Q: In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
SECTION 1. SHORT TITLE.

This Act may be cited as the ''Space Tourism Promotion Act of
2001''.

SEC. 2. FINDINGS.

The Congress finds that--
(1) humans have long had a yearning to travel in space and
experience conditions beyond Earth's atmosphere;
(2) forty years of human space flight experience have
demonstrated the feasibility of safe travel to and from space
as well as the ability of humans to live and work in space;
(3) the Nation's human space flight program has developed
technologies and operational procedures that the private sector
could make use of to enable American citizens to experience
space travel;
(4) space tourism has the potential to become a significant
industry and a powerful stimulus for advances in space
transportation;
(5) the Federal Government could play an important role in
stimulating the development of space tourism by means of
guaranteed loans, tax credits, expeditious establishment of a
straightforward and predictable regulatory structure, and
research and development in technologies that may enable the
private sector to develop operational passenger-carrying space
transportation systems and on-orbit habitations;
(6) as the agency of the Federal Government primarily
responsible for the development of America's commercial sector,
the Department of Commerce, and in particular its Office of
Space Commercialization, should have the lead role in
encouraging the growth of space tourism;
(7) as the agency of the Federal Government currently
responsible for regulating America's commercial space
transportation industry, the Federal Aviation Administration,
and in particular its Office of Commercial Space
Transportation, should have the lead role in establishing the
regulatory structure necessary to ensure the safety of United
States space tourism;
(8) as the agency of the Federal Government responsible for
carrying out the major share of the Nation's civil space
activities, the National Aeronautics and Space Administration
should continue its traditional role of conducting research and
development related to new space technologies and systems and
facilitating their transfer to the private sector;
(9) it is an appropriate role for the Federal Government to
undertake measures to encourage the development of space
tourism in the United States; and
(10) at the same time, it is an inappropriate role and a
misallocation of taxpayer-provided resources for the Federal
Government to compete with the private sector in the provision
of transportation vehicles or facilities for space tourism.

SEC. 3. DEFINITIONS.

In this Act--
(1) terms that are defined in the Federal Credit Reform Act
of 1990 have the meaning given those terms in that Act; and
(2) the term ''space tourism'' means travel to, from, or
within outer space, or to the surface of a body in space other
than Earth, or habitation in outer space, for the purpose of
recreation.

SEC. 4. LOAN GUARANTEES.

(a) Authority.--
(1) In general.--The Secretary of Commerce may guarantee up
to 85 percent of the value of loans for the purpose of
developing transportation systems, habitation facilities, or
other infrastructure required for space tourism.
(2) Limitation.--The maximum aggregate amount of loan
commitments that may be guaranteed under this section by the
Secretary of Commerce at any one time shall be $2,000,000,000.
(3) Administrative fee.--The Secretary of Commerce is
authorized to collect from any borrower, and to the extent
provided for in advance in appropriations Acts to use, an
amount not to exceed 0.5 percent of the amount borrowed, for
covering the administrative expenses and other annual costs to
the Department of Commerce of the loan guarantee.
(b) Terms and Conditions.--A loan guaranteed under this section
shall be on such terms and conditions as the Secretary of Commerce may
prescribe.
(c) Term of Loans.--Loans guaranteed under this section shall be
for a term of not to exceed 20 years, or 100 percent of the useful life
of the substantial portion of the physical assets to be financed by the
loans, whichever is shorter, as determined by the Secretary of
Commerce.
(d) Lien on Interests in Assets.--Upon providing a loan guarantee
to a borrower under this section, the Secretary of Commerce shall have
liens which shall be superior to all other liens on assets of the
borrower equal to 85 percent of the unpaid balance of the loan subject
to the guarantee.
(e) Protection.--No loan shall be guaranteed under this section
unless the Secretary of Commerce determines that the borrower is
responsible and that adequate provision is made for servicing the loan
on reasonable terms and for protecting the interests of the United
States.
(f) Validity.--A loan guarantee under this section shall be
conclusive evidence that such guarantee has been properly obtained, and
that the underlying loan qualifies for such guarantee. In an action for
fraud or material misrepresentation by the holder of a loan guaranteed
under this section, such guarantee shall be presumed to be valid,
legal, and enforceable.
(g) Forbearance.--The Secretary of Commerce may approve an
agreement, between the parties to a loan guaranteed under this section,
that provides for forbearance for the benefit of the borrower if the
forbearance will result in no cost to the Federal Government.
(h) Administration and Oversight Responsibility.--The Office of
Space Commercialization shall be responsible for the administration and
oversight of this section on behalf of the Department of Commerce.

SEC. 5. CAPITAL GAINS EXCLUSION.

(a) In General.--Part I of subchapter P of chapter 1 of the
Internal Revenue Code of 1986 (relating to items specifically excluded
from gross income) is amended by adding at the end the following new
section:

''SEC. 1203. EXCLUSION OF GAINS FOR QUALIFIED SPACE TOURISM
CORPORATIONS.

''(a) In General.--Gross income shall not include gain on the sale
or exchange of any stock of a qualified space tourism corporation held
for more than one year.
''(b) Qualified Space Tourism Corporation.--For purposes of
subsection (a), the term 'qualified space tourism 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 any service of space tourism (as
defined in section 3 of the Space Tourism Promotion Act of
2001), and
''(2) such corporation derives at least 75 percent of its
gross receipts from the active conduct of a trade or business
of providing a service described in paragraph (1).
''(c) Certain Purchases by Corporations of Its Own Stock.--For
purposes of this section, rules similar to the rules of section
1202(c)(3) shall apply.
''(d) Related Person.--Persons shall be treated as related to each
other if such persons would be treated as a single employer under the
regulations prescribed under section 52(b). In the case of a
corporation which is a member of an affiliated group of corporations
filing a consolidated return, such corporation shall be treated as
providing services related to space tourism to an unrelated person if
such services are provided to such a person by another member of such
group.
''(e) Termination.--This section shall not apply to sales or
exchanges after December 31, 2011.''.
(b) 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 of gains for
qualified space tourism
corporations.''
(c) Effective Date.--The amendments made by this section shall
apply to sales and exchanges in taxable years beginning after December
31, 2001.

SEC. 6. ESTABLISHMENT OF REGULATORY STANDARDS.

(a) In General.--Not later than 2 years after the date of the
enactment of this Act, the Secretary of Transportation shall issue
regulations to govern--
(1) activities necessary to ensure the safe operation of
passenger-carrying launch and reentry vehicles and spacecraft
for space tourism, to the extent to which regulatory procedures
have not previously been established by law; and
(2) activities related to the provision of and safe
operation of habitable facilities in outer space for space
tourism purposes.
(b) Orbital Debris Avoidance.--Not later than 2 years after the
date of the enactment of this Act, the Secretary of Transportation
shall issue regulations to prevent, to the extent practicable, the
growth of orbital debris resulting from activities associated with
space tourism.
(c) Legal Regime.--Activities taking place on space tourism
habitation facilities and passenger-carrying launch and reentry
vehicles and spacecraft for space tourism licensed or otherwise
regulated by the Secretary of Transportation shall be governed by the
laws of the United States.

SEC. 7. USE OF FEDERAL FACILITIES.

(a) Prohibition Against Certain Uses of Federal Facilities.--
(1) In general.--Launch, reentry, and space travel vehicles
owned by the Federal Government shall not be used for the
transport of any individuals other than those engaged in or
supporting the conduct of official business of the United
States or the conduct of scientific or engineering research and
development, except in emergency situations.
(2) International space station.--The United States portion
of the International Space Station shall not be visited or
occupied by any individuals other than those engaged in or
supporting the conduct of official business of the United
States or the conduct of scientific or engineering research and
development, and those authorized by relevant international
agreements, except in emergency situations.
(b) Use of Other Federal Facilities.--The use of other Federal
facilities and infrastructure, such as launch ranges and data relay
satellites, shall be made available to commercial entities engaged in
space tourism on a cost-reimbursable basis to the extent that excess
capacity exists at the time the commercial entity requests the use of
such facilities and infrastructure.
A:
Space Tourism Promotion Act of 2001 - Authorizes the Secretary of Commerce to guarantee up to 85 percent of the value of loans for developing transportation systems, habitation facilities, or other infrastructure required for space tourism.Amends the Internal Revenue Code of 1986 to exclude from gross income gain on the sale or exchange of any stock of a qualified space tourism corporation held for more than a year.Requires the Secretary of Transportation to issue regulations to: (1) govern activities necessary to ensure the safe operation of passenger-carrying launch and reentry vehicles and spacecraft for space tourism and activities related to the provision and safe operation of habitable facilities in outer space for space tourism; and (2) prevent the growth of orbital debris resulting from activities associated with space tourism.Prohibits: (1) the use of launch, reentry, and space travel vehicles owned by the Government for the transport of any individuals other than those engaged in or supporting the conduct of official business or scientific or engineering research and development (R&D), except in emergencies; and (2) the U.S. portion of the International Space Station from being visited or occupied by any individuals other than those engaged in or supporting the conduct of such business or R&D and those authorized by relevant international agreements, except in emergencies.Requires the use of other Federal facilities and infrastructure, such as launch ranges and data relay satellites, to be made available to commercial entities engaged in space tourism on a cost-reimbursable basis to the extent that excess capacity exists.