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 ''American Jobs First Act of 2011''.

SEC. 2. EXTENSION AND MODIFICATION OF DIVIDENDS RECEIVED DEDUCTION FOR
CERTAIN REPATRIATED FOREIGN EARNINGS.

(a) In General.--Section 965 of such Code is amended by adding at
the end the following new subsection:
''(g) Temporary Extension and Modification.--
''(1) In general.--In the case of an election under this
subsection, subsection (f)(1) shall be applied by substituting
'the date of the enactment of subsection (g)' for 'the date of
the enactment of this section'.
''(2) Percentage deductible.--
''(A) In general.--In the case of an election under
this subsection, subsection (a)(1) shall be applied by
substituting 'the applicable percentage' for '85
percent'.
''(B) Applicable percentage.--For purposes of this
section, the applicable percentage is 29 percent,
increased by the number of percentage points determined
with respect to the taxpayer under subparagraph (C).
''(C) Increased deduction for payroll expansion.--
''(i) In general.--For purposes of
subparagraph (B), the number of percentage
points determined with respect to a taxpayer
under this subparagraph shall be--
''(I) so much of the percentage
increase, if any, in the taxpayer's
qualified payroll for all quarters
ending during the taxable year as
compared to the qualified payroll for
the same quarters during the taxpayer's
taxable year ending during 2010 as does
not exceed 14 percent, multiplied by
''(II) 4.
''(ii) Qualified payroll.--For purposes of
this subparagraph, the term 'qualified payroll'
means the amount of all wages (within the
meaning of section 3121(a)) paid or incurred by
the taxpayer to the employees of such taxpayer,
except that, with respect to each such
employee, such wages shall be taken into
account only to the extent that such wages do
not exceed the contribution and benefit base as
determined under section 230 of the Social
Security Act.
''(iii) Railway labor.--In the case of
remuneration subject to the tax imposed by
section 3221(a), clause (ii) shall be applied
by substituting 'all compensation (within the
meaning of section 3231(e))' for 'all wages
(within the meaning of section 3121(a))'.
''(iv) Special rule for converted
employees.--For purposes of this subparagraph--
''(I) In general.--The wages of any
specified individual shall not be taken
into account.
''(II) Specified individual.--
Except as provided by the Secretary,
the term 'specified individual' means
any individual who, during the 2-year
period ending on the date of the
enactment of this subsection, performed
services directly or indirectly for the
taxpayer and was treated for purposes
of employment taxes as not an employee
with respect to the performance of such
services.
''(3) Special rules.--
''(A) Recapture in case of payroll decrease during
recapture period.--The Secretary shall, by regulations,
provide for recapturing any portion of the benefit
under any deduction allowable by this subsection, and
attributable to paragraph (2)(C), to the extent--
''(i) the taxpayer's qualified payroll for
all quarters ending during the taxable year for
which the such deduction was allowed, exceeds
''(ii) the taxpayer's qualified payroll for
all quarters ending during either of the 2
taxable years following the taxable year with
respect to which such deduction was allowed.
''(B) Controlled groups.--All employers treated as
a single employer under section (a) or (b) of section
52 shall be treated as a single employer for purposes
of this subsection.''.
(b) Conforming Amendment.--
(1) Subsection (b) of section 965 of such Code is amended
by striking paragraph (4).
(2) Section 965 of such Code is amended by striking ''June
30, 2003'' each place it occurs and inserting ''June 30,
2010''.
(3) Subparagraph (B) of section 965(b)(3) of such Code is
amended by striking ''October 3, 2004'' and inserting ''October
1, 2011''.
(c) Effective Date.--The amendment made by this section shall apply
to taxable years ending on or after the date of the enactment of this
Act
A:
American Jobs First Act of 2011 - Amends the Internal Revenue Code to extend the election to deduct dividends received by a domestic corporationfrom acontrolled foreigncorporation. Increases the amount of such deduction by increases in the payroll of the domestic corporation over the previous taxable year. Requires the Secretary of the Treasury to provide, by regulations, for a recapture of any portion of the increased tax deduction allowed to a domestic corporation if such corporation'spayroll decreases during either of the two taxable years following the taxable year in which the increased deductionwas allowed.