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

Example Input: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Detroit Economic Competitiveness 
Act''.

SEC. 2. DETROIT JOBS TRUST FUND.

    (a) In General.--Subchapter A of chapter 98 of the Internal Revenue 
Code of 1986 is amended by adding at the end the following new section:

``SEC. 9512. DETROIT JOBS TRUST FUND.

    ``(a) Creation of Trust Fund.--There is established in the Treasury 
of the United States a trust fund to be known as the `Detroit Jobs 
Trust Fund', consisting of such amounts as may be appropriated or 
credited to such fund as provided in this section or section 9602(b).
    ``(b) Transfers to Trust Fund.--There are hereby appropriated to 
the Detroit Jobs Trust Fund amounts equivalent to receipts in the 
Treasury of taxes (including all income, excise, and employment taxes 
whether imposed with respect to individuals or businesses) imposed 
under this title (with respect to periods after the date of the 
enactment of this section) which are (as determined by the Secretary) 
attributable to Detroit, Michigan. The city of Detroit, Michigan, shall 
provide the Secretary such information as the Secretary may request for 
purposes of making the determinations required under this subsection. 
For purposes of this subsection, the taxes imposed on a corporation or 
other business entity shall not be treated as attributable to Detroit, 
Michigan, merely because the headquarters of such corporation or entity 
is located in Detroit, Michigan.
    ``(c) Expenditures.--
            ``(1) In general.--Except as otherwise provided in this 
        subsection, amounts in the Detroit Jobs Trust Fund shall 
        (without need of any further appropriation) be distributed 
        annually by the Secretary to the city of Detroit, Michigan, to 
        carry out the purposes described in paragraph (2).
            ``(2) Use of expenditures.--Amounts distributed to the city 
        of Detroit, Michigan, under this section shall be used for the 
        following purposes and in the following order of priority:
                    ``(A) First, of the amounts distributed with 
                respect the annual period not in excess of the Detroit 
                income tax suspension hold harmless amount, for any 
                purpose determined by the city government of Detroit, 
                Michigan.
                    ``(B) Second, for payment of principal and interest 
                on any general obligation issued by the city of 
                Detroit, Michigan (to the extent of such obligations).
                    ``(C) Third, for payment of principal and interest 
                on obligations to which section 103 applies and the 
                proceeds of which were used for the public schools of 
                the city of Detroit, Michigan (to the extent of such 
                obligations).
                    ``(D) Fourth, for jobs development, public safety, 
                education, business infrastructure, or public 
                infrastructure (to the extent consistent with the plan 
                described in paragraph (4)).
            ``(3) Restriction on distributions.--No distribution shall 
        be made by the Secretary under paragraph (1) unless--
                    ``(A) the city of Detroit, Michigan, does not 
                impose an income tax with respect to the period to 
                which such distribution relates,
                    ``(B) such city has reduced the aggregate property 
                taxes imposed by an amount not less than the reduction 
                in the payment obligations of such city by reason of 
                the payments described in paragraph (2),
                    ``(C) all prior distributions made to the city 
                under paragraph (2) were used by the city in a manner 
                consistent with the requirements of paragraph (2), and
                    ``(D) such city has provided such information to 
                the Comptroller General of the United States as the 
                Comptroller General may request to carry out section 
                2(b) of the Detroit Economic Competitiveness Act.
            ``(4) 5-year development plan.--A plan is described in this 
        paragraph if such plan--
                    ``(A) is a 5-year plan describing development goals 
                for Detroit, Michigan, and detailing how distributions 
                for purposes described in paragraph (2)(D) will be 
                spent,
                    ``(B) has been approved by simple majority vote of 
                the City Council of Detroit, Michigan (after 
                consultation with the Detroit Board of Education), and
                    ``(C) has been submitted to, and approved by, the 
                Secretary of the Treasury, the Secretary of Housing and 
                Urban Development, and the Secretary of Education.
        No distribution shall be made under paragraph (1) for a purpose 
        described in paragraph (2)(D) unless a plan described in this 
        paragraph is in effect and all prior such distributions for 
        such purposes were used in accordance with such plan.
            ``(5) Special rules during period of plan development.--
        During the period during which the plan described in paragraph 
        (4) is developed (but not in excess of the 5-month period 
        beginning on the date of the first distribution under paragraph 
        (1)), amounts distributed may be used concurrently for the 
        purposes described in subparagraphs (A), (B), and (C) of 
        paragraph (2).
            ``(6) Detroit income tax suspension hold harmless amount.--
                    ``(A) In general.--For purposes of paragraph 
                (2)(A), the term `Detroit income tax suspension hold 
                harmless amount' means the amount (as determined by the 
                Secretary) of revenue collected by the city of Detroit 
                pursuant to the income tax imposed by such city during 
                the calendar year preceding the calendar year which 
                includes the date of the enactment of this section.
                    ``(B) Cross reference.--For provision which 
                requires suspension of the Detroit income tax, see 
                paragraph (3)(A).
                    ``(C) Tax returns may still be required.--The city 
                of Detroit, Michigan, shall not be treated as failing 
                to satisfy the requirement of paragraph (3)(A) with 
                respect to any period merely because taxpayers are 
                required to file tax returns and report income with 
                respect to such period.
            ``(7) Amounts made available not to reduce other funding.--
        Amounts distributed to the city of Detroit, Michigan, under 
        this section shall supplement, and not supplant, any other 
        funding (including any Federal funding) for such city.
    ``(d) Termination.--No amount shall be distributed from, or 
appropriated to, the Detroit Jobs Trust Fund after the 5-year period 
beginning on the date of the enactment of this section. Any amounts 
remaining in such Trust Fund at the end of such period shall be 
transferred to the general fund of the Treasury. The 5-year period 
specified in this subsection shall not be renewed or extended.''.
    (b) GAO Reports.--The Comptroller General of the United States 
shall submit an annual report to Congress which--
            (1) describes the manner and purposes for which 
        distributions made from the Detroit Jobs Trust Fund have been 
        used,
            (2) describes the extent to which progress has been made 
        toward meeting the development goals under the plan described 
        in section 9512(c)(4) of the Internal Revenue Code of 1986 (as 
        added by this section) and whether such progress is consistent 
        with meeting such goals, and
            (3) includes any recommendations the Comptroller General 
        may have regarding improvements to the program described in 
        section 9512 of such Code.
The first such annual report shall be submitted not later than 90 days 
after the 1-year period beginning on the date of the enactment of this 
Act and the last such annual report shall be submitted not later than 
90 days after the date on which the Detroit Jobs Trust Fund terminates 
pursuant to section 9512(d) of such Code.
    (c) Clerical Amendment.--The table of sections for subchapter A of 
chapter 98 of the Internal Revenue Code of 1986 is amended by adding at 
the end the following new item:

``Sec. 9512. Detroit Jobs Trust Fund.''.

SEC. 3. ZERO CAPITAL GAINS RATE FOR CERTAIN NEW INVESTMENTS IN DETROIT, 
              MICHIGAN.

    (a) In General.--Subchapter Y of chapter 1 of the Internal Revenue 
Code of 1986 is amended by adding at the end the following new part:

        ``PART IV--CERTAIN NEW INVESTMENTS IN DETROIT, MICHIGAN

``Sec. 1400V. Zero capital gains rate for certain new investments in 
                            Detroit, Michigan.

``SEC. 1400V. ZERO CAPITAL GAINS RATE FOR CERTAIN NEW INVESTMENTS IN 
              DETROIT, MICHIGAN.

    ``(a) In General.--Gross income does not include any qualified 
capital gain from the sale or exchange of a specified new investment 
held for more than 1 year.
    ``(b) Specified New Investment.--For purposes of this section--
            ``(1) In general.--The term `specified new investment' 
        means--
                    ``(A) any qualified stock,
                    ``(B) any qualified partnership interest, and
                    ``(C) any qualified business property.
            ``(2) Qualified stock.--
                    ``(A) In general.--Except as provided in 
                subparagraph (B), the term `qualified stock' means any 
                stock in a domestic corporation if--
                            ``(i) such stock is acquired by the 
                        taxpayer during the 1-year period beginning on 
                        the date of the enactment of this section, at 
                        its original issue (directly or through an 
                        underwriter) from the corporation solely in 
                        exchange for cash,
                            ``(ii) as of the time such stock was 
                        issued, such corporation was a specified 
                        Detroit business (or, in the case of a new 
                        corporation, such corporation was being 
                        organized for purposes of being a specified 
                        Detroit business), and
                            ``(iii) during substantially all of the 
                        taxpayer's holding period for such stock, such 
                        corporation qualified as a specified Detroit 
                        business.
                    ``(B) Redemptions.--A rule similar to the rule of 
                section 1202(c)(3) shall apply for purposes of this 
                paragraph.
            ``(3) Qualified partnership interest.--The term `qualified 
        partnership interest' means any capital or profits interest in 
        a domestic partnership if--
                    ``(A) such interest is acquired by the taxpayer 
                during the 1-year period beginning on the date of the 
                enactment of this section, from the partnership solely 
                in exchange for cash,
                    ``(B) as of the time such interest was acquired, 
                such partnership was a specified Detroit business (or, 
                in the case of a new partnership, such partnership was 
                being organized for purposes of being a specified 
                Detroit business), and
                    ``(C) during substantially all of the taxpayer's 
                holding period for such interest, such partnership 
                qualified as a specified Detroit business.
        A rule similar to the rule of paragraph (2)(B) shall apply for 
        purposes of this paragraph.
            ``(4) Qualified business property.--
                    ``(A) In general.--The term `qualified business 
                property' means tangible property if--
                            ``(i) such property was acquired by the 
                        taxpayer by purchase (as defined in section 
                        179(d)(2)) during the 1-year period beginning 
                        on the date of the enactment of this section,
                            ``(ii) the original use of such property in 
                        Detroit, Michigan, commences with the taxpayer, 
                        and
                            ``(iii) during substantially all of the 
                        taxpayer's holding period for such property, 
                        substantially all of the use of such property 
                        was in a specified Detroit business of the 
                        taxpayer.
                    ``(B) Special rule for substantial improvements.--
                The requirements of clauses (i) and (ii) of 
                subparagraph (A) shall be treated as satisfied with 
                respect to--
                            ``(i) property which is substantially 
                        improved by the taxpayer before the end of the 
                        period described in subparagraph (A)(i), and
                            ``(ii) any land on which such property is 
                        located.
                The determination of whether a property is 
                substantially improved shall be made under clause (ii) 
                of section 1400B(b)(4)(B), except that `the date of the 
                enactment of section 1400V' shall be substituted for 
                `December 31, 1997' in such clause.
    ``(c) Qualified Capital Gain.--For purposes of this section--
            ``(1) In general.--Except as otherwise provided in this 
        subsection, the term `qualified capital gain' means any gain 
        recognized on the sale or exchange of--
                    ``(A) a capital asset, or
                    ``(B) property used in the trade or business (as 
                defined in section 1231(b)).
            ``(2) Gain before enactment not qualified.--The term 
        `qualified capital gain' shall not include any gain 
        attributable to periods before the date of the enactment of 
        this section.
            ``(3) Certain rules to apply.--Rules similar to the rules 
        of paragraphs (3), (4), and (5) of section 1400B(e) shall apply 
        for purposes of this subsection.
    ``(d) Specified Detroit Business.--For purposes of this section, 
the term `specified Detroit business' means any enterprise zone 
business (as defined in section 1397C), determined--
            ``(1) without regard to subsections (b)(6) and (c)(5) 
        thereof,
            ``(2) by substituting `80 percent' for `50 percent' in 
        subsections (b)(2) and (c)(1) thereof,
            ``(3) by treating Detroit, Michigan, as an empowerment zone 
        (and by treating no area other than Detroit, Michigan, as an 
        empowerment zone).
    ``(e) Certain Rules To Apply.--For purposes of this section, rules 
similar to the rules of paragraphs (6) and (7) of subsection (b), and 
subsections (f) and (g), of section 1400B shall apply; except that for 
such purposes section 1400B(g)(2) shall be applied by substituting 
`before the date of the enactment of section 1400V' for `before January 
1, 1998, or after December 31, 2014'.
    ``(f) Regulations.--The Secretary shall prescribe such regulations 
as may be appropriate to carry out the purposes of this section, 
including regulations to prevent the abuse of the purposes of this 
section.''.
    (b) Clerical Amendment.--The table of parts for subchapter Y of 
chapter 1 of such Code is amended by adding at the end the following 
new item:

       ``Part IV. Certain New Investments in Detroit, Michigan''.

    (c) Effective Date.--The amendments made by this section shall 
apply to property acquired after the date of the enactment of this Act.
Example Output: Detroit Economic Competitiveness Act - Amends the Internal Revenue Code to establish the Detroit Jobs Trust Fund to finance economic development in Detroit, Michigan. Requires the Secretary of the Treasury to make annual distributions from such Fund to the city of Detroit for payment of debt obligations and for job development, public safety, education, and business and public infrastructure. Prohibits any distributions unless the city of Detroit: (1) does not impose an income tax during a period of distribution, (2) has made specified reductions in aggregate property taxes, (3) has used prior distributions as required under this Act, (4) has provided required information to the Comptroller General (GAO), and (5) has implemented a five-year plan describing development goals for Detroit and detailing how distributions from the Trust Fund will be spent. Terminates such Fund five years after enactment of this Act.

Requires GAO to submit annual reports to Congress describing the use of distributions from the Trust Fund, the extent to which progress has been made in meeting the plan's development goals, and Comptroller General recommendations for improving the program established under this Act.

Excludes from gross income capital gain from the sale or exchange of investment property used in trade or business in Detroit.

Example Input: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Bridges to the Cuban People Act of 
2001''.

   TITLE I--FACILITATION OF THE EXPORT OF FOOD AND MEDICINES TO CUBA

SEC. 101. EXEMPTION FROM PROHIBITIONS AND RESTRICTIONS ON TRADE WITH 
              CUBA TO PERMIT THE EXPORT OF FOOD AND MEDICINES TO CUBA.

    (a) In General.--Except as provided in subsection (b), any 
prohibition or restriction in law or regulation on trade or financial 
transactions with Cuba shall not apply with respect to the export of 
any agricultural commodity, farm machinery or equipment, medicine, or 
medical device, or with respect to travel incident to the sale or 
delivery of any agricultural commodity, farm machinery or equipment, 
medicine, or medical device, to Cuba.
    (b) Exceptions.--Subsection (a) does not apply to--
            (1) any prohibition or restriction imposed under the Export 
        Administration Act of 1979 (50 U.S.C. App. 2401 et seq.) or 
        successor statute for goods containing parts or components on 
        which export controls are in effect under that section; or
            (2) any prohibition or restriction imposed under section 
        203 of the International Emergency Economic Powers Act (50 
        U.S.C. 1702) insofar as the prohibition or restriction is 
        exercised to deal with a threat to the national security of the 
        United States by virtue of the technology incorporated in such 
        machinery or equipment.
    (c) Supersedes Existing Law.--Subsection (a) supersedes the Trade 
Sanctions Reform and Export Enhancement Act of 2000 (title IX of H.R. 
5426 of the One Hundred Sixth Congress, as enacted into law by section 
1(a) of Public Law 106-387, and as contained in the appendix of that 
Act) or any other provision of law.

SEC. 102. REMOVAL OF CERTAIN PROHIBITIONS ON VESSELS ENTERING UNITED 
              STATES PORTS.

    Section 1706(b) of the Cuban Democracy Act of 1992 (22 U.S.C. 
6005(b); prohibiting certain vessels from entering United States ports) 
shall not apply with respect to vessels that transport to Cuba any item 
the export of which is permitted under section 101 or 404 of this Act.

SEC. 103. STUDY AND REPORT RELATING TO EXPORT PROMOTION AND CREDIT 
              PROGRAMS FOR CUBA.

    (a) Study.--The Secretary of Agriculture shall conduct a study of 
United States agricultural export promotion and credit programs in 
effect as of the date of enactment of this Act to determine how such 
programs may be carried out to promote the consumption of United States 
agricultural commodities in Cuba.
    (b) Report.--Not later than 90 days after the date of enactment of 
this Act, the Secretary of Agriculture shall submit to the Committee on 
Agriculture of the House of Representatives and the Committee on 
Agriculture, Nutrition, and Forestry of the Senate a report 
containing--
            (1) the results of the study conducted under subsection 
        (a); and
            (2) recommendations for proposed legislation, if any, to 
        improve the ability of the Secretary of Agriculture to utilize 
        United States agricultural export promotion and credit programs 
        with respect to the consumption of United States agricultural 
        commodities in Cuba.

SEC. 104. REPORT TO CONGRESS.

    Not later than 6 months after the date of enactment of this Act, 
the President shall submit to Congress a report that sets forth--
            (1) the extent (expressed in volume and dollar amounts) of 
        sales to Cuba of agricultural commodities, farm machinery and 
        equipment, medicines, and medical devices, since the date of 
        enactment of this Act;
            (2) a description of the types of the goods so exported; 
        and
            (3) whether there has been any indication that any medicine 
        or medical device exported to Cuba since the date of enactment 
        of this Act--
                    (A) has been used for purposes of torture or other 
                human rights abuses;
                    (B) was reexported; or
                    (C) was used in the production of any bio-
                technological product.

SEC. 105. DEFINITIONS.

    In this title:
            (1) Agricultural commodity.--The term ``agricultural 
        commodity''--
                    (A) has the meaning given the term in section 102 
                of the Agricultural Trade Act of 1978 (7 U.S.C. 5602); 
                and
                    (B) includes fertilizer.
            (2) Medical device.--The term ``medical device'' has the 
        meaning given the term ``device'' in section 201 of the Federal 
        Food, Drug, and Cosmetic Act (21 U.S.C. 321).
            (3) Medicine.--The term ``medicine'' has the meaning given 
        the term ``drug'' in section 201 of the Federal Food, Drug, and 
        Cosmetic Act (21 U.S.C. 7321).

 TITLE II--EASING OF RESTRICTIONS ON TRAVEL BY UNITED STATES NATIONALS 
                                TO CUBA

SEC. 201. TRAVEL TO CUBA.

    (a) In General.--
            (1) Freedom of travel for united states nationals and 
        lawful permanent resident aliens.--
                    (A) In general.--Subject to subsection (b), the 
                President shall not regulate or prohibit, directly or 
                indirectly--
                            (i) travel to, from, or within Cuba by 
                        nationals of the United States or aliens 
                        lawfully admitted for permanent residence in 
                        the United States; or
                            (ii) any of the transactions incident to 
                        such travel that are set forth in paragraph 
                        (2).
                    (B) Supersedes existing law.--Subparagraph (A) 
                supersedes any other provision of law.
            (2) Transactions incident to travel.--
                    (A) In general.--Except as provided in subparagraph 
                (B), the transactions referred to in paragraph (1) 
                are--
                            (i) any transaction ordinarily incident to 
                        travel to or from Cuba, including the 
                        importation into Cuba or the United States of 
                        accompanied baggage for personal use only;
                            (ii) any transaction ordinarily incident to 
                        travel or maintenance within Cuba, including 
                        the payment of living expenses and the 
                        acquisition of goods or services for personal 
                        use;
                            (iii) any transaction ordinarily incident 
                        to the arrangement, promotion, or facilitation 
                        of travel to, from, or within Cuba;
                            (iv) any transaction incident to 
                        nonscheduled air, sea, or land voyages, except 
                        that this clause does not authorize the 
                        carriage of articles into Cuba or the United 
                        States except accompanied baggage; and
                            (v) any normal banking transaction incident 
                        to any activity described in any of the 
                        preceding clauses, including the issuance, 
                        clearing, processing, or payment of checks, 
                        drafts, travelers checks, credit or debit card 
                        instruments, or similar instruments.
                    (B) Exclusion of certain goods for personal 
                consumption.--The transactions described in 
                subparagraph (A) do not include the importation into 
                the United States of goods for personal consumption 
                acquired in Cuba in excess of the amount established by 
                the Secretary of the Treasury pursuant to section 321 
                of the Tariff Act of 1930 (19 U.S.C. 1321) or otherwise 
                authorized by law.
    (b) Exceptions.--The prohibition contained in subsection (a)(1) 
does not apply in a case in which--
            (1) the United States is at war with Cuba;
            (2) armed hostilities between the two countries are in 
        progress or imminent; or
            (3) there is a credible threat to the public health or the 
        physical safety of nationals of the United States who are 
        traveling to, from, or within Cuba.
    (c) Applicability.--This section applies to actions taken by the 
President before the date of enactment of this Act that are in effect 
on such date, and to actions taken on or after such date.
    (d) Repeals.--There are repealed the following provisions of law:
            (1) Section 102(h) of Public Law 104-114 (22 U.S.C. 
        6032(h)).
            (2) Section 910 of the Trade Sanctions Reform and Export 
        Enhancement Act of 2000 (title IX of H.R. 5426 of the One 
        Hundred Sixth Congress, as enacted into law by section 1(a) of 
        Public Law 106-387, and as contained in the appendix of that 
        Act).
    (e) Definitions.--In this section:
            (1) Lawfully admitted for permanent residence.--The term 
        ``lawfully admitted for permanent residence'' has the meaning 
        given the term in section 101(a)(20) of the Immigration and 
        Nationality Act (8 U.S.C. 1101(a)(20)).
            (2) National of the united states.--The term ``national of 
        the United States'' has the meaning given the term in section 
        101(a)(22) of the Immigration and Nationality Act (8 U.S.C. 
        1101(a)(22)).

          TITLE III--SCHOLARSHIPS FOR CERTAIN CUBAN NATIONALS

SEC. 301. SCHOLARSHIPS FOR GRADUATE STUDY.

    (a) Authority.--
            (1) In general.--The President is authorized to provide 
        scholarships under section 102 of the Mutual Educational and 
        Cultural Exchange Act of 1961 (22 U.S.C. 2452) for nationals of 
        Cuba who seek to undertake graduate study in public health, 
        public policy, economics, law, or other field of social 
        science. In awarding scholarships under this paragraph, the 
        President shall give preference to individuals not employed by 
        the Cuban government or actively participating in the communist 
        party.
            (2) Superseding existing law.--The authority of paragraph 
        (1) shall be exercised without regard to any other provision of 
        law.
    (b) Allocation of Funds.--Of the amounts authorized to be 
appropriated to carry out the Mutual Educational and Cultural Exchange 
Act of 1961 (22 U.S.C. 2451 et seq.) for fiscal years 2002 through 
2006, the following amounts are authorized to be available to carry out 
subsection (a):
            (1) For fiscal year 2002, $1,400,000 for not to exceed 20 
        scholarships.
            (2) For fiscal year 2003, $1,750,000 for not to exceed 25 
        scholarships.
            (3) For fiscal year 2004, $2,450,000 for not to exceed 35 
        scholarships.
            (4) For fiscal year 2005, $2,450,000 for not to exceed 35 
        scholarships.
            (5) For fiscal year 2006, $2,450,000 for not to exceed 35 
        scholarships.

                   TITLE IV--MISCELLANEOUS PROVISIONS

SEC. 401. WAIVER AUTHORITY WITH RESPECT TO THE PUBLIC LAW 104-114.

    (a) Waiver of Sanctions and Restrictions on Assistance.--
Notwithstanding any other provision of law, the President may waive any 
provision of title I or title II of Public Law 104-114 (22 U.S.C. 6021 
et seq.) if the President determines that to do so will promote the 
peaceful transition to democracy in Cuba.
    (b) Waiver of Grounds of Inadmissibility of Certain Aliens.--
Notwithstanding any other provision of law or regulation, the President 
may waive provisions of title IV of Public Law 104-114 (22 U.S.C. 6021 
et seq.; relating to the inadmissibility of certain aliens) if the 
President determines that to do so will further the national economic 
interest of the United States.

SEC. 402. PROHIBITION ON LIMITING ANNUAL REMITTANCES.

    (a) In General.--Except as provided in subsection (b), the 
Secretary of the Treasury may not limit the amount of remittances to 
Cuba that may be made by any person who is subject to the jurisdiction 
of the United States, and the Secretary shall rescind all regulations 
in effect on the date of enactment of this Act that so limit the amount 
of those remittances.
    (b) Statutory Construction.--Nothing in subsection (a) may be 
construed to prohibit the prosecution or conviction of any person 
committing an offense described in section 1956 of title 18, United 
States Code (relating to the laundering of monetary instruments) or 
section 1957 of such title (relating to engaging in monetary 
transactions in property derived from specific unlawful activity).

SEC. 403. IMPORTATION OF DRUGS AND DEVICES.

    Any prohibition or restriction in law (including a regulation) on 
trade or financial transactions with Cuba shall not apply with respect 
to--
            (1) a new drug for which an application for investigation 
        under section 505(i) of the Federal Food, Drug, and Cosmetic 
        Act (21 U.S.C. 355(i)) has been submitted to the Secretary of 
        Health and Human Services;
            (2) a biological product for which an application for 
        investigation under section 351(a)(3) of the Public Health 
        Service Act (42 U.S.C. 262(a)(3)) has been submitted to the 
        Secretary of Health and Human Services;
            (3) a device for which an application for investigation 
        under section 520(g) of the Federal Food, Drug, and Cosmetic 
        Act (21 U.S.C. 360j(g)) has been submitted to the Secretary of 
        Health and Human Services;
            (4) a drug that is the subject of an approved application 
        under section 505 of the Federal Food, Drug, and Cosmetic Act 
        (21 U.S.C. 355);
            (5) a biological product that is the subject of an approved 
        license under section 351 of the Public Health Service Act (42 
        U.S.C. 262); or
            (6) a device that--
                    (A) is cleared for marketing under section 510(k) 
                of the Federal Food, Drug, and Cosmetic Act (21 U.S.C. 
                360(k));
                    (B) is the subject of an approved application for 
                premarket approval under section 515 of the Federal 
                Food, Drug, and Cosmetic Act (21 U.S.C. 360e); or
                    (C) is exempted from premarket clearance under 
                subsection (l) or (m) of section 510 of the Federal 
                Food, Drug, and Cosmetic Act (21 U.S.C. 360).

SEC. 404. PROHIBITION ON UNILATERAL SANCTIONS ON GOODS OR SERVICES 
              INTENDED FOR EXCLUSIVE USE OF CHILDREN.

    Funds made available under any provision of law may not be used to 
administer or enforce any sanction by the United States on exports of 
goods or services intended for the exclusive use of children (other 
than a sanction imposed pursuant to an agreement with one or more other 
countries).
Example Output: Bridges to the Cuban People Act of 2001 - Exempts from the embargo on trade with Cuba (including prohibitions under the Cuban Democracy Act of 1992 against the unloading at a U.S. port of vessels that previously entered a Cuban port to engage in trade) the export of any agricultural commodity, farm machinery or equipment, medicine, or medical device, or any travel incident to the delivery of such items.Prohibits the President from prohibiting or regulating travel to or from or within Cuba by U.S. nationals or lawful resident aliens, including specified transactions ordinarily incident to such travel, financial or otherwise.Authorizes the President to provide scholarships for Cuban nationals who seek to undertake graduate study in public health, public policy, economics, law, or other field of social science.Authorizes the President to waive certain sanctions against, and restrictions on assistance to, Cuba, including the exclusion from the United States of certain aliens who have confiscated property in Cuba of U.S. nationals or who traffics in such property, if he determines that it will promote the peaceful transition to democracy in Cuba or will further U.S. national economic interests.Prohibits the Secretary of the Treasury from limiting the amount of remittances to Cuba that any U.S. person may make.Exempts from prohibitions or restrictions on trade with Cuba the import of certain drugs, biological products, and medical devices into the United States.Prohibits the use of funds to enforce unilateral sanctions on the export of goods and services intended for the exclusive use of children in Cuba.

Example Input: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Make College Affordable Act of 
2003''.

SEC. 2. EXPANSION OF DEDUCTION FOR HIGHER EDUCATION EXPENSES.

    (a) Amount of Deduction.--Subsection (b) of section 222 of the 
Internal Revenue Code of 1986 (relating to deduction for qualified 
tuition and related expenses) is amended to read as follows:
    ``(b) Limitations.--
            ``(1) Dollar limitations.--
                    ``(A) In general.--Except as provided in paragraph 
                (2), the amount allowed as a deduction under subsection 
                (a) with respect to the taxpayer for any taxable year 
                shall not exceed the applicable dollar limit.
                    ``(B) Applicable dollar limit.--The applicable 
                dollar limit for any taxable year shall be determined 
                as follows:

                                                             Applicable
``Taxable year:                                          dollar amount:
    2003..........................................              $8,000 
    2004 and thereafter...........................             $12,000.
            ``(2) Limitation based on modified adjusted gross income.--
                    ``(A) In general.--The amount which would (but for 
                this paragraph) be taken into account under subsection 
                (a) shall be reduced (but not below zero) by the amount 
                determined under subparagraph (B).
                    ``(B) Amount of reduction.--The amount determined 
                under this subparagraph equals the amount which bears 
                the same ratio to the amount which would be so taken 
                into account as--
                            ``(i) the excess of--
                                    ``(I) the taxpayer's modified 
                                adjusted gross income for such taxable 
                                year, over
                                    ``(II) $65,000 ($130,000 in the 
                                case of a joint return), bears to
                            ``(ii) $15,000 ($30,000 in the case of a 
                        joint return).
                    ``(C) Modified adjusted gross income.--For purposes 
                of this paragraph, the term `modified adjusted gross 
                income' means the adjusted gross income of the taxpayer 
                for the taxable year determined--
                            ``(i) without regard to this section and 
                        sections 911, 931, and 933, and
                            ``(ii) after the application of sections 
                        86, 135, 137, 219, 221, and 469.
                For purposes of the sections referred to in clause 
                (ii), adjusted gross income shall be determined without 
                regard to the deduction allowed under this section.
                    ``(D) Inflation adjustments.--
                            ``(i) In general.--In the case of any 
                        taxable year beginning in a calendar year after 
                        2003, both of the dollar amounts in 
                        subparagraph (B)(i)(II) shall be increased by 
                        an amount equal to--
                                    ``(I) such dollar amount, 
                                multiplied by
                                    ``(II) the cost-of-living 
                                adjustment determined under section 
                                1(f)(3) for the calendar year in which 
                                the taxable year begins, by 
                                substituting `calendar year 2002' for 
                                `calendar year 1992' in subparagraph 
                                (B) thereof.
                            ``(ii) Rounding.--If any amount as adjusted 
                        under clause (i) is not a multiple of $50, such 
                        amount shall be rounded to the nearest multiple 
                        of $50.''.
    (b) Qualified Tuition and Related Expenses of Eligible Students.--
            (1) In general.--Section 222(a) of the Internal Revenue 
        Code of 1986 (relating to allowance of deduction) is amended by 
        inserting ``of eligible students'' after ``expenses''.
            (2) Definition of eligible student.--Section 222(d) of such 
        Code (relating to definitions and special rules) is amended by 
redesignating paragraphs (2) through (6) as paragraphs (3) through (7), 
respectively, and by inserting after paragraph (1) the following new 
paragraph:
            ``(2) Eligible student.--The term `eligible student' has 
        the meaning given such term by section 25A(b)(3).''.
    (c) Deduction Made Permanent.--Title IX of the Economic Growth and 
Tax Relief Reconciliation Act of 2001 (relating to sunset of provisions 
of such Act) shall not apply to the amendments made by section 431 of 
such Act.
    (d) Effective Date.--The amendments made by this section shall 
apply to payments made in taxable years beginning after December 31, 
2002.

SEC. 3. CREDIT FOR INTEREST ON HIGHER EDUCATION LOANS.

    (a) In General.--Subpart A of part IV of subchapter A of chapter 1 
of the Internal Revenue Code of 1986 (relating to nonrefundable 
personal credits) is amended by inserting after section 25B the 
following new section:

``SEC. 25C. INTEREST ON HIGHER EDUCATION LOANS.

    ``(a) Allowance of Credit.--In the case of an individual, there 
shall be allowed as a credit against the tax imposed by this chapter 
for the taxable year an amount equal to the interest paid by the 
taxpayer during the taxable year on any qualified education loan.
    ``(b) Maximum Credit.--
            ``(1) In general.--Except as provided in paragraph (2), the 
        credit allowed by subsection (a) for the taxable year shall not 
        exceed $1,500.
            ``(2) Limitation based on modified adjusted gross income.--
                    ``(A) In general.--If the modified adjusted gross 
                income of the taxpayer for the taxable year exceeds 
                $50,000 ($100,000 in the case of a joint return), the 
                amount which would (but for this paragraph) be 
                allowable as a credit under this section shall be 
                reduced (but not below zero) by the amount which bears 
                the same ratio to the amount which would be so 
                allowable as such excess bears to $20,000 ($40,000 in 
                the case of a joint return).
                    ``(B) Modified adjusted gross income.--The term 
                `modified adjusted gross income' means adjusted gross 
                income determined without regard to sections 911, 931, 
                and 933.
                    ``(C) Inflation adjustment.--In the case of any 
                taxable year beginning after 2003, the $50,000 and 
                $100,000 amounts referred to in subparagraph (A) shall 
                be increased by an amount equal to--
                            ``(i) such dollar amount, multiplied by
                            ``(ii) the cost-of-living adjustment 
                        determined under section (1)(f)(3) for the 
                        calendar year in which the taxable year begins, 
                        by substituting `2002' for `1992'.
                    ``(D) Rounding.--If any amount as adjusted under 
                subparagraph (C) is not a multiple of $50, such amount 
                shall be rounded to the nearest multiple of $50.
    ``(c) Dependents Not Eligible for Credit.--No credit shall be 
allowed by this section to an individual for the taxable year if a 
deduction under section 151 with respect to such individual is allowed 
to another taxpayer for the taxable year beginning in the calendar year 
in which such individual's taxable year begins.
    ``(d) Limit on Period Credit Allowed.--A credit shall be allowed 
under this section only with respect to interest paid on any qualified 
education loan during the first 60 months (whether or not consecutive) 
in which interest payments are required. For purposes of this 
paragraph, any loan and all refinancings of such loan shall be treated 
as 1 loan.
    ``(e) Definitions.--For purposes of this section--
            ``(1) Qualified education loan.--The term `qualified 
        education loan' has the meaning given such term by section 
        221(e)(1).
            ``(2) Dependent.--The term `dependent' has the meaning 
        given such term by section 152.
    ``(f) Special Rules.--
            ``(1) Denial of double benefit.--No credit shall be allowed 
        under this section for any amount taken into account for any 
        deduction under any other provision of this chapter.
            ``(2) Married couples must file joint return.--If the 
        taxpayer is married at the close of the taxable year, the 
        credit shall be allowed under subsection (a) only if the 
        taxpayer and the taxpayer's spouse file a joint return for the 
        taxable year.
            ``(3) Marital status.--Marital status shall be determined 
        in accordance with section 7703.''.
    (b) Conforming Amendment.--The table of sections for subpart A of 
part IV of subchapter A of chapter 1 of the Internal Revenue Code of 
1986 is amended by inserting after the item relating to section 25B the 
following new item:

                              ``Sec. 25C. Interest on higher education 
                                        loans.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to any qualified education loan (as defined in section 25C(e)(1) 
of the Internal Revenue Code of 1986, as added by this section) 
incurred on, before, or after the date of the enactment of this Act, 
but only with respect to any loan interest payment due after December 
31, 2002.
Example Output:
Make College Affordable Act of 2003 - Amends the Internal Revenue Code to: (1) increase the deduction for higher education expenses by increasing the applicable dollar limit; and (2) allow a limited credit for interest paid on higher education loans.