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: Consider Input: SECTION 1. SHORT TITLE.

This Act may be cited as the ''Zero Gravity, Zero Tax Act of
2003''.

SEC. 2. EXCLUSION OF SPACE-RELATED INCOME FROM GROSS INCOME.

(a) In General.--Part III of subchapter B of chapter 1 of the
Internal Revenue Code of 1986 (relating to items specifically excluded
from gross income) is amended by redesignating section 140 as section
140A and inserting after section 139 the following new section:

''SEC. 140. SPACE-RELATED INCOME.

''(a) General Rule.--Gross income shall not include space-related
income.
''(b) Space-Related Income.--
''(1) In general.--For purposes of this section, the term
'space-related income' means--
''(A) income derived from the sale by the taxpayer
to an unrelated person of--
''(i) any product or article which is
produced by the taxpayer in outer space, and
''(ii) any service provided by the taxpayer
in or from outer space,
''(B) income of an individual attributable to
services performed in or from outer space by such
individual in a trade or business, and
''(C) any amount not described in subparagraph (A)
or (B) which is interest, rent, royalty, or similar
amount received with respect to production or service
described in subparagraph (A) or (B).
''(2) Exception for telecommunications services, etc.--
Paragraph (1)(A)(ii) shall not apply to--
''(A) any telecommunications service provided from
earth orbit,
''(B) any service provided by a weather or other
earth observation satellite, and
''(C) any other service provided on or before the
date of the enactment of this section of transporting
property to or from outer space.
''(3) Exception for wages.--Paragraph (1) shall not apply
to wages (as defined in section 3401) received by any employee
of an employer.
''(4) Proportional allocation between space-based and
earth-based activities.--In the case of any product or article
which is produced partly in space, space-related income shall
be an amount which bears the same ratio to the amount of gross
income attributable to the sale of such product or article as
the expenses attributable to producing such product or article
in space bears to the total expenses incurred in producing such
product or article.
''(5) Produced.--For purposes of this section, the term
'produced' includes created, fabricated, developed, grown,
manufactured, extracted, processed, cured, and aged.
''(c) Exclusion From Tariffs, Etc.--Any product--
''(1) which is manufactured in outer space, and
''(2) which was--
''(A) launched from, and returned to Earth, within
the United States, or
''(B) Manufactured at a facility in outer space
which is owned by 1 or more United States persons,
shall be exempt from all Federal excises, imposts, and
duties and any other Federal tariffs.
''(d) Phaseout of Benefits.--In the case of a taxable year
beginning after December 31, 2012, the amount excluded under subsection
(a) shall be reduced (but not below zero) by x/10th's of the amount
excludable without regard to this subsection, where 'x' is the number
of years such taxable year is after the last taxable year beginning
before January 1, 2013. A similar rule shall apply to the benefits
under subsection (c).''.
(b) Clerical Amendment.--The table of sections for part III of
subchapter B of chapter 1 of such Code is amended by striking the last
item and inserting the following new items:

''Sec. 140. Space-related income.
''Sec. 140A. Cross references to other
Acts.''.
(c) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 2003.

SEC. 3. CREDIT FOR PURCHASE OF QUALIFIED SPACE COMPANY STOCK.

(a) In General.--Subpart D of part IV of subchapter A of chapter 1
of the Internal Revenue Code of 1986 (relating to business related
credits) is amended by adding at the end the following new section:

''SEC. 45G. SPACE COMPANY INVESTMENT CREDIT.

''(a) General Rule.--For purposes of section 38, the space company
investment credit determined under this section for any taxable year is
the amount paid in the taxable year for the purchase of qualified stock
in a qualified space company.
''(b) Qualified Space Company.--For purposes of this section--
''(1) In general.--The term 'qualified space company' means
a domestic C corporation if for the 3-taxable-year period
ending with the taxable year immediately preceding the taxable
year in which qualified stock is purchased--
''(A) the average annual gross receipts of such
entity does not exceed $100,000,000, and
''(B) more than 70 percent of such gross receipts
are derived from space-based business.
''(2) Space-based business.--The term 'space-based
business' means a business whose gross receipts are
substantially space-related income, as defined in section
140(b).
''(3) Aggregation rules.--Rules similar to the rules of
section 1202(d)(3) shall apply.
''(c) Qualified Stock.--For purposes of this section--
''(1) In general.--Except as otherwise provided in this
section, the term 'qualified stock' means any stock in a
domestic C corporation if--
''(A) as of the date of issuance of such stock,
such corporation is a qualified space company, and
''(B) except as provided in subsections (f) and
(h), such stock is acquired by the taxpayer at its
original issue (directly or through an underwriter)--
''(i) in exchange for money or other
property (not including stock), or
''(ii) as compensation for services
provided to such corporation (other than
services performed as an underwriter of such
stock).
''(2) Active business requirement.--Stock in a corporation
shall not be treated as qualified stock unless, during
substantially all of the taxpayer's holding period for such
stock--
''(A) such corporation meets active business
requirements substantially similar to the requirements
of section 1202(e), determined on the basis that the
qualified trade or business is a space-based business,
and
''(B) such corporation is a C corporation.
''(3) Certain purchase by corporation of its own stock.--
Rules similar to the rules of section 1202(c)(3) shall apply.
''(e) Recapture.--If, during any taxable year ending with or within
the 10-year period beginning on the date qualified stock was purchased
by the taxpayer, the issuer of such stock ceases to a qualified space
company, the tax under this chapter for such taxable year shall be
increased by the aggregate decrease in the credits allowed under
section 38 for all prior taxable years which would have resulted solely
from reducing to zero any credit determined under subsection (a) with
respect to such stock.
''(f) Termination.--This section shall not apply to stock acquired
after December 31, 2011.''.
(b) Credit Allowed as Part of General Business Credit.--Section
38(b) of such Code (defining current year business credit) is amended
by striking ''plus'' at the end of paragraph (14), by striking the
period at the end of paragraph (15) and inserting '', plus'', and by
adding at the end the following new paragraph:
''(16) space company investment credit determined under
section 45G(a).''.
(c) Conforming Amendments.--
(1) Section 39(d) of such Code is amended by adding at the
end the following new paragraph:
''(11) No carryback of space company investment credit
before january 1, 2004.--No portion of the unused business
credit for any taxable year which is attributable to the space
company investment credit determined under section 45G may be
carried back to a taxable year beginning before January 1,
2004.''.
(2) Subsection (c) of section 196 of such Code is amended
by striking ''and'' at the end of paragraph (9), by striking
the period at the end of paragraph (10) and inserting '',
and'', and by adding at the end the following new paragraph:
''(11) the space company investment credit determined under
section 45G(a).''.
(3) The table of sections for subpart D of part IV of
subchapter A of chapter 1 of such Code is amended by adding at
the end the following new item:

''Sec. 45G. Space Company Investment
Credit.''.
(d) Effective Date.--The amendments made by this section shall
apply to costs paid or incurred in taxable years beginning after
December 31, 2003.

SEC. 4. CAPITAL GAINS EXCLUSION.

(a) In General.--(1) Part I of subchapter P of the Internal Revenue
Code of 1986 (relating to treatment of capital gains) is amended by
adding at the end the following new section:

''SEC. 1203. EXCLUSION FOR GAINS FROM SALE OR EXCHANGE OF STOCK OF
QUALIFIED SPACE CORPORATIONS.

''(a) In General.--Gross income shall not include gain on the sale
or exchange of any stock of a qualified space corporation.
''(b) Qualified Space Corporation.--For purposes of subsection (a),
the term 'qualified space corporation' means, with respect to any
taxable year, a domestic corporation which is a C corporation if--
''(1) such corporation is organized exclusively for
providing to unrelated persons--
''(A) any product or article which is produced
(within the meaning of section 140(b)(5)) by the
corporation in outer space, or
''(B) any service provided by the corporation in or
from outer space, and
''(2) At least 90 percent of the expenses of such
corporation are attributable to the active conduct of a trade
or business of providing a product, article, or service
described in paragraph (1).
Such term shall not include a corporation providing a service, product,
or article described in section 140(b)(2).''.
(2) Clerical Amendment.--The table of sections for part I of
subchapter P of such Code is amended by adding at the end the following
new item:

''Sec. 1203. Exclusion for gains from
sale or exchange of stock of
qualified space
corporations.''.
(b) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 2003.

Output: Zero Gravity, Zero Tax Act of 2003 - Amends the Internal Revenue Code to exclude from gross income: (1) space-related income; and (2) gain on the sale or exchange of any stock of a qualified space corporation.Establishes a space company investment credit for the purchase of qualified stock in a qualified space company.

Input: Consider Input: SECTION 1. SHORT TITLE.

This Act may be cited as the ''Protecting American Jobs Act''.

SEC. 2. AMENDMENTS TO THE NATIONAL LABOR RELATIONS ACT.

(a) Duties of the General Counsel and Administrative Law Judges.--
The National Labor Relations Act (29 U.S.C. 151 et seq.) is amended--
(1) in section 3(d) (29 U.S.C. 153(d)), by striking
''investigation of charges and issuance of complaints under
section 10, and in respect of the prosecution of such
complaints before the Board'' and inserting ''investigation of
allegations under section 10''; and
(2) in section 4(a) (29 U.S.C. 154(a)), by striking the
fourth sentence.
(b) Clarification of the Board's Rulemaking Authority.--Section 6
of such Act (29 U.S.C. 156) is amended by adding at the end the
following: ''Such rulemaking authority shall be limited to rules
concerning the internal functions of the Board. The Board shall not
promulgate rules or regulations that affect the substantive or
procedural rights of any person, employer, employee, or labor
organization, including rules and regulations concerning unfair labor
practices and representation elections.''.
(c) Investigatory Power and Adjudicatory Authority Over Unfair
Labor Practice Allegations.--Section 10 of such Act (29 U.S.C. 160) is
amended--
(1) in subsection (a)--
(A) by striking ''prevent any person from engaging
in'' and inserting ''investigate''; and
(B) by striking ''This power shall'' and all that
follows through the end of the subsection;
(2) in subsection (b)--
(A) by striking ''Whenever it is charged'' and
inserting ''Whenever it is alleged'';
(B) by striking ''or is engaging in'' and inserting
'', is engaging in, or is about to engage in'';
(C) by striking ''the Board, or any agent'' and all
that follows through ''Provided, That no complaint
shall issue'' and inserting ''the aggrieved person may
bring a civil action for such relief (including an
injunction) as may be appropriate. Any such civil
action may be brought in the district court of the
United States where the violation occurred, or, at the
option of the parties, in the United States District
Court for the District of Columbia. No civil action may
be brought'';
(D) by striking ''charge with the Board'' and all
that follows through ''prevented from filing such
charge'' and inserting ''civil action, unless the
person aggrieved thereby was prevented from filing such
civil action''; and
(E) by striking ''Any such complaint may be
amended'' and all that follows through ''Any such
proceeding shall, so far as practicable,'' and
inserting ''Any proceeding under this subsection
shall'';
(3) by striking subsections (c) through (k);
(4) by redesignating subsections (l) and (m) as subsections
(c) and (d), respectively;
(5) in subsection (c) (as so redesignated)--
(A) by striking ''Whenever it is charged'' and
inserting ''Whenever it is alleged'';
(B) in the first sentence, by striking ''charge''
and inserting ''allegation''; and
(C) by striking ''such charge is true and that a
complaint should issue, he shall'' and all that follows
through the end of the subsection and inserting ''such
allegation is true, the officer or regional attorney
shall, on behalf of the Board, submit a written summary
of the findings to all parties involved in the alleged
unfair labor practice.''; and
(6) in subsection (d) (as so redesignated)--
(A) by striking ''Whenever it is charged'' and
inserting ''Whenever it is alleged'';
(B) by striking ''such charge'' and inserting
''such allegation''; and
(C) by striking ''and cases given priority under
subsection (i)''.
(d) Conforming Amendments.--The National Labor Relations Act (29
U.S.C. 151 et seq.) is amended--
(1) in section 9 (29 U.S.C. 159)--
(A) in subsection (c)(2), by striking ''and in no
case shall the Board'' and all that follows through the
end of such subsection and inserting a period;
(B) by striking subsection (d); and
(C) by redesignating subsection (e) as subsection
(d);
(2) in section 3(b) (29 U.S.C. 153(b)), by striking ''or
(e) of section 9'' and inserting ''or (d) of section 9'';
(3) in section 8 (29 U.S.C. 158), by striking ''9(e)'' each
place it appears and inserting ''9(d)''; and
(4) in section 18 (29 U.S.C. 168), by striking ''section 10
(e) or (f)'' and inserting ''subsection (e) or (f) of section
10, as such subsections were in effect on the day before the
date of enactment of the Protecting American Jobs Act,''.

SEC. 3. REGULATIONS.

Not later than 6 months after the date of enactment of this Act,
the National Labor Relations Board shall review all regulations
promulgated before such date of enactment and revise or rescind any
such regulations as necessary to implement the amendment made by
section 2(b).

Output: Protecting American Jobs Act This bill amends the National Labor Relations Act, with respect to the authority of the National Labor Relations Board, to: repeal the authority of the General Counsel ofthe board, to issue, and prosecute before the board, complaints of unfair labor practices; limit the board's rulemaking authority to rules concerning the internal functions of the board; prohibit the board from promulgating regulations affecting the substantive or procedural rights of any person, employer, employee, or labor organization, including rules concerning unfair labor practices and representation elections; repeal the board's authority to prevent persons from engaging in unfair labor practices, limiting such authority to the investigation of allegations of such practices; and repeal the board's authority to petition courts for enforcement of its orders, seek injunctions, or hold hearings on jurisdictional strikes.

Input: Consider Input: SECTION 1. SHORT TITLE.

This Act may be cited as the ''United States Employee Ownership
Bank Act''.

SEC. 2. FINDINGS.

Congress finds that--
(1) between December 2007 and October 2009, payroll
employment in the United States fell by 8,200,000;
(2) between January 2000 and October 2009, the
manufacturing sector lost 5,617,000 jobs;
(3) as of October 2009, fewer than 12,000,000 workers in
the United States were employed in the manufacturing sector,
the fewest number of factory jobs since March 1941;
(4) at the end of 2008, the United States had a trade
deficit of more than $695,936,000,000, including a record-
breaking $268,039,800,000 trade deficit with China;
(5) preserving and increasing decent paying jobs must be a
top priority of Congress;
(6) providing loan guarantees, direct loans, and technical
assistance to employees to buy their own companies will
preserve and increase employment in the United States; and
(7) just as the United States Export-Import Bank was
created in 1934 in the midst of the Great Depression, as a way
to increase United States jobs through exports, the time has
come to establish the United States Employee Ownership Bank
within the Department of the Treasury to preserve and expand
jobs in the United States.

SEC. 3. DEFINITIONS.

In this Act--
(1) the term ''Bank'' means the Unites States Employee
Ownership Bank, established under section 4;
(2) the term ''eligible worker-owned cooperative'' has the
same meaning as in section 1042(c)(2) of the Internal Revenue
Code of 1986;
(3) the term ''employee stock ownership plan'' has the same
meaning as in section 4975(e)(7) of the Internal Revenue Code
of 1986; and
(4) the term ''Secretary'' means the Secretary of the
Treasury.

SEC. 4. ESTABLISHMENT OF UNITED STATES EMPLOYEE OWNERSHIP BANK WITHIN
THE DEPARTMENT OF THE TREASURY.

(a) Establishment of Bank.--
(1) In general.--Before the end of the 90-day period
beginning on the date of enactment of this Act, the Secretary
shall establish the United States Employee Ownership Bank, to
foster increased employee ownership of United States companies
and greater employee participation in company decision making
throughout the United States.
(2) Organization of the bank.--
(A) Management.--The Secretary shall appoint a
Director to serve as the head of the Bank, who shall
serve at the pleasure of the Secretary.
(B) Staff.--The Director may select, appoint,
employ, and fix the compensation of such employees as
are necessary to carry out the functions of the Bank.
(b) Duties of Bank.--The Bank is authorized to provide loans, on a
direct or guaranteed basis, which may be subordinated to the interests
of all other creditors--
(1) to purchase a company through an employee stock
ownership plan or an eligible worker-owned cooperative, which
shall be at least 51 percent employee owned, or will become at
least 51 percent employee owned as a result of financial
assistance from the Bank;
(2) to allow a company that is less than 51 percent
employee owned to become at least 51 percent employee owned;
(3) to allow a company that is already at least 51 percent
employee owned to increase the level of employee ownership at
the company; and
(4) to allow a company that is already at least 51 percent
employee owned to expand operations and increase or preserve
employment.
(c) Preconditions.--Before the Bank makes any subordinated loan or
guarantees a loan under subsection (b)(1), a business plan shall be
submitted to the bank that--
(1) shows that--
(A) not less than 51 percent of all interests in
the company is or will be owned or controlled by an
employee stock ownership plan or eligible worker-owned
cooperative;
(B) the board of directors of the company is or
will be elected by shareholders on a one share to one
vote basis or by members of the eligible worker-owned
cooperative on a one member to one vote basis, except
that shares held by the employee stock ownership plan
will be voted according to section 409(e) of the
Internal Revenue Code of 1986, with participants
providing voting instructions to the trustee of the
employee stock ownership plan in accordance with the
terms of the employee stock ownership plan and the
requirements of that section 409(e); and
(C) all employees will receive basic information
about company progress and have the opportunity to
participate in day-to-day operations; and
(2) includes a feasibility study from an objective third
party with a positive determination that the employee stock
ownership plan or eligible worker-owned cooperative will
generate enough of a margin to pay back any loan, subordinated
loan, or loan guarantee that was made possible through the
Bank.
(d) Terms and Conditions for Loans and Loan Guarantees.--
Notwithstanding any other provision of law, a loan that is provided or
guaranteed under this section shall--
(1) bear interest at an annual rate, as determined by the
Secretary--
(A) in the case of a direct loan under this Act--
(i) sufficient to cover the cost of
borrowing to the Department of the Treasury for
obligations of comparable maturity; or
(ii) of 4 percent; and
(B) in the case of a loan guaranteed under this
section, in an amount that is equal to the current
applicable market rate for a loan of comparable
maturity; and
(2) have a term not to exceed 12 years.

SEC. 5. EMPLOYEE RIGHT OF FIRST REFUSAL BEFORE PLANT OR FACILITY
CLOSING.

Section 3 of the Worker Adjustment and Retraining Notification Act
(29 U.S.C. 2102) is amended--
(1) in the section heading, by adding at the end the
following: ''; employee stock ownership plans or eligible
worker owned cooperatives''; and
(2) by adding at the end the following:
''(e) Employee Stock Ownership Plans and Eligible Worker-Owned
Cooperatives.--
''(1) General rule.--If an employer orders a plant or
facility closing in connection with the termination of its
operations at such plant or facility, the employer shall offer
its employees an opportunity to purchase such plant or facility
through an employee stock ownership plan (as that term is
defined in section 4975(e)(7) of the Internal Revenue Code of
1986) or an eligible worker-owned cooperative (as that term is
defined in section 1042(c)(2) of the Internal Revenue Code of
1986) that is at least 51 percent employee owned. The value of
the company which is to be the subject of such plan or
cooperative shall be the fair market value of the plant or
facility, as determined by an appraisal by an independent third
party jointly selected by the employer and the employees. The
cost of the appraisal may be shared evenly between the employer
and the employees.
''(2) Exemptions.--Paragraph (1) shall not apply--
''(A) if an employer orders a plant closing, but
will retain the assets of such plant to continue or
begin a business within the United States; or
''(B) if an employer orders a plant closing and
such employer intends to continue the business
conducted at such plant at another plant within the
United States.''.

SEC. 6. REGULATIONS ON SAFETY AND SOUNDNESS AND PREVENTING COMPETITION
WITH COMMERCIAL INSTITUTIONS.

Before the end of the 90-day period beginning on the date of
enactment of this Act, the Secretary of the Treasury shall prescribe
such regulations as are necessary to implement this Act and the
amendments made by this Act, including--
(1) regulations to ensure the safety and soundness of the
Bank; and
(2) regulations to ensure that the Bank will not compete
with commercial financial institutions.

SEC. 7. COMMUNITY REINVESTMENT CREDIT.

Section 804 of the Community Reinvestment Act of 1977 (12 U.S.C.
2903) is amended by adding at the end the following new subsection:
''(l) Establishment of Employee Stock Ownership Plans and Eligible
Worker-Owned Cooperatives.--In assessing and taking into account, under
subsection (a), the record of a financial institution, the appropriate
Federal financial supervisory agency may consider as a factor capital
investments, loans, loan participation, technical assistance, financial
advice, grants, and other ventures undertaken by the institution to
support or enable employees to establish employee stock ownership plans
or eligible worker-owned cooperatives (as those terms are defined in
sections 4975(e)(7) and 1042(c)(2) of the Internal Revenue Code of
1986, respectively), that are at least 51 percent employee-owned plans
or cooperatives.''.

SEC. 8. AUTHORIZATION OF APPROPRIATIONS.

There are authorized to be appropriated to the Secretary to carry
out this Act, $500,000,000 for fiscal year 2010, and such sums as may
be necessary thereafter.
Output: United States Employee Ownership Bank Act - Directs the Secretary of the Treasury to establish the United States Employee Ownership Bank to foster increased employee ownership and greater employee participation in company decision making throughout the United States.

Authorizes the Bank to make loans, on a direct or guaranteed basis, and which may be subordinated to the interests of all other creditors, to employees to purchase a company through an employee stock ownership plan or eligible worker-owned cooperative which is at least 51% employee owned, or will become so as a result of Bank assistance.

Authorizes the bank also to allow: (1) a company that is less than 51% employee owned to become at least 51% employee owned; and (2) allow a company that is already at least 51% employee owned to increase the level of employee ownership, expand operations, and increase or preserve employment.

Amends the Worker Adjustment and Retraining Notification Act to require the employer, if it orders a plant or facility closing in connection with the termination of its operations there, to offer its employees an opportunity to purchase such plant or facility through an employee stock ownership plan or an eligible worker-owned cooperative that is at least 51% employee owned.

Exempts from such requirement an employer that orders a plant closing: (1) but will retain the plant assets to continue or begin a business within the United States; or (2) intends to continue the business conducted at such plant at another plant within the United States.

Amends the Community Reinvestment Act of 1977 to authorize the appropriate federal financial supervisory agency, in assessing and taking into account the record of a financial institution during an examination, to consider capital investments, loans, loan participation, technical assistance, financial advice, grants, and other ventures undertaken by the institution to support or enable employees to establish employee stock ownership plans or eligible worker-owned cooperatives that are at least 51% employee-owned.