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 ''Corporate Accountability Tax Gap Act
of 2003''.

SEC. 2. AVAILABILITY OF CERTAIN TAX INFORMATION OF PUBLICLY TRADED
CORPORATIONS.

(a) In General.--Section 6103 of the Internal Revenue Code of 1986
is amended by redesignating subsection (q) as subsection (r) and by
inserting after subsection (p) the following new subsection:
''(q) Public Disclosure of Certain Corporate Tax Information.--
''(1) In general.--Each specified corporation shall, on the
date that it files its return of tax imposed by chapter 1 for
each taxable year, electronically file the information
described in paragraph (2) for such year. Not later than 30
days after receiving such information, the Secretary shall make
it electronically available to the public as a single document
and as part of a searchable database as provided in paragraph
(3).
''(2) Information.--The information described in this
paragraph with respect to a corporation for a taxable year are
the following items:
''(A) Net corporate income tax as shown on the
return for such year.
''(B) Amount shown as Federal income tax expense on
its annual statement (if any) filed with the Securities
and Exchange Commission.
''(C) Taxable income as shown on such return.
''(D) Adjusted book income.
''(E) The portion of the total difference between
taxable income and adjusted book income which is
attributable to each of the following:
''(i) Transactions disclosable under
section 6011.
''(ii) Depreciation differences.
''(iii) Stock options.
''(iv) Income from entities consolidated
for book income purposes but not for Federal
income tax purposes.
''(v) Income from pension funds or tax-
exempt bonds.
''(vi) Other items, pursuant to regulations
prescribed by the Secretary.
''(F) An explanation of the differences between
taxable income and adjusted book income that are
attributable to one or more of the following:
''(i) Transactions referred to in
subparagraph (E)(i).
''(ii) Other items specified in regulations
referred to in subparagraph (E)(vi).
''(iii) Any additional information that the
Secretary determines would be useful in
enforcing this title, including any information
which is an indicia of abusive tax avoidance
schemes.
''(3) Access.--The Secretary shall make the information
described in paragraph (2) accessible electronically by a
search which uses the following items:
''(A) Name of the corporation.
''(B) Headquarters location by postal zip code.
''(C) Each category of such information.
''(D) Taxable year or other time period to which
such information relates.
''(E) The CUSIP identification number under which
the corporation files reports with the Securities and
Exchange Commission.
''(4) Specified corporation.--For purposes of this
subsection, the term 'specified corporation' means--
''(A) any corporation issuing any class of
securities required to be registered under section 12
of the Securities Exchange Act of 1934, and
''(B) any other domestic corporation which is a
member of an affiliated group (as defined in section
1504) which includes a corporation described in
subparagraph (A).
In the case of a corporation which is a member of an affiliated
group filing a consolidated return, the term 'specified
corporation' means such group and not each member thereof.
''(5) Other definitions.--For purposes of this subsection--
''(A) Net corporate income tax.--The term 'net
corporate income tax' means the sum of regular tax
liability (as defined by section 26(b)) and the tax
imposed by section 55, reduced by the credits allowable
under part IV of subchapter A of chapter 1.
''(B) Adjusted book income.--The term 'adjusted
book income' means book income reported to the
Securities and Exchange Commission (or to shareholders)
without reduction for preferred stock dividends,
Federal income taxes, and income, war profits, or
excess profits taxes imposed by any foreign country or
possession of the United States.''
(b) Effective Date.--The amendment made by subsection (a) shall
apply to taxable years ending after the date of the enactment of this
Act.

SEC. 3. STUDY OF TAX SHELTER ACTIVITY.

(a) Study.--The Secretary of the Treasury (or the Secretary's
delegate) shall, in coordination with the Joint Committee on Taxation,
Committee on Finance of the Senate, and the Committee on Ways and Means
of the House of Representatives, conduct a study of recent known
corporate tax shelter activity, including information gained from the
tax shelter amnesty announced in Internal Revenue Service Announcement
2002-02 and from the study of Enron tax returns by the such Committee
on Finance.
(b) Report.--Not later than 1 year after the date of the enactment
of this Act, the report of such study shall be submitted to Committee
on Finance of the Senate and the Committee on Ways and Means of the
House of Representatives. Such report shall include recommendations (if
any) for--
(1) requiring additional information on the reconciliation
of book/tax accounting and publicly disclosing that additional
information under section 6103(q) of the Internal Revenue Code
of 1986, and
(2) publicly disclosing additional information from the
corporate income tax return.
Such report also shall include a description of the actions that such
Secretary has taken toward implementing any such recommendations.
A:
Corporate Accountability Tax Gap Act of 2003 - Amends the Internal Revenue Code to provide for public disclosure of certain information of publicly traded corporations.Directs the Secretary of the Treasury to conduct a study of corporate tax shelter activity.