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

This Act may be cited as the ''Economic Growth and Jobs Act of
1994''.

SEC. 2. TAX RELIEF IN THE EVENT OF LOW GROWTH.

(a) Low-Growth Report.--
(1) In general.--At any time, the Director of the Office of
Management and Budget (hereafter in this section referred to as
the ''Director'') shall notify the President and the Congress
if the Director has determined that for any of the periods
described in paragraph (2)--
(A) economic growth as measured by the change in
real Gross Domestic Product (GDP) at an annual rate is
estimated to be less than 3 percent, and
(B) the rate of national unemployment (seasonally
adjusted) is estimated to be greater than 6.0 percent.
(2) Testing periods.--For purposes of paragraph (1), the
periods described in this paragraph are--
(A) the period consisting of the quarter during
which the notification is given and the quarter
preceding such notification,
(B) the period consisting of the preceding 4
quarters, and
(C) the period consisting of the 4 quarters
following such notification.
(b) Presidential Authorization of Temporary Tax Reductions.--
(1) Presidential declaration.--After notification under
subsection (a), the President may issue a declaration that
temporary income tax reductions are required for a specified
calendar year to provide a quick and necessary fiscal stimulus
to the economy. Any such declaration shall be transmitted to
the Congress.
(2) Temporary tax modifications.--If the President
transmits a declaration under paragraph (1) to the Congress--
(A) Temporary tax reductions.--
(i) In general.--Effective for taxable
years beginning in the calendar year specified
in such declaration--
(I) the rates applicable to the
first income bracket in the tax tables
contained in section 1 of the Internal
Revenue Code of 1986 shall be reduced
by a percentage (not to exceed 13/3\
percent) specified in such declaration,
and
(II) the amounts set forth as tax
in such tables shall be adjusted to
reflect such rate reduction.
(ii) Withholding adjustments.--The
withholding tables or procedures prescribed by
the Secretary of the Treasury or his delegate
under section 3402(a) of such Code shall be
modified so that, to the maximum extent
possible, the full calendar year effect of such
reduction is reflected through withholding
reductions during the portion of the calendar
year after such declaration.
(B) Temporary surtax where economic growth
requirements subsequently satisfied.--
(i) In general.--Effective for taxable
years beginning in the first subsequent
calendar year for which the economic growth
requirements of paragraph (3) are satisfied--
(I) each rate of tax in the tax
tables contained in section 1 of the
Internal Revenue Code of 1986 shall be
increased by the percentage determined
under paragraph (4) for such year, and
(II) the amounts set forth as tax
in such tables shall be adjusted to
reflect such rate increases.
(ii) Withholding adjustments.--Effective
for such subsequent calendar year, the
withholding tables or procedures prescribed by
the Secretary of the Treasury or his delegate
under section 3402(a) of such Code shall be
modified to reflect the increase in tax rates
under clause (i).
(3) Economic growth requirements.--The economic growth
requirements of this paragraph are satisfied for any calendar
year if, before the beginning of such calendar year, the
President determines (and publishes such determination in the
Federal Register) that for such calendar year and the
immediately preceding calendar year--
(A) economic growth as measured by the change in
the real Gross Domestic Product (GDP) is estimated to
be greater than 4 percent, and
(B) the rate of national unemployment (seasonally
adjusted) is estimated to be less than 6.0 percent.
(4) Rate increase percentage.--The percentage determined
under this paragraph is the percentage increase in the tax
rates contained in section 1 of the Internal Revenue Code of
1986 which the President estimates will result in an aggregate
increase in receipts under chapter 1 of such Code equal to the
aggregate decrease in receipts under such Code by reason of
subparagraph (A) of paragraph (2). Such percentage shall be
published in the Federal Register before the beginning of the
calendar year for which the economic growth requirements of
paragraph (2) are satisfied.
(5) Special rules where more than 1 rate reduction.--If
there has been more than 1 reduction under paragraph (2)(A)
before any increase under paragraph (2)(B)--
(A) paragraph (2)(B) shall not be limited to the
first subsequent calendar year for which the economic
growth requirements of paragraph (3) are satisfied, but
(B) the percentage determined under paragraph (4)
for each such subsequent calendar year shall be
determined by taking into account only the decrease in
receipts under such Code with respect to taxable years
beginning in a single calendar year, beginning with the
earliest calendar year with respect to which a
percentage increase has not been determined under
paragraph (4).

SEC. 3. TREATMENT UNDER PAY-AS-YOU-GO PROCEDURES.

Any reduction or increase in receipts resulting from section 2 of
this Act shall not be considered for any purpose under the Balanced
Budget and Emergency Deficit Control Act of 1985.
Solution:
Economic Growth and Jobs Act of 1994 - Grants the President authority to declare temporary tax reductions based on economic growth and the rate of national unemployment.
Provides for a temporary surtax when the economic growth requirements are subsequently satisfied.