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

Example input: 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.
Example output: 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.
Example explanation: 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 ''Individual Investment Account Act of
1991''.

SEC. 2. ESTABLISHMENT OF INDIVIDUAL INVESTMENT ACCOUNTS.

(a) In General.--Part VII of subchapter B of chapter 1 of the
Internal Revenue Code of 1986 (relating to additional itemized
deductions for individuals) is amended by redesignating section 220 as
section 221 and by inserting after section 219 the following new
section:

''SEC. 220. INDIVIDUAL INVESTMENT ACCOUNTS.

''(a) Deduction Allowed.--In the case of an individual, there shall
be allowed as a deduction an amount equal to the aggregate amount paid
in cash for the taxable year by such individual to an individual
investment account established for the benefit of such individual.
''(b) Limitation.--The amount allowable as a deduction under
subsection (a) to any individual for any taxable year shall not exceed
$2,500.
''(c) Definitions and Special Rules.--For purposes of this
section--
''(1) Individual investment account.--The term 'individual
investment account' means a trust created or organized in the
United States for the exclusive benefit of an individual, but
only if the written governing instrument creating the trust
meets the following requirements:
''(A) No contribution will be accepted unless it is
in cash.
''(B) The trustee is a bank (as defined in section
408(n)) or another person who demonstrates to the
satisfaction of the Secretary that the manner in which
that person will administer the trust will be
consistent with the requirements of this section.
''(C) No part of the trust assets will be invested
in life insurance contracts or in any collectible (as
defined in section 408(m)).
''(D) The assets of the trust will not be
commingled with other property except in a common trust
fund or common investment fund.
''(2) Time when contributions deemed made.--A taxpayer
shall be deemed to have made a contribution on the last day of
a taxable year if the contribution is made on account of such
taxable year and is made not later than the time prescribed by
law for filing the return for such taxable year (not including
extensions thereof).
''(d) Tax Treatment of Distributions.--
''(1) In general.--Except as otherwise provided in this
subsection, any amount distributed out of an individual
investment account shall be included in gross income by the
distributee unless--
''(A) such amount is treated as a distribution of a
contribution to such account for which no deduction was
allowed under this section, or
''(B) such amount is part of a qualified 1st-time
homebuyer distribution.
''(2) Ordering rules.--Distributions (other than qualified
1st-time homebuyer distributions) from an individual investment
account shall be treated as made--
''(A) first from contributions to such account for
which no deduction was allowed under this section; and
''(B) then from other amounts.
Any qualified 1st-time homebuyer distribution shall be treated
as made first from amounts referred to in subparagraph (B) and
then from amounts referred to in subparagraph (A).
''(3) Qualified 1st-time homebuyer distribution.--For
purposes of this subsection--
''(A) In general.--The term 'qualified 1st-time
homebuyer distribution' means any payment or
distribution received by a 1st-time homebuyer from an
individual investment account to the extent such
payment or distribution is used by the individual
within 60 days to pay qualified acquisition costs with
respect to a principal residence for such individual.
''(B) Dollar limitation.--The aggregate amount
which may be treated as qualified 1st-time homebuyer
distributions for all taxable years shall not exceed
$15,000.
''(C) Basis reduction.--The basis of any principal
residence described in subparagraph (A) shall be
reduced by the amount of any qualified 1st-time
homebuyer distribution which would be includible in
gross income if the last sentence of paragraph (2)(B)
did not apply.
''(D) Definitions.--For purposes of this
paragraph--
''(i) Qualified acquisition costs.--The
term 'qualified acquisition costs' means the
costs of acquiring, constructing, or
reconstructing a residence. Such term includes
any usual or reasonable settlement, financing,
or other closing costs.
''(ii) 1st-time homebuyer.--The term '1st-
time homebuyer' means any individual if such
individual had no present ownership interest in
a principal residence during the 3-year period
ending on the date of acquisition of the
principal residence to which this paragraph
applies.
''(iii) Principal residence.--The term
'principal residence' has the same meaning as
when used in section 1034.
''(4) Transfer of account incident to divorce.--The
transfer of an individual's interest in an individual
investment account to his former spouse under a divorce decree
or under a written instrument incident to a divorce shall not
be considered a taxable transfer made by such individual
notwithstanding any other provision of this subtitle, and such
interest at the time of the transfer shall be treated as an
individual investment account of such spouse and not of such
individual. Thereafter such account shall be treated, for
purposes of this subtitle, as maintained for the benefit of
such spouse.
''(e) Tax Treatment of Accounts.--
''(1) Exemption from tax.--An individual investment account
shall be exempt from taxation under this subtitle unless such
account has ceased to be such an account by reason of paragraph
(2). Notwithstanding the preceding sentence, any such account
shall be subject to the taxes imposed by section 511 (relating
to imposition of tax on unrelated business income of
charitable, etc. organizations).
''(2) Loss of exemption of account where individual engages
in prohibited transaction.--
''(A) In general.--If, during any taxable year of
the individual for whose benefit the individual
investment account is established, that individual
engages in any transaction prohibited by section 4975
with respect to the account, the account shall cease to
be an individual investment account as of the first day
of that taxable year.
''(B) Account treated as distributing all its
assets.--In any case in which any account ceases to be
an individual investment account by reason of
subparagraph (A) on the first day of any taxable year,
paragraph (1) of subsection (d) shall be applied as if
there were a distribution on such first day in an
amount equal to the fair market value (on such first
day) of all assets in the account (on such first day).
''(3) Effect of pledging account as security.--If, during
any taxable year, an individual for whose benefit an individual
investment account is established uses the account or any
portion thereof as security for a loan, the portion so used
shall be treated as distributed to that individual.
''(4) Rollover contributions.--Paragraph (1) shall not
apply to any amount paid or distributed out of an individual
investment account to the individual for whose benefit the
account is maintained if such amount is paid into another
individual investment account for the benefit of such
individual not later than the 60th day after the day on which
he receives the payment or distribution.
''(f) Cost-of-Living Adjustment.--
''(1) In general.--In the case of any taxable year
beginning in a calendar year after 1992, each of the dollar
amounts contained in subsections (b) and (d)(3)(B) shall be
increased by an amount equal to--
''(A) such dollar amount, multiplied by
''(B) the cost-of-living adjustment determined
under section 1(f)(3) for the calendar year in which
the taxable year begins, by substituting '1991' for
'1989' in subparagraph (B) thereof.
''(2) Rounding.--If any dollar amount (as increased under
paragraph (1)) is not a multiple of $10, such dollar amount
shall be increased to nearest multiple of $10 (or, if such
dollar amount is a multiple of $5 and not of $10, such dollar
amount shall be increased to next higher multiple of $10).
''(g) Custodial Accounts.--For purposes of this section, a
custodial account shall be treated as a trust if the assets of such
account are held by a bank (as defined in section 408(n)) or another
person who demonstrates, to the satisfaction of the Secretary, that the
manner in which he will administer the account will be consistent with
the requirements of this section, and if the custodial account would,
except for the fact that it is not a trust, constitute an individual
investment account described in subsection (c). For purposes of this
title, in the case of a custodial account treated as a trust by reason
of the preceding sentence, the custodian of such account shall be
treated as the trustee thereof.
''(h) Reports.--The trustee of an individual investment account
shall make such reports regarding such account to the Secretary and to
the individual for whose benefit the account is maintained with respect
to contributions, distributions, and such other matters as the
Secretary may require under regulations. The reports required by this
subsection shall be filed at such time and in such manner and furnished
to such individuals at such time and in such manner as may be required
by those regulations.''.
(b) Deduction Allowed in Arriving at Adjusted Gross Income.--
Subsection (a) of section 62 of such Code (defining adjusted gross
income) is amended by adding at the end thereof the following new
paragraph:
''(14) Individual investment account contributions.--The
deduction allowed by section 220 (relating to individual
investment accounts).''.
(c) Nonrecognition of Gain on Sale of Principal Residence Where
Amount Equal to Otherwise Taxable Gain Deposited Into Individual
Investment Account.--Part III of subchapter B of chapter 1 of such Code
is amended by inserting after section 121 the following new section:

''SEC. 121A. EXCLUSION OF GAIN FROM SALE OF PRINCIPAL RESIDENCE IF
REINVESTMENT IN INDIVIDUAL INVESTMENT ACCOUNT.

''(a) General Rule.--Gross income does not include gain from the
sale or exchange of property if, during the 5-year period ending on the
date of the sale or exchange, such property has been owned and used by
the taxpayer as his principal residence for periods aggregating 3 years
or more.
''(b) Limitation.--The amount of gain excluded from gross income
under subsection (a) shall not exceed the amount paid in cash (during
the 1-year period beginning on the date of the sale or exchange) to an
individual investment account (as defined in section 220(c))
established for the benefit of the taxpayer or his spouse.
''(c) Certain Rules On Ownership and Use To Apply.--Rules similar
to the rules of section 121(d) shall apply for purposes of determining
ownership and use under this section.''.
(d) Tax on Prohibited Transactions.--Section 4975 of such Code
(relating to prohibited transactions) is amended--
(1) by adding at the end of subsection (c) the following
new paragraph:
''(4) Special rule for individual investment accounts.--An
individual for whose benefit an individual investment account
is established shall be exempt from the tax imposed by this
section with respect to any transaction concerning such account
(which would otherwise be taxable under this section) if, with
respect to such transaction, the account ceases to be an
individual investment account by reason of the application of
section 220(e)(2)(A) to such account.''; and
(2) by inserting ''or an individual investment account
described in section 220(c)'' in subsection (e)(1) after
''described in section 408(a)''.
(e) Failure To Provide Reports on Individual Investment Accounts.--
Section 6693 of such Code (relating to failure to provide reports on
individual retirement account or annuities) is amended--
(1) by inserting ''or on individual investment accounts''
after ''annuities'' in the heading of such section; and
(2) by adding at the end of subsection (a) the following:
''The person required by section 220(h) to file a report
regarding an individual investment account at the time and in
the manner required by such section shall pay a penalty of $50
for each failure unless it is shown that such failure is due to
reasonable cause.''.
(f) Adjustment of Basis of Residence Acquired Through Use of
Account.--Subsection (a) of section 1016 of such Code is amended by
striking ''and'' at the end of paragraph (23), by striking the period
at the end of paragraph (24) and inserting ''; and'', and by adding at
the end thereof the following new paragraph:
''(25) to the extent provided in section 220(d)(3)(C), in
the case of a residence the acquisition of which was made in
whole or in part with funds from an individual investment
account.''.
(g) Clerical Amendments.--
(1) The table of sections for part III of subchapter B of
chapter 1 of such Code is amended by inserting after the item
relating to section 121 the following new item:

''Sec. 121A. Exclusion of gain from sale of principal residence if
reinvestment in individual investment
account.''.
(2) The table of sections for part VII of subchapter B of
chapter 1 of such Code is amended by striking the item relating
to section 220 and inserting the following:

''Sec. 220. Individual investment accounts.
''Sec. 221. Cross reference.''.
(3) The table of sections for subchapter B of chapter 68 of
such Code is amended by striking the item relating to section
6693 and inserting the following:

''Sec. 6693. Failure to provide reports on individual retirement
accounts or annuities or on individual
investment accounts.''.
(h) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 1991.
A:
Individual Investment Account Act of 1991 - Amends the Internal Revenue Code to allow a deduction for amounts contributed to individual investment accounts, limited to $2,500. Allows tax-free distributions, limited to $15,000 for all taxable years, from such accounts for use in the purchase of a principal residence by a first-time homebuyer. Makes such accounts tax-exempt unless the individual engages in prohibited transactions. Adjusts dollar limitations under this Act for inflation. Allows such deduction in determining adjusted gross income.
Excludes from gross income gain from the sale or exchange of property if, during the five-year period ending on the date of the sale or exchange, such property has been owned and used by the taxpayer as a principal residence for periods aggregating three years or more. Limits such exclusion to the amount paid to an individual investment account during the one-year period beginning on the date of the sale or exchange.
Provides for adjusting the basis of a residence acquired through the use of an individual investment account.