of such deductions for
the 5-taxable year period ending with such
taxable year equals or exceeds 25 percent of
the average ordinary gross income of such
corporation for such period.
If a corporation has not been in existence during the
5-taxable year period described in clause (ii), then
the period of existence of such corporation shall be
substituted for such 5-taxable year period.
''(B) Deductions allowable under section 162.--For
purposes of subparagraph (A), a deduction shall not be
treated as allowable under section 162 if it is
specifically allowable under another section.
''(C) Limitation on allowable deductions.--For
purposes of subparagraph (A), no deduction shall be
taken into account with respect to compensation for
personal services rendered by the 5 individual
shareholders holding the largest percentage (by value)
of the outstanding stock of the corporation. For
purposes of the preceding sentence individuals holding
less than 5 percent (by value) of the stock of such
corporation shall not be taken into account.''
(18) Section 561(a) of such Code is amended by striking
paragraph (3), by inserting ''and'' at the end of paragraph
(1), and by striking '', and'' at the end of paragraph (2) and
inserting a period.
(19) Section 562(b) of such Code is amended to read as
follows:
''(b) Distributions in Liquidation.--Except in the case of a
foreign personal holding company described in section 552--
''(1) in the case of amounts distributed in liquidation,
the part of such distribution which is properly chargeable to
earnings and profits accumulated after February 28, 1913, shall
be treated as a dividend for purposes of computing the
dividends paid deduction, and
''(2) in the case of a complete liquidation occurring
within 24 months after the adoption of a plan of liquidation,
any distribution within such period pursuant to such plan
shall, to the extent of the earnings and profits (computed
without regard to capital losses) of the corporation for the
taxable year in which such distribution is made, be treated as
a dividend for purposes of computing the dividends paid
deduction.
For purposes of paragraph (1), a liquidation includes a redemption of
stock to which section 302 applies. Except to the extent provided in
regulations, the preceding sentence shall not apply in the case of any
mere holding or investment company which is not a regulated investment
company.''
(20) Section 563 of such Code is amended by striking
subsection (b).
(21) Section 564 of such Code is hereby repealed.
(22) Section 631(c) of such Code is amended by striking
''or section 545(b)(5)''.
(23) Section 852(b)(1) of such Code is amended by striking
''which is a personal holding company (as defined in section
542) or''.
(24)(A) Section 856(h)(1) of such Code is amended to read
as follows:
''(1) In general.--For purposes of subsection (a)(6), a
corporation, trust, or association is closely held if the stock
ownership requirement of section 465(a)(3) is met.''
(B) Section 856(h)(3)(A)(i) of such Code is amended by
striking ''section 542(a)(2)'' and inserting ''section
465(a)(3)''.
(C) Paragraph (3) of section 856(h) of such Code is amended
by striking subparagraph (B) and by redesignating subparagraphs
(C) and (D) as subparagraphs (B) and (C), respectively.
(D) Subparagraph (C) of section 856(h)(3) of such Code, as
redesignating by the preceding subparagraph, is amended by
striking ''subparagraph (C)'' and inserting ''subparagraph
(B)''.
(25) The last sentence of section 882(c)(2) of such Code is
amended to read as follows: ''The preceding sentence shall not
be construed to deny the credit provided by section 33 for tax
withheld at source or the credit provided by section 34 for
certain uses of gasoline.''.
(26) Section 936(a)(3) of such Code is amended by striking
subparagraph (C), by inserting ''or'' at the end of
subparagraph (B), and by redesignating subparagraph (D) as
subparagraph (C).
(27) Section 992(d) of such Code is amended by striking
paragraph (2) and by redesignating succeeding paragraphs
accordingly.
(28) Section 992(e) of such Code is amended by striking
''and section 541 (relating to personal holding company tax)''.
(29) Section 1202(e)(8) of such Code is amended by striking
''section 543(d)(1)'' and inserting ''section 553(c)(1)''.
(30) Section 1362(d)(3)(C)(iii) of such Code is amended by
adding at the end the following new sentence: ''References to
section 542 in the preceding sentence shall be treated as
references to such section as in effect on the day before its
repeal.''
(31) Section 1504(c)(2)(B) of such Code is amended by
adding ''and'' at the end of clause (i), by striking clause
(ii), and by redesignating clause (iii) as clause (ii).
(32) Section 2057(e)(2)(C) of such Code is amended by
adding at the end the following new sentence: ''References to
sections 542 and 543 in the preceding sentence shall be treated
as references to such sections as in effect on the day before
their repeal.''
(33) Sections 6422 of such Code is amended by striking
paragraph (3) and by redesignating paragraphs (4) through (12)
and paragraphs (3) through (11), respectively.
(34) Section 6501 of such Code is amended by striking
subsection (f).
(35) Section 6503(k) of such Code is amended by striking
paragraph (1) and by redesignating paragraphs (2) through (5)
as paragraphs (1) through (4), respectively.
(36) Section 6515 of such Code is amended by striking
paragraph (1) and by redesignating paragraphs (2) through (6)
as paragraphs (1) through (5), respectively.
(37) Subsections (d)(1)(B) and (e)(2) of section 6662 of
such Code are each amended by striking ''or a personal holding
company (as defined in section 542)''.
(38) Section 6683 of such Code is hereby repealed.
(c) Clerical Amendments.--
(1) The table of parts for subchapter G of chapter 1 of
such Code is amended by striking the item relating to part II.
(2) The table of sections for part IV of such subchapter G
of such Code is amended by striking the item relating to
section 564.
(3) The table of sections for part I of subchapter B of
chapter 68 of such Code is amended by striking the item
relating to section 6683.
(d) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 2004.
A:
Personal Holding Company Tax Repeal Act of 2004 - Amends the Internal Revenue Code to repeal the tax on personal holding companies.