Given the task definition, example input & output, solve the new input case.
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: 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.
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.
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.

New input case for you: SECTION 1. SHORT TITLE.

This Act may be cited as the ''Employee Stock Ownership Plan
Promotion and Improvement Act of 2004''.

SEC. 2. DISTRIBUTIONS BY AN S CORPORATION TO AN EMPLOYEE STOCK
OWNERSHIP PLAN.

(a) In General.--Section 1368 of the Internal Revenue Code of 1986
(relating to distributions) is amended by adding at the end the
following new subsection:
''(f) Distributions by an S Corporation to an Employee Stock
Ownership Plan.--Any distribution described in subsection (a) to an
employee stock ownership plan (as defined in section 4975(e)(7)) shall
be treated as a dividend under section 404(k)(2)(A).''.
(b) Technical Amendment.--Section 404(a)(9)(C) of the Internal
Revenue Code of 1986 (relating to S corporations) is amended to read as
follows:
''(C) S corporations.--The deduction provided in
this paragraph shall not apply to an S corporation.''.
(c) Effective Date.--The amendments made by this section shall
apply to distributions received after December 31, 1998.
(d) Waiver of Limitations.--If refund or credit of any overpayment
of tax resulting from the application of the amendments made by this
section is prevented at any time before the close of the 1-year period
beginning on the date of the enactment of this Act by the operation of
any law or rule of law (including res judicata), such refund or credit
may nevertheless be made or allowed if claim therefor is filed before
the close of such period.

SEC. 3. ESOP DIVIDEND EXCEPTION TO ADJUSTMENTS BASED ON ADJUSTED
CURRENT EARNINGS.

(a) In General.--Section 56(g)(4)(C) of the Internal Revenue Code
of 1986 (relating to disallowance of items not deductible in computing
earnings and profits) is amended by adding at the end the following new
clause:
''(v) Treatment of esop dividends.--Clause
(i) shall not apply to any deduction allowable
under section 404(k) if the deduction is
allowed for dividends paid on employer
securities held by an employee stock ownership
plan established or authorized to be
established before March 15, 1991.''.
(b) Effective Date.--The amendment made by this section shall apply
to taxable years beginning after December 31, 1989.
(c) Waiver of limitations.--If refund or credit of any overpayment
of tax resulting from the application of the amendment made by this
section is prevented at any time before the close of the 1-year period
beginning on the date of the enactment of this Act by the operation of
any law or rule of law (including res judicata), such refund or credit
may nevertheless be made or allowed if claim therefor is filed before
the close of such period.

SEC. 4. AMENDMENTS RELATED TO SECTION 1042.

(a) Deferral of Tax for Certain Sales to Employee Stock Ownership
Plan Sponsored by S Corporation.--
(1) In general.--Section 1042(c)(1)(A) of the Internal
Revenue Code of 1986 (defining qualified securities) is amended
by striking ''C''.
(2) Effective date.--The amendment made by paragraph (1)
shall apply to sales after the date of the enactment of this
Act.
(b) Reinvestment in Certain Mutual Funds Permitted.--
(1) In general.--Clause (ii) of section 1042(c)(4)(B) of
the Internal Revenue Code of 1986 (defining operating
corporation) is amended to read as follows:
''(ii) Financial institutions, insurance
companies, and mutual funds.--The term
'operating corporation' shall include--
''(I) any financial institution
described in section 581,
''(II) any insurance company
subject to tax under subchapter L, and
''(III) any regulated investment
company if substantially all of the
securities held by such company are
securities issued by operating
corporations (determined without regard
to this subclause).''.
(2) Effective date.--The amendment made by
paragraph (1) shall apply to sales of qualified
securities after the date of the enactment of this Act.
(c) Modification to 25-Percent Shareholder Rule.--
(1) In general.--Subparagraph (B) of section 409(n)(1) of
the Internal Revenue Code of 1986 (relating to securities
received in certain transactions) is amended to read as
follows:
''(B) for the benefit of any other person who owns
(after the application of section 318(a)) more than 25
percent of--
''(i) the total combined voting power of
all classes of stock of the corporation which
issued such employer securities or of any
corporation which is a member of the same
controlled group of corporations (within the
meaning of subsection (l)(4)) as such
corporation, or
''(ii) the total value of all classes of
stock of any such corporation.''.
(2) Effective date.--The amendment made by paragraph (1)
shall take effect on the date of the enactment of this Act.

SEC. 5. EARLY DISTRIBUTIONS FROM EMPLOYEE STOCK OWNERSHIP PLANS FOR
HIGHER EDUCATION EXPENSES AND FIRST-TIME HOMEBUYER
PURCHASES.

(a) In General.--Paragraph (2) of section 72(t) of the Internal
Revenue Code of 1986 (relating to 10-percent additional tax on early
distributions from qualified retirement plans) is amended by adding at
the end the following new subparagraph:
''(G) Distributions from employee stock ownership
plans for higher education expenses and first-time
homebuyer purchases.--
''(i) In general.--Distributions made to
the employee from an employee stock ownership
plan (within the meaning of section
4975(e)(7)), the amount of which does not
exceed the sum of--
''(I) qualified higher education
expenses (as defined by paragraph (7))
reduced by the amount of such expenses
taken into account under subparagraph
(E), and
''(II) qualified first-time
homebuyer distributions (as defined by
paragraph (8)) reduced by the amount of
such distributions taken into account
under subparagraph (F).
''(ii) Limitation.--A distribution may only
be taken into account under clause (i) if--
''(I) such distribution is in the
form of either employer securities
(within the meaning of section 409(l))
or cash proceeds resulting from the
sale of such securities made not more
than 180 days before the date of such
distribution for the purposes of such
distribution,
''(II) such securities so
distributed or sold were held by such
plan for at least 5 years before the
date of such distribution or, if
applicable, sale, and
''(III) the number of shares in
each class of such securities so
distributed or sold, when added to all
previous distributions and sales of
each such class of such securities for
such purposes on behalf of such
employee, does not exceed 10 percent of
the aggregate number of shares of each
class of such securities allocated to
the account of such employee under such
plan.
''(iii) Valuation of distributed
securities.--For purposes of clause (ii), the
value of a security shall be the value of such
security on the date of distribution.''.
(b) Conforming Amendments.--
(1) Paragraph (7) of section 72(t) of such Code is amended
by striking ''paragraph (2)(E)'' and inserting ''subparagraphs
(E) and (G) of paragraph (2)''.
(2) Paragraph (8) of section 72(t) of such Code is amended
by striking ''paragraph (2)(F)'' and inserting ''subparagraphs
(F) and (G) of paragraph (2)''.
(c) Effective Date.--The amendments made by this section shall
apply to distributions made after the date of the enactment of this
Act.
Output:
Employee Stock Ownership Plan Promotion and Improvement Act of 2004 - Amends the Internal Revenue Code to: (1) treat certain distributions by S corporations to an employee stock ownership plan (ESOP) as deductible dividends; (2) exempt deductions for ESOP dividends from corporate alternative minimum tax adjustments based on adjusted earnings and profits; (3) allow deferral of the recognition of gain for certain sales to ESOP's sponsored by any domestic corporation, including S corporations; (4) allow reinvestment of ESOP stock proceeds eligible for nonrecognition of gain in certain mutual funds; (5) modify certain ESOP stock ownership rules; and (6) allow early distributions from an ESOP for higher education expenses and first-time homebuyer purchases without penalty.