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

Now, solve this: SECTION 1. SHORT TITLE; AMENDMENT OF 1986 CODE.

(a) Short Title.--This Act may be cited as the ''Economic
Revitalization Tax Act of 2001''.
(b) Amendment of 1986 Code.--Except as otherwise expressly
provided, whenever in this Act an amendment or repeal is expressed in
terms of an amendment to, or repeal of, a section or other provision,
the reference shall be considered to be made to a section or other
provision of the Internal Revenue Code of 1986.

SEC. 2. CERTAIN INVESTMENTS IN UNITED STATES PROPERTY BY QUALIFIED
POSSESSIONS CORPORATIONS.

(a) In General.--Section 956 (relating to investment of earnings in
United States property) is amended by redesignating subsection (e) as
subsection (f) and inserting after subsection (d) the following:
''(e) Separate Application of Section to Qualified Possessions
Corporations.--
''(1) In general.--In the case of a qualified possessions
corporation, this section shall be applied separately with
respect to such corporation's qualified possessions income.
''(2) Definitions.--For purposes of this section--
''(A) Qualified possessions corporation.--The term
'qualified possessions corporation' means any foreign
corporation which is a controlled foreign corporation
and is created or organized under the laws of the
Commonwealth of Puerto Rico or a possession of the
United States.
''(B) Qualified possessions income.--The term
'qualified possessions income' means income earned by a
qualified possessions corporation in taxable years
beginning after December 31, 2001, from sources outside
the United States, from--
''(i) the active conduct of a trade or
business within the Commonwealth of Puerto Rico
or a possession of the United States, or
''(ii) the sale or exchange of
substantially all of the assets used in the
active conduct of such a trade or business.
''(3) Taxable years to which subsection is applicable.--
This subsection shall be applicable with respect to any taxable
year of a qualified possessions corporation beginning after
December 31, 2001, for which an election under section 245(d)
is not in effect.''.
(b) Certain Investments in United States Property.--Section 951(a)
(relating to amounts included in gross income of United States
shareholders) is amended by adding at the end the following:
''(4) Certain investments in united states property.--
''(A) In general.--The amount determined under
paragraph (1)(B) with respect to a qualified
possessions corporation (as defined in section
956(e)(2)(A)) shall be reduced (but not below zero) by
the lesser of--
''(i) 90 percent of the amount determined
under section 956(e) with respect to such
corporation for the taxable year, or
''(ii) 90 percent of such corporation's
cumulative qualified possessions income (as
defined in section 956(e)(2)(B)), reduced by
amounts (if any) previously allowed as a
deduction under section 245(d).
''(B) Succeeding taxable years.--In applying this
section and section 956 to any taxable year, any amount
not included in the gross income of a United States
shareholder of a qualified possessions corporation in a
prior taxable year solely by reason of the application
of subparagraph (A) shall be treated as if it had been
so included in the gross income of the United States
shareholder in such prior taxable year.''.

SEC. 3. DIVIDENDS RECEIVED DEDUCTION WITH RESPECT TO CERTAIN
DISTRIBUTIONS BY QUALIFIED POSSESSIONS CORPORATIONS.

Section 245 (relating to dividends received from certain foreign
corporations) is amended by adding at the end the following:
''(d) Dividends From Qualified Possessions Corporations.--
''(1) General rule.--In the case of a dividend described in
paragraph (2) received by a domestic corporation from an
electing qualified possessions corporation (as defined in
section 956(e)(2)(A)), there shall be allowed as a deduction an
amount equal to 85 percent of such dividend.
''(2) Eligible dividends.--A dividend is described in this
paragraph if such dividend is paid out of that portion of the
earnings and profits of a qualified possessions corporation
which does not exceed such corporation's accumulated qualified
possessions income (as defined in section 956(e)(2)(B)).
''(3) Elections.--
''(A) In general.--An election under this
subsection shall be made by the qualified possessions
corporation at such time and in such manner as the
Secretary shall prescribe.
''(B) Years for which election is effective.--An
election under this subsection shall be effective for
the taxable year of the qualified possessions
corporation beginning after December 31, 2001, for
which such election is made and for all succeeding
taxable years of such corporation, unless--
''(i) the corporation ceases to be a
qualified possessions corporation, or
''(ii) the corporation revokes the
election.
''(C) New election by qualified possessions
corporation following termination.--If a qualified
possessions corporation has made an election under this
subsection and if such election has been terminated
under subparagraph (B), such corporation (and any
successor qualified possessions corporation) shall not
be eligible to make an election under this subsection
for any taxable year before the 5th taxable year which
begins after the 1st taxable year for which such
termination is effective, unless the Secretary consents
to such election.''.

SEC. 4. SAFE HARBOR RULE FOR CERTAIN TRANSFERS OR LICENSES OF
INTANGIBLE PROPERTY TO A QUALIFIED POSSESSIONS
CORPORATION.

Section 367 (relating to foreign corporations) is amended by adding
at the end the following:
''(g) Safe Harbor for Certain Transfers or Licenses of Intangible
Property.--
''(1) General rule.--If subsection (d)(2)(A)(ii) or section
482 is otherwise applicable to the transfer or license of
qualified intangible property to an electing qualified
possessions corporation (as defined in section 956(e)(2)(A)),
the requirements of subsection (d)(2)(A)(ii) or section 482, as
the case may be, shall be treated as satisfied for all purposes
under this subtitle for any taxable year for which the electing
qualified possessions corporation computes its qualified
possessions income (as defined in section 956(e)(2)(B)) with
respect to its products or services involving the use of the
qualified intangible property in accordance with the same
method specified in section 936(h) (as in effect on the date of
the enactment of this subsection) which was used by the
domestic corporation referred to in paragraph (2)(A) for its
last taxable year beginning before the transfer or license to
the qualified possessions corporation.
''(2) Definitions.--For purposes of this subsection--
''(A) Qualified intangible property.--The term
'qualified intangible property' means any intangible
property owned by a domestic corporation on the date of
the enactment of this section, but only if such
property was--
''(i) developed or purchased by the
domestic corporation, and
''(ii) used directly in the active conduct
by the domestic corporation of a trade or
business for which credits were allowed under
either section 30A or 936 for the taxable year
within which the transfer or license occurs.
''(B) Intangible property.--The term 'intangible
property' means any intangible property (within the
meaning of subsection (d)) but only if such property
was used directly in connection with a manufacturing or
similar process within the taxable year referred to in
paragraph (2)(A)(ii).
''(3) Election.--
''(A) In general.--An election under this
subsection shall be made by the qualified possessions
corporation, in such manner as the Secretary may
prescribe by regulations, prior to the 15th day of the
3d month following the close of the first taxable year
of such corporation beginning after December 31, 2001.
''(B) Years for which effective.--An election under
this subsection shall apply to the taxable year for
which made and all subsequent years unless--
''(i) the foreign corporation which is the
transferee or licensee ceases to be a qualified
possessions corporation, or
''(ii) the Secretary consents to the
revocation of the election.''.

SEC. 5. TECHNICAL AND CONFORMING CHANGES.

(a) Imputed Interest.--Notwithstanding any provision of the
Internal Revenue Code of 1986, no interest shall be imputed for any
purpose under such Code with respect to any obligation issued to a
qualified possessions corporation (as defined in section 956(e)(2)(A)
of such Code, as added by section 2(a)) as part of a transaction to
which section 956(e) of such Code (as so added) is applicable.
(b) Constructive Dividends.--Notwithstanding any provision of the
Internal Revenue Code of 1986, no amount of United States property held
by a qualified possessions corporation (as defined in such section
956(e)) pursuant to sections 951(a)(4) and 956(e) of such Code shall be
treated as a dividend for any purpose under such Code.

SEC. 6. EFFECTIVE DATE.

The amendments made by this Act shall take effect on the date of
the enactment of this Act.
Solution:
Economic Revitalization Tax Act of 2001 - Amends Internal Revenue Code provisions concerning investment of earnings in U.S. property to set forth a separate rule governing any foreign corporation which is a controlled foreign corporation and is created or organized under the laws of the Commonwealth of Puerto Rico or a possession of the United States.Provides that in the case of certain dividends received by a domestic corporation from such a corporation, there shall be allowed as a deduction an amount equal to 85 percent of such dividend.Establishes a safe harbor rule for certain transfers or licenses of intangible property to such a corporation.