In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.

Let me give you an 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.
The answer to this example can be: 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.
Here is why: 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.

OK. solve this:
SECTION 1. SHORT TITLE.

This Act may be cited as the ''Corporate Inverters Earnings
Stripping Reform Act of 2014''.

SEC. 2. ADDITIONAL RULES RELATED TO INVERTED CORPORATIONS.

(a) In General.--Section 7874 of the Internal Revenue Code of 1986
is amended by redesignating subsection (g) as subsection (h) and by
inserting after subsection (f) the following new subsection:
''(g) Special Rules Applicable to Earnings Stripping and Related
Party Transactions.--
''(1) Modifications of limitation on interest deduction.--
''(A) In general.--In the case of any additional
limitation year of a corporation which is an applicable
entity, section 163(j) shall be applied with the
modifications described in subparagraph (B).
''(B) Modifications for additional limitation
years.--For purposes of subparagraph (A), the
modifications described in this subparagraph are as
follows:
''(i) No carryover.--No carryforward to any
other taxable year shall be allowed under
section 163(j)(1)(B) for interest paid or
accrued during any additional limitation year
with respect to which a deduction was
disallowed to the corporation under section
163(j).
''(ii) Rules for determining whether
interest limitation rules apply.--In applying
section 163(j)(2) to determine whether section
163(j) applies to the corporation for any
additional limitation year--
''(I) subparagraph (A)(ii) shall be
disregarded, and
''(II) subparagraph (B)(i)(II)
shall be applied by substituting '25
percent of the adjusted taxable income
of the corporation' for 'the sum of 50
percent of the adjusted taxable income
of the corporation plus any excess
limitation carryforward under clause
(ii)' for purposes of determining the
corporation's excess interest expense
for the year.
''(C) Additional limitation year.--For purposes of
this paragraph, the term 'additional limitation year'
means, with respect to any corporation which is an
applicable entity, any taxable year beginning on or
after the first day of the later of the corporation's--
''(i) first taxable year beginning on or
after the date of enactment of this
subparagraph, or
''(ii) first taxable year for which the
corporation is an applicable entity.
''(2) Annual application for agreements on return
positions.--
''(A) In general.--Each applicable entity shall
file with the Secretary an application for an approval
agreement under subparagraph (C) for each approval
year. Such application shall be filed at such time and
manner, and shall contain such information, as the
Secretary may prescribe.
''(B) Failures to comply.--If an applicable entity
fails to file an application under subparagraph (A), or
the approval agreement does not contain the necessary
provisions described in subparagraph (C), for any
taxable year, then for such taxable year--
''(i) there shall not be allowed any
deduction, or addition to basis or cost of
goods sold, for amounts paid or incurred, or
losses incurred, by reason of a transaction
between the entity and a foreign related
person,
''(ii) any transfer or license of
intangible property (as defined in section
936(h)(3)(B)) between the entity and a foreign
related person shall be disregarded, and
''(iii) any cost-sharing arrangement
between the entity and a foreign related person
shall be disregarded.
''(C) Approval agreement.--For purposes of
subparagraph (A), the term 'approval agreement' means a
prefiling, advance pricing, or other agreement
specified by the Secretary which contains such
provisions as the Secretary determines necessary to
ensure that the requirements of sections 163(j),
267(a)(3), 367, 482, and 845, and any other provision
of this title applicable to transactions between
related persons and specified by the Secretary, are
met.
''(D) Approval year.--For purposes of this
paragraph, the term 'approval year' means, with respect
to any applicable entity, any taxable year beginning on
or after the date of enactment of this subparagraph if
such taxable year is within the 10-taxable-year period
beginning with the first taxable year for which the
entity is an applicable entity.
''(3) Applicable entity.--For purposes of this subsection--
''(A) In general.--The term 'applicable entity'
means any corporation which is a member of an expanded
affiliated group which includes an entity which--
''(i) is a surrogate foreign corporation,
determined by applying subsection (a)(2)(B)--
''(I) by substituting 'more than 50
percent' for 'at least 60 percent' in
clause (ii) thereof,
''(II) by substituting 'before, on,
or after' for 'after' in clause (i)
thereof, and
''(III) by disregarding the matter
following clause (iii) thereof, and
''(ii) is not treated as a domestic
corporation by reason of subsection (b).
''(B) Special rule for inclusion of noncorporate
entities.--For purposes of subparagraph (A), a
partnership or other entity (other than a corporation)
shall be treated as a member of an expanded affiliated
group if such entity controls (as determined under
section 954(d)(3)), or is controlled by (as so
determined), members of such group (including any
entity treated as a member of such group by reason of
this sentence).''.
(b) Effective Date.--The amendments made by this section shall
apply with respect to taxable years beginning after the date of
enactment of this Act.
Answer:
Corporate Inverters Earnings Stripping Reform Act of 2014 - Amends the Internal Revenue Code to impose limitations on the tax deduction for interest paid by corporations which are designated as applicable entities (i.e., members of an expanded affiliated group which includes a surrogate foreign corporation which is not treated as a domestic corporation). Prohibits such an entity from claiming a tax deduction for interest that exceeds 25% of its adjusted taxable income and from carrying forward interest which is paid or accrued during the first year in which such entity becomes an applicable entity. Requires an applicable entity to file an annual application for an approval agreement (i.e., a prefiling, advance pricing, or other agreement involving a related-party transaction) with the Internal Revenue Service (IRS) during the 10-year period after it becomes an applicable entity.