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. SHORT TITLE.

This Act may be cited as the ''Transparency and Honesty in Energy
Regulations Act of 2016''.

SEC. 2. FINDINGS.

Congress finds the following--
(1) As a tool to justify Federal actions by the Department
of Energy and the Environmental Protection Agency (hereinafter
in this section referred to as the ''EPA'') addressing
greenhouse gas emissions, including those regulating or
prohibiting the exploration, mining, production, and use of
coal as well as other fossil fuels as energy sources, the
Social Cost of Carbon (hereinafter in this section referred to
as the ''SCC'') and the Social Cost of Methane (hereinafter in
this section referred to as the ''SCM'') in theory represent
the hypothetical cost of an incremental ton of carbon dioxide
(CO<INF>2</INF>) or methane emissions in a given year.
(2) Office of Management and Budget (hereinafter in this
section referred to as the ''OMB'') Circular A-4 guides Federal
agencies on the development of regulatory impact analysis
required under Executive Order 12866 as well as other
authorities, instructing agencies to include discount rates of
3 and 7 percent while also evaluating the cost and benefits
that accrue to citizens and residents of the United States.
(3) First developed in 2009 by an interagency working
group, including the Department of Energy and the EPA, the SCC
estimates fail to comply with OMB Circular A-4 prescribed
discount rates of 3 and 7 percent.
(4) While OMB Circular A-4 specifies that an evaluation of
the global effects, when undertaken, is to be reported
separately from domestic costs and benefits, the SCC instead
calculated the global benefits in lieu of and not in addition
to the domestic effects.
(5) The use of the SCC estimates in Department of Energy
and EPA rulemakings prior to any opportunity for public notice
and comment violated not only scientific peer-review
requirements but also the President's commitment to transparent
and open government as outlined in his January 21, 2009,
memorandum to the heads of executive departments and agencies.
(6) In July 2015, as part of a revision of the SCC in
response to over 150 substantive comments and in acknowledgment
of the faulty process by which the SCC estimates were
developed, the OMB requested the National Academies of Science,
Engineering and Medicine (hereinafter in this section referred
to as the ''NAS'') review and make recommendations for the
improvement of the SCC estimates.
(7) Shortly after the commencement of the NAS review, the
EPA, without appropriate peer review and an opportunity for
public notice and comment, utilized the EPA-developed SCM
estimates in justifying the costs and benefits of the September
2015 proposed and recently finalized rules under the Clean Air
Act for methane emissions from new, modified, and reconstructed
sources in the oil and gas sector.
(8) Continued use by the Department of Energy and the EPA
of the SCC and the SCM ignores sound science in order to
eliminate the exploration, mining, production, and use of our
abundant domestic sources of fossil fuel energy.
(9) The Department of Energy and EPA regulations, which are
costing American families billions of dollars per year, are
being justified in large part by SCC and SCM estimates.

SEC. 3. PROHIBITION ON CONSIDERING THE SOCIAL COST OF CARBON AND THE
SOCIAL COST OF METHANE.

The Secretary of Energy, when acting under any authority, and the
Administrator of the Environmental Protection Agency, when acting under
the authority of the Clean Air Act (42 U.S.C. 7401 et seq.), may not
consider the social cost of carbon or the social cost of methane as
part of any cost benefit analysis required under law or under Executive
Order 12866 or 13563, in any rulemaking, in the issuance of any
guidance, or in taking any other agency action, or as a justification
for any rulemaking, guidance document, or agency action, unless a
Federal law is enacted, after the date of enactment of this Act,
explicitly authorizing such consideration.

SEC. 4. REPORT OF THE ADMINISTRATOR OF THE EPA.

Not later than 120 days after the date of enactment of this Act,
the Administrator of the Environmental Protection Agency, in
coordination and consultation with the Secretary of Energy, the
Secretary of the Interior, and the Council on Environmental Quality
shall submit a report to the Committees on Energy and Commerce and on
Natural Resources of the House of Representatives and the Committees on
the Environment and Public Works and on Energy and Natural Resources of
the Senate, detailing the number of proposed and final rulemakings,
guidance documents, and agency actions since January 2009 that use the
social cost of carbon or the social cost of methane, including as part
of any cost benefit analysis required under Executive Order 12866 and
other relevant authorities.

SEC. 5. DEFINITIONS.

In this Act:
(1) The term ''social cost of carbon'' means--
(A) the social cost of carbon as described in--
(i) the document entitled ''Technical
Support Document: Social Cost of Carbon for
Regulatory Impact Analysis Under Executive
Order 12866'' published by the Interagency
Working Group on Social Cost of Carbon, United
States Government, in February 2010; or
(ii) the document entitled ''Technical
Support Document: Technical Update of the
Social Cost of Carbon for Regulatory Impact
Analysis Under Executive Order 12866''
published by the Interagency Working Group on
Social Cost of Carbon, United States
Government, in May 2013, and revised in
November 2013 and July 2015, or any other
successor or substantially related document; or
(B) any other estimate of the monetized damages
associated with an incremental increase in carbon
dioxide emissions in a given year.
(2) The term ''social cost of methane'' means the estimate
of the social cost of methane--
(A) as described in--
(i) the proposed rule entitled ''Oil and
Natural Gas Sector: Emission Standards for New
and Modified Sources'' published by the
Environmental Protection Agency in the Federal
Register on September 18, 2015 (80 Fed. Reg.
56593);
(ii) the final rule entitled ''Oil and
Natural Gas Sector: Emission Standards for New,
Reconstructed, and Modified Sources'' published
by the Environmental Protection Agency in the
Federal Register on June 3, 2016 (81 Fed. Reg.
35824); or
(iii) the ''Regulatory Impact Analysis of
the Final Oil and Natural Gas Sector: Emission
Standards for New, Reconstructed, and Modified
Sources'' prepared by the Environmental
Protection Agency, Office of Air and Radiation,
in May 2016, and identified by docket ID number
EPA-HQ-OAR-2010-0505-7630; or
(B) any other successor or substantially related
estimate.
Example Output: Transparency and Honesty in Energy Regulations Act of 2016 This bill prohibits the Department of Energy and the Environmental Protection Agency (EPA) from considering the social cost of carbon or methane as part of any cost benefit analysis, unless a federal law is enacted authorizing such consideration. The EPA must report on the number of proposed and final rulemakings, guidance documents, and agency actions since January 2009 that use either of those social costs, including as part of any cost benefit analysis required under Executive Order 12866 and other relevant authorities.

Example Input: SECTION 1. FINDINGS.

Congress makes the following findings:
(1) Shimon Peres was born in Poland in 1923.
(2) The Peres family emigrated to Tel Aviv in 1934, and all
of the family members of Shimon Peres who remained in Poland
were murdered during the Holocaust.
(3) Before Israel gained independence, Shimon Peres earned
the respect of senior leaders in the independence movement in
Israel, most notably David Ben-Gurion.
(4) The founding generation of Israel was central to the
development of Israel, and Shimon Peres is the only surviving
member of that founding generation.
(5) Shimon Peres has served in numerous high-level cabinet
positions and ministerial posts in Israel, including head of
the Israeli Navy, Minister of Defense, Foreign Minister, Prime
Minister, and President, among many others.
(6) Shimon Peres has honorably served Israel for over 70
years, during which he has significantly contributed to United
States interests and has played a pivotal role in forging the
strong and unbreakable bond between the United States and
Israel.
(7) By presenting the Congressional Gold Medal to Shimon
Peres, the first to be awarded to a sitting President of
Israel, Congress proclaims its unbreakable bond with Israel and
reaffirms its continual support for Israel as we commemorate
the 65th anniversary of the independence of Israel and the 90th
birthday of Shimon Peres, which are both significant milestones
in Israeli history.
(8) Maintaining strong bilateral relations between the
United States and Israel has been a priority of Shimon Peres
since he began working with the United States in the days of
John F. Kennedy. The strong bond is exemplified by the
following:
(A) President Reagan said to Shimon Peres upon his
visit to the United States, ''Mr. Prime Minister, I
thank you very much for your visit. It's been an
occasion to renew a friendship and to review and
enhance the strength of our unique bilateral
relationship.''
(B) At another point President Reagan said of
Shimon Peres, ''His vision, his statesmanship and his
tenacity are greatly appreciated here.''
(C) While visiting with Shimon Peres at the
Residence of the President in Jerusalem, President
Obama described Shimon Peres as ''. . . a son of Israel
who's devoted his life to keeping Israel strong and
sustaining the bonds between our two nations''.
(D) On March 20, 2013, Shimon Peres reaffirmed his
belief in the relationship between the United States
and Israel, stating, ''America stood by our side from
the very beginning. You support us as we rebuild our
ancient homeland and as we defend our land. From
Holocaust to redemption.''
(E) On March 21, 2013, Shimon Peres stated, ''. . .
America is so great and we are so small. But I learned
that you don't measure us by size, but by values. When
it comes to values, we are you and you are us. . . . As
I look back, I feel that the Israel of today has
exceeded the vision we had 65 years ago. Reality has
surpassed our dreams. The United States of America
helped us to make this possible.''

SEC. 2. CONGRESSIONAL GOLD MEDAL.

(a) Award Authorized.--The President pro tempore of the Senate and
the Speaker of the House of Representatives shall make appropriate
arrangements for the award, on behalf of Congress, of a single gold
medal of appropriate design to President Shimon Peres.
(b) Design and Striking.--For the purpose of the award referred to
in subsection (a), the Secretary of the Treasury shall strike a gold
medal with suitable emblems, devices, and inscriptions to be determined
by the Secretary.

SEC. 3. DUPLICATE MEDALS.

Under such regulations as the Secretary of the Treasury may
prescribe, the Secretary may strike duplicate medals in bronze of the
gold medal struck pursuant to section 2 and sell such duplicate medals
at a price sufficient to cover the costs of the medals, including
labor, materials, dies, use of machinery, and overhead expenses.

SEC. 4. NATIONAL MEDALS.

Medals struck pursuant to this Act are national medals for purposes
of chapter 51 of title 31, United States Code.

SEC. 5. AUTHORITY TO USE FUND AMOUNTS; PROCEEDS OF SALE.

(a) Authorization of Charges.--There is authorized to be charged
against the United States Mint Public Enterprise Fund, such amounts as
may be necessary to pay for the costs of the medals struck pursuant to
this Act.
(b) Proceeds of Sale.--Amounts received from the sale of duplicate
bronze medals under section 3 shall be deposited in the United States
Mint Public Enterprise Fund.

Passed the Senate March 13, 2014.

Attest:

Secretary.
113th CONGRESS

2d Session

S. 1456

_______________________________________________________________________

AN ACT

To award the Congressional Gold Medal to Shimon Peres.
Example Output: . Directs the Speaker of the House of Representatives and the President pro tempore of the Senate to arrange for the presentation of a congressional gold medal in honor of President Shimon Peres of Israel.

Example Input: SECTION 1. SHORT TITLE.

This Act may be cited as the ''ESOP Promotion Act of 1997''.

SEC. 2. PROVISIONS RELATING TO S CORPORATIONS ESTABLISHING EMPLOYEE
STOCK OWNERSHIP PLANS.

(a) Repeal of Provision Making Certain ESOP Benefits Inapplicable
to S Corporations.--Section 1316(d) of the Small Business Job
Protection Act of 1996 is repealed, and the Internal Revenue Code of
1986 shall be applied and administered as if the amendments made by
such section had not been enacted.
(b) Repeal of Application of Unrelated Business Income Tax.--
Section 512(e) of the Internal Revenue Code of 1986 is amended--
(1) by striking ''described in section 1361(c)(7)'' in
paragraph (1) and inserting ''described in section 501(c)(3)
and exempt from taxation under section 501(a)'', and
(2) by inserting ''Charitable Organizations Holding Stock
in'' after ''Applicable to'' in the heading.
(c) ESOPs Allowed To Distribute Cash Rather Than Stock.--
(1) In general.--Section 409(h)(2) of the Internal Revenue
Code of 1986 is amended by adding at the end the following new
subparagraph:
''(8) Plan maintained by s corporation.--In the
case of a plan established and maintained by an S
corporation which otherwise meets the requirements of
this subsection or section 4975(e)(7), such plan shall
not be treated as failing to meet the requirements of
this subsection or section 401(a) merely because it
does not permit a participant to exercise the right
described in paragraph (1)(A) if such plan provides
that the participant entitled to a distribution from
the plan shall have a right to receive the distribution
in cash.''
(2) Conforming amendments.--Section 409(h)(2) of such Code
is amended--
(A) by striking ''A plan'' and inserting:
''(A) In general.--A plan'', and
(B) by striking ''In the case of an employer'' and
inserting:
''(B) Plans restricted by charter or bylaws.--In
the case of an employer''.
(d) Exemptions From Prohibited Transaction Rules Available to ESOPs
and Shareholder Employees.--The last sentence of section 408(d) of the
Employee Retirement Income Security Act of 1974 (29 U.S.C. 1108(d)) is
amended by striking all that precedes ''a participant or beneficiary''
and inserting ''For purposes of this subsection,''.
(e) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 1997.

SEC. 3. AMENDMENTS RELATED TO SECTION 1042.

(a) Extension of Section 1042 Principles to Stock Received as
Compensation for Services.--
(1) In general.--Section 83 of the Internal Revenue Code of
1986 (relating to property transferred in connection with
performance of services) is amended by adding at the end the
following new subsection:
''(i) Exception for Transfers of Qualified Securities Sold to
Employee Stock Ownership Plans.--
''(1) Exclusion from income.--Subsections (a) and (b) shall
not apply to, and no amount shall be includible in gross income
with respect to, the transfer of any qualified security (as
defined in section 1042(c)(1)) in connection with the
performance of services if, and to the extent that, within 60
days after the event which would cause the recognition of
income pursuant to subsection (a) or (b) but for this
subsection, the transferee sells such qualified security to an
employee stock ownership plan (as defined in section
4975(e)(7)) and the requirements of section 1042(a) are met
with respect to such sale.
''(2) No deduction by employer.--Notwithstanding the
provisions of subsection (h), the person for whom the services
were performed in connection with which any qualified security
is transferred shall not be entitled to a deduction with
respect to such transfer if, and to the extent that, paragraph
(1) applies to such transfer.''
(2) Conforming amendments.--
(A) Section 424(c)(1) of such Code is amended by
striking ''or'' at the end of subparagraph (B), by
striking the period at the end of subparagraph (C) and
inserting '', or'', and by adding at the end the
following new subparagraph:
''(D) a sale to which section 1042 applies.''
(B) Section 1042(a) of such Code is amended--
(i) by striking ''which would be recognized
as long-term capital gain'' from the first
sentence thereof, and
(ii) by adding at the end the following new
sentence: ''Any gain which is recognized after
the application of the preceding sentence shall
be treated as ordinary income to the extent of
the lesser of the amount of such gain or the
amount which would have been treated as
ordinary income but for this section.''
(C) Section 1042(b)(4) of such Code is amended by
adding at the end the following new sentence: ''The
requirements of the preceding sentence shall not apply
to qualified securities received by the taxpayer in a
transfer to which section 83 or 422 applied (or to
which section 422 or 424 (as in effect on the day
before the date of enactment of the Revenue
Reconciliation Act of 1990) applied).''
(D) Section 1042(c)(1)(B) of such Code is amended
to read as follows:
''(B) were not received by the taxpayer in--
''(i) a distribution from a plan described
in section 401(a), or
''(ii) a transfer pursuant to a right to
acquire stock to which section 423 applied.''
(E) The first sentence of section 1042(d) of such
Code is amended to read as follows: ''The basis of the
taxpayer in qualified replacement property purchased by
the taxpayer during the replacement period shall be
reduced by the amount of gain not recognized by virtue
of such purchase, taking into account the application
of subsection (a) and, if applicable, the application
of section 83(i) or section 424(c)(1)(D).''
(F) Section 1042(e)(1) of such Code is amended to
read as follows:
''(1) In general.--If a taxpayer disposes of any qualified
replacement property, then, notwithstanding any other provision
of this title, gain (if any) shall be recognized to the extent
of the gain which was not recognized by reason of the
acquisition by such taxpayer of such qualified replacement
property, taking into account the application of subsection (a)
and, if applicable, the application of section 83(i) or
424(c)(1)(D). Such gain shall be treated as ordinary income to
the extent of the excess (if any) of the amount which would
have been treated as ordinary income but for the application of
such sections over the amount treated as ordinary income under
the last sentence of subsection (a).''
(3) Effective date.--The amendments made by this subsection
shall apply to sales of qualified securities on or after the
date of the enactment of this Act.
(b) Modification to 25-Percent Shareholder Rule.--
(1) In general.--Section 409(n)(1)(B) of such Code 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. 4. ESOP DIVIDENDS MAY BE REINVESTED WITHOUT LOSS OF DIVIDEND
DEDUCTION.

(a) In General.--Section 404(k)(2)(A) of the Internal Revenue Code
of 1986 (defining applicable dividends) is amended by striking ''or''
at the end of clause (ii), by redesignating clause (iii) as clause
(iv), and by inserting after clause (ii) the following new clause:
''(iii) is, at the election of such
participants or their beneficiaries--
''(I) payable as provided in clause
(i) or (ii), or
''(II) paid to the plan and
reinvested in qualifying employer
securities, or''.
(b) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 1997.
Example Output:
ESOP Promotion Act of 1997 - Repeals provisions of the Small Business Job Protection Act of 1996 which made certain employee stock ownership plan (ESOP) benefits inapplicable to S corporations (certain small business corporations).
Excludes from gross income transfers of qualified securities in connection with the performance of services if such securities are sold to an ESOP within 60 days of the taxable event.
Permits ESOP dividends to be reinvested without losing the dividend deduction.