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

This Act may be cited as the ''Tax Equity Act of 2017''.

SEC. 2. REGIONAL COST-OF-LIVING ADJUSTMENTS IN INDIVIDUAL INCOME TAX
RATES.

(a) General Rule.--Subsection (f) of section 1 of the Internal
Revenue Code of 1986 is amended by adding at the end thereof the
following new paragraphs:
''(9) Regional cost-of-living adjustments.--
''(A) In general.--In the case of an individual,
for taxable years beginning after 2017 the rate table
otherwise in effect under this section for any taxable
year (determined after the application of paragraph
(1)) shall be further adjusted as provided in
subparagraph (B).
''(B) Method of making regional adjustment.--The
rate table otherwise in effect under this section with
respect to any individual for any taxable year shall be
adjusted as follows:
''(i) The minimum and maximum dollar
amounts otherwise in effect for each rate
bracket shall be multiplied by the applicable
multiplier (for the calendar year in which the
taxable year begins) which applies to the
statistical area in which the individual's
primary place of abode during the taxable year
is located.
''(ii) The rate applicable to any rate
bracket (as adjusted by clause (i)) shall not
be changed.
''(iii) The amount setting forth the tax
shall be adjusted to the extent necessary to
reflect the adjustments in the rate brackets.
If any amount determined under clause (i) is not a
multiple of $50, such amount shall be rounded to the
nearest multiple of $50.
''(10) Determination of multipliers.--
''(A) In general.--Not later than December 15 of
each calendar year, the Secretary shall prescribe an
applicable multiplier for each statistical area of the
United States which shall apply to taxable years
beginning during the succeeding calendar year.
''(B) Determination of multipliers.--
''(i) For each statistical area where the
cost-of-living differential for any calendar
year is greater than 125 percent, the
applicable multiplier for such calendar year is
90 percent of such differential.
''(ii) For each statistical area where the
cost-of-living differential for any calendar
year exceeds 97 percent but does not exceed 125
percent, the applicable multiplier for such
calendar year is 1.05.
''(iii) For each statistical area not
described in clause (i) or (ii), the applicable
multiplier is the cost-of-living differential
for the calendar year.
''(C) Cost-of-living differential.--The cost-of-
living differential for any statistical area for any
calendar year is the percentage determined by
dividing--
''(i) the cost-of-living for such area for
the preceding calendar year; by
''(ii) the average cost-of-living for the
United States for the preceding calendar year.
''(D) Cost-of-living for area.--
''(i) In general.--For calendar year 2017
and each calendar year thereafter, the
Secretary of Labor shall determine and publish
a cost-of-living index for each statistical
area.
''(ii) Methodology.--The cost-of-living
index determined under clause (i) for any
statistical area for any calendar year shall be
based on average market prices for the area for
the 12-month period ending on August 31 of such
calendar year. The market prices taken into
account under the preceding sentence shall be
selected and used under the same methodology as
is used by the Secretary of Labor in developing
the Consumer Price Index for All Urban
Consumers.
''(E) Statistical area.--For purposes of this
subsection the term 'statistical area' means--
''(i) any metropolitan statistical area as
defined by the Secretary of Commerce, and
''(ii) the portion of any State not within
a metropolitan statistical area as so defined.
''(11) Areas outside the united states.--The area
applicable multiplier for any area outside the United States
shall be 1.''.
(b) Effective Date.--The amendment made by this section shall apply
to taxable years beginning after December 31, 2017.
Output:
Tax Equity Act of 2017 This bill amends the Internal Revenue Code to provide for regional cost-of-living adjustments in individual income tax rates. The bill also directs the Department of Labor to determine and publish a regional cost-of-living index for each statistical area for 2017 and each calendar year thereafter. A "statistical area" is: (1) any metropolitan statistical area as defined by the Department of Commerce, and (2) the portion of any state not within a metropolitan statistical area.