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. ESTATE TAX VALUATION OF CERTAIN HISTORIC PROPERTY.

(a) In General.--Part III of subchapter A of chapter 11 of the
Internal Revenue Code of 1986 (relating to gross estate) is amended by
inserting after section 2032A the following new section:

''SEC. 2032B. VALUATION OF CERTAIN HISTORIC PROPERTY.

''(a) Value Based on Net Earnings of Historic Property.--If--
''(1) the decedent was (at the time of his death) a citizen
or resident of the United States, and
''(2) the executor executes an agreement which meets the
requirements of subsection (c),
then, for the purposes of this chapter, the value of qualified historic
property shall be based on the net earnings (as defined in subsection
(b)(3)) derived from such property.
''(b) Definitions and Special Rules.--For purposes of this
section--
''(1) Qualified historic property.--The term 'qualified
historic property' means--
''(A) any building (and its structural
components)--
''(i) which is designated as a National
Historic Landmark under section 101 of the
National Historic Preservation Act at the time
of the decedent's death and for a continuous
period of at least 25 years prior to the
decedent's death, and
''(ii) which was originally used for
residential or farming purposes,
''(B) any other real property to the extent
reasonably necessary for ingress, egress, public
enjoyment, and visitation of the property described in
subparagraph (A) (but not including any real property
used primarily for the sale, production, or
manufacturing of products or for lodging purposes), and
''(C) personal property included within, or
associated with, property described in subparagraph (A)
or (B) if such personal property--
''(i) is held by the decedent holding such
building,
''(ii) has been so included within, or
associated with, such property so described
throughout the 25-year period ending on the
date of the decedent's death, and
''(iii) is covered by the agreement
referred to in subsection (a)(2) which covers
such building,
owned by the decedent throughout the 25-year period ending on
the date of the decedent's death.
''(2) Treatment of historic property held by a
corporation.--In the case of a corporation all of the stock in
which was held on the date of the decedent's death by the
decedent or members of the decedent's family (as defined in
section 2032A(e)(2))--
''(A) stock in such corporation shall be treated
for purposes of this section as qualified historic
property to the extent that the value of such stock is
attributable to qualified historic property held by
such corporation, but
''(B) the requirements of subsection (c) shall be
met only if each member of the decedent's family
holding such stock on such date signs the agreement
referred to in subsection (a)(2).
''(3) Net earnings.--The term 'net earnings' means income
derived from qualified historic property (determined without
regard to any interest, depreciation, or tax expense) times 7.
''(4) Determination of time periods.--In determining the
period for which the decedent has held any property or stock,
there shall be included the period for which such property or
stock was held by members of the decedent's family (as defined
in section 2032A(e)(2)).
''(c) Requirements for Agreement.--
''(1) In general.--For purposes of subsection (a)(2), an
agreement meets the requirements of this subsection if--
''(A) such agreement is a written agreement signed
by each person in being who has an interest (whether or
not in possession) in the building described in
subsection (b)(1)(A),
''(B) such agreement provides that the only
activities carried on at such building are activities
which are substantially related (aside from the need
for income or funds or the use made of the profits
derived) to--
''(i) the public visitation of such
building and the property described in
subsection (b)(1)(B) with respect to such
property), and
''(ii) the maintenance and preservation of
such building and property for such public
visitation, and
''(C) such agreement provides that such building
will be open to the public for a period of at least 25
years beginning on the date on which the return of the
tax imposed by this chapter is filed.
''(2) Open to the public.--For the purposes of paragraph
(1)(C)--
''(A) a property shall be treated as being open to
the public for any year if--
''(i) a substantial portion of the property
is open for public visitation for at least 8
hours per day and 6 days per week during at
least any 40 weeks of such year,
''(ii) the executor notifies the State
historic agency that the property is open and
available for public visitation,
''(iii) public access to the property is
achievable without undue and deliberate
difficulty or cost purposely intended to
discourage the visitation of the property,
''(iv) 1 or more of the signatories to the
agreement or professional or trained volunteer
staff representing such signatories are
available to facilitate the visitation of the
property through at least 2 methods and
practices common to the tourism industry,
including telephone, website, mailing address,
or ticket booth, and
''(v) there is an ongoing effort to ensure
the general public is aware that the property
is available for visitation, and
''(B) the 25-year period referred to in such
paragraph shall be suspended during reasonable periods
of renovation.
Communication under subparagraph (A)(v) shall not necessarily
require expenditure of monies for advertising, but should
include periodic contact with groups such as State and local
historic agencies and tourism boards.
''(d) Tax Treatment of Dispositions and Failure To Comply With
Agreement.--
''(1) Imposition of additional estate tax.--If, during the
25-year period referred to in subsection (c)(1)(C)--
''(A) any person signing the written agreement
referred to in subsection (a)(2) disposes of any
interest in the building subject to such agreement, or
''(B) there is a violation of any provision of such
agreement (as determined under regulations prescribed
by the Secretary),
then there is hereby imposed an additional estate tax.
''(2) Exception for certain transferees who agree to be
bound by agreement.--No tax shall be imposed under paragraph
(1) by reason of any disposition if the person acquiring such
interest--
''(A) is a qualified organization (as defined in
section 170 (b)(1)(A)) or is a member of the family (as
defined in section 2032A(e)(2)) of the person disposing
of such interest, and
''(B) agrees to be bound by the agreement referred
to in subsection (a)(2) and to be liable for any tax
under this subsection in the same manner as the person
disposing of such interest.
''(3) Amount of additional tax.--The amount of the
additional tax imposed by paragraph (1) with respect to any
property shall be an amount equal to the excess of--
''(A) what would (but for subsection (a)) have been
the tax imposed by section 2001 (reduced by the credits
allowable), over
''(B) the tax imposed by section 2001 (as so
reduced).
''(4) Due date.--The additional tax imposed by this
subsection shall be due and payable on the day which is 9
months after the date of the disposition or violation referred
to in paragraph (1).
''(5) Liability for tax.--Any person signing the agreement
referred to in subsection (a)(2) (other than the executor)
shall be personally liable for the additional tax imposed by
this subsection. If more than 1 person is liable under this
subsection, all such persons shall be jointly and severally
liable.
''(6) Certain other rules to apply.--Rules similar to the
rules of sections 1016(c), 2013(f), and 2032A(f) shall apply
for purposes of this subsection.''.
(b) Coordination With Gift Tax.--Section 2512 of the Internal
Revenue Code of 1986 (relating to valuation of gifts) is amended by
adding at the end the following new subsection:
''(c) For the purposes of this chapter, the value of qualified
historic property (as defined in section 2032B(b)(1)) transferred for
less than an adequate and full consideration shall be valued under
section 2032B.''.
(c) Technical Amendments.--
(1) Subparagraph (A) of section 2056A(b)(10) of the
Internal Revenue Code of 1986 is amended by inserting
''2032B,'' after ''2032A,''.
(2) The table of sections for part III of subchapter A of
chapter 11 of such Code is amended by inserting after the item
relating to section 2032A the following new item:

''Sec. 2032B. Valuation of certain historic property.''.
(d) Effective Date.--The amendments made by this section shall
apply with respect to the estates of decedents dying after the date of
the enactment of this Act. Notwithstanding the preceding sentence, for
the purposes of section 901 of the Economic Growth and Tax
Reconciliation Act of 2001, the amendments made by this section shall
be treated as being enacted before the date of the enactment of such
Act.
Output:
Amends the Internal Revenue Code to allow decedent estates to base the value of qualified historic property on the net earnings of such property for estate and gift tax purposes. Defines "qualified historic property" as any building designated as a national historic landmark for at least 25 years prior to the death of a decedent and originally used for residential or farming purposes.