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

    This Act may be cited as the ``Fostering Our Future Act of 2006''.

SEC. 2. IMPROVEMENTS TO COURTS.

    (a) In General.--Section 13712(b) of the Omnibus Budget 
Reconciliation Act of 1993 (42 U.S.C. 629b) is amended to read as 
follows:
    ``(b) Eligibility.--In order to be eligible for a grant under this 
section:
            ``(1) Application.--A highest State court shall submit to 
        the Secretary an application at such time, in such form, and 
        including such information and assurances as the Secretary 
        shall require.
            ``(2) Measures of court performance.--There shall be in 
        effect in the State such laws and procedures as are necessary 
        to ensure that the courts of the State measure the following 
        with respect to children under the jurisdiction of the courts:
                    ``(A) The percentage of children who do not have a 
                subsequent petition of maltreatment filed in court 
                after the initial such petition is filed.
                    ``(B) The percentage of children who are the 
                subject of additional allegations of maltreatment 
                within 12 months after the original petition was 
                closed.
                    ``(C) The percentages of children who reach legal 
                permanency within 6 months after removal, within 12 
                months thereafter, within 18 months thereafter, and 
                within 24 months thereafter.
                    ``(D) The percentage of children who do not reach 
                permanency in the foster care system.
                    ``(E) The percentages of children who re-enter 
                foster care pursuant to court order within 12 months 
                after being returned to their families, and within 24 
                months thereafter.
                    ``(F) The percentages of children who return to 
                foster care pursuant to court order within 12 months 
                after being adopted or placed with an individual or 
                couple who are permanent guardians, and within 24 
                months thereafter.
                    ``(G) The percentages of children who are 
                transferred among 1, 2, 3, or more placements while 
                under court jurisdiction, distinguishing, where 
                possible, between placements in and out of a child's 
                own home from multiple placements in a variety of 
                environments.
                    ``(H) The percentage of cases in which both parents 
                receive written service of process within the required 
                time standards or where notice of hearing has been 
                waived by parties.
                    ``(I) The percentage of cases in which there is 
                documentation that timely and proper notice is given to 
                parties in advance of the next hearing.
                    ``(J) The percentage of cases in which children who 
                have attained 10 years of age receive notice of the 
                legal proceedings in their dependency case; the 
                percentage of cases in which children who have attained 
                10 years of age are present in court and afforded an 
                opportunity to be heard in their own cases; and the 
                percentage of cases in which children have legal 
                representation.
                    ``(K) The percentage of cases in which the court 
                reviews case plans within established time guidelines.
                    ``(L) The percentage of children receiving legal 
                counsel, guardians ad litem, or court-appointed special 
                advocates before the preliminary protective hearing or 
                equivalent, with separate measures of the percentages 
                of each type of representation and of whether the 
                representation was received within established time 
                guidelines, within 5 days after the adoption petition 
                is filed, within 6 through 10 days after the filing, 
                and within more than 10 days after the filing.
                    ``(M) The percentage of cases in which counsel for 
                parents are appointed before the preliminary protective 
                hearing or equivalent, with separate measures of the 
                percentages in which such appointments are made within 
                established time guidelines, within 5 days after the 
                adoption petition is filed, within 6 through 10 days 
                after the filing, and within more than 10 days after 
                the filing.
                    ``(N) The percentage of cases in which legal 
                counsel for children is appointed on or before the 
                first court appearance, and the percentage of cases in 
                which legal counsel for children changes, and the 
                number of changes involved.
                    ``(O) The percentage of cases in which legal 
                counsel for parents changes, and the number of changes 
                involved.
                    ``(P) The percentage of cases in which legal 
                counsel for parents, children, and agencies are present 
                at each hearing.
                    ``(Q) The percentages of children for whom all 
                hearings are heard by 1 or more judicial officers, and 
                the number of judicial officers hearing the case.
                    ``(R) The average and median times from filing the 
                original petition to adjudication.
                    ``(S) The average and median times from filing the 
                original petition to disposition.
                    ``(T) The percentages of cases that are adjudicated 
                within 30 days after the filing of the dependency 
                petition, within 60 days thereafter, and within 90 days 
                thereafter.
                    ``(U) The percentages of cases that receive a 
                disposition within 10 days after the dependency 
                adjudication, within 30 days thereafter, and within 90 
                days thereafter.
                    ``(V) The percentage of cases where children are 
                successfully served in the home and not detained; the 
                average and median times to reunification; and the 
                percentage of cases where children are not successfully 
                reunified.
                    ``(W) The average and median times from the filing 
                of the original petition to permanent placement.
                    ``(X) The average and median times from the filing 
                of the original petition to finalized termination of 
                parental rights.
                    ``(Y) The percentages of cases for which the 
                termination petition is filed within 3 months after the 
                dependency disposition, within 6 months thereafter, 
                within 12 months thereafter, and within 18 months 
                thereafter.
                    ``(Z) The percentage of cases that receive a 
                termination order within 30 days after the filing of 
                the termination petition, within 90 days thereafter, 
                within 120 days thereafter, and within 180 days 
                thereafter.
                    ``(AA) The percentages of cases for which an 
                adoption petition is filed within 1 month after the 
                termination order, within 3 months thereafter, and 
                within 6 months thereafter.
                    ``(BB) The percentages of cases for which the 
                adoption is finalized within 1 month after the adoption 
                petition is filed, within 3 months thereafter, within 6 
                months thereafter, and within 12 months thereafter.
                    ``(CC) The percentage of hearings (by hearing type) 
                not completed within timeframes set forth in statute or 
                court rules, including, where possible, the reason for 
                noncompletion.''.
    (b) Student Loan Repayment for Family Law, Dependency, and Domestic 
Relations Attorneys.--
            (1) In general.--The Higher Education Act of 1965 is 
        amended by inserting after section 428K (20 U.S.C. 1078-11) the 
        following new section:

``SEC. 428L. LOAN FORGIVENESS FOR FAMILY LAW, DEPENDENCY, AND DOMESTIC 
              RELATIONS ATTORNEYS.

    ``(a) Purpose.--The purpose of this section is to encourage 
qualified individuals to enter and continue employment as family law, 
dependency, and domestic relations attorneys.
    ``(b) Loan Forgiveness.--
            ``(1) Loan forgiveness authorized.--The Secretary is 
        authorized to forgive, in accordance with this section and the 
        agreement described in subsection (e), the student loan debt of 
        an eligible borrower in the amount specified in subsection (d) 
        and for the period specified in such agreement.
            ``(2) Method of loan forgiveness.--To provide the loan 
        forgiveness authorized in paragraph (1), the Secretary is 
        authorized to carry out a program--
                    ``(A) through the holder of the loan, to assume the 
                obligation to repay a qualified loan amount for a loan 
                made under part B of this title; and
                    ``(B) to cancel a qualified loan amount for a loan 
                made under part D of this title.
    ``(c) Eligible Borrower.--The Secretary is authorized to provided 
loan forgiveness under this section to any individual who--
            ``(1) is employed full-time as a family law, dependency, or 
        domestic relations attorney; and
            ``(2) is not in default on a loan for which the borrower 
        seeks forgiveness.
    ``(d) Loan Forgiveness Amount.--The Secretary may, from funds 
appropriated under subsection (l), forgive the loan obligation of an 
eligible borrower in accordance with such terms, limitations, and 
conditions as may be mutually agreed upon by such borrower and the 
Secretary in the agreement described in subsection (e), except that the 
amount paid by the Secretary under this section shall not exceed--
            ``(1) $6,000 in any calendar year for any borrower; or
            ``(2) $50,000 in the aggregate for any borrower.
    ``(e) Loan Forgiveness Agreement.--
            ``(1) Terms of agreement.--The Secretary shall not provide 
        loan forgiveness to an eligible borrower unless the borrower 
        enters into a written agreement with the Secretary which 
        provides that--
                    ``(A) the borrower shall remain employed full-time 
                as a family law, dependency, or domestic relations 
                attorney for a period of service specified in the 
                agreement (but not less than 3 years), unless 
                involuntarily separated from that employment;
                    ``(B) if the borrower is involuntarily separated 
                from the employment described in subparagraph (A) on 
                account of misconduct, or voluntarily separates from 
                that employment, before the end of the period specified 
                in the agreement, the borrower shall repay the 
                Secretary the amount of any benefits received by such 
                borrower under this section;
                    ``(C) if the borrower is required to repay an 
                amount to the Secretary under subparagraph (B) and 
                fails to repay such amount, a sum equal to such amount 
                shall be recoverable by the Government from the 
                borrower (or such borrower's estate, if applicable) by 
                such method as is provided by law for the recovery of 
                amounts owing to the Government;
                    ``(D) the Secretary may waive, in whole or in part, 
                a right of recovery under this subsection if it is 
                shown that recovery would be against equity and good 
                conscience or against the public interest; and
                    ``(E) the Secretary shall provide loan forgiveness 
                under this section for the period of the agreement, 
                subject to the availability of appropriations.
            ``(2) Agreement renewal.--Upon completion by an eligible 
        borrower of the period of service required under the agreement 
        described in paragraph (1), the Secretary may renew such 
        agreement with the eligible borrower for a successive period of 
        service to be specified in the renewed agreement (which may be 
        less than 3 years).
    ``(f) Repayments by Borrowers.--Any amount repaid by, or recovered 
from, a borrower (or a borrower's estate) under subsection (e)(1)(B) 
shall be credited to the appropriation account from which the loan 
forgiveness amount involved was originally paid. Any amount so credited 
shall be merged with other sums in such account and shall be available 
for the same purposes and period, and subject to the same limitations 
(if any), as the sums with which the amount was merged.
    ``(g) Application for Loan Forgiveness.--An eligible borrower 
desiring loan forgiveness under this section shall submit a complete 
and accurate application to the Secretary at such time, in such manner, 
and containing such information as the Secretary may require.
    ``(h) Priority.--The Secretary shall provide loan forgiveness under 
this section on a first-come, first-served basis, and subject to the 
availability of appropriations.
    ``(i) Regulations.--The Secretary is authorized to issue such 
regulations as may be necessary to carry out the provisions of this 
section.
    ``(j) Construction.--Nothing in this section shall be construed to 
authorize the refunding of any repayment of any loan made by a borrower 
prior to the date on which the Secretary entered into an agreement with 
the borrower under subsection (e).
    ``(k) Definition.--In this section the term `family law, 
dependency, or domestic relations attorney' means an attorney who works 
in the field of family law, dependency, or domestic relations, 
including juvenile justice, truancy, child abuse or neglect, adoption, 
domestic relations, child support, paternity, and other areas which 
fall under the field of family law, dependency, or domestic relations 
law as determined by State law.
    ``(l) Authorization of Appropriations.--There are authorized to be 
appropriated to carry out this section $20,000,000 for fiscal year 2007 
and such sums as may be necessary for each of the 5 succeeding fiscal 
years.''.
            (2) Cancellation of loans.--
                    (A) Amendment.--Section 465(a)(2)(F) of the Higher 
                Education Act of 1965 (20 U.S.C. 1087ee(a)(2)(F)) is 
                amended by inserting ``, or as a full-time family law, 
                dependency, or domestic relations attorney (as defined 
                in section 428L)'' after ``agencies''.
                    (B) Effective date.--The amendment made by this 
                paragraph shall apply to--
                            (i) eligible loans made before, on, or 
                        after the date of enactment of this Act; and
                            (ii) service as a family law, dependency, 
                        or domestic relations attorney that is provided 
                        on or after the date of enactment of this Act.
                    (C) Construction.--Nothing in this paragraph shall 
                be construed to authorize the refunding of any 
                repayment of a loan made by a borrower prior to the 
                date on which the borrower became eligible for 
                cancellation under section 465(a) of the Higher 
                Education Act of 1965 (20 U.S.C. 1087ee(a)).
    (c) GAO Study.--
            (1) In general.--The Comptroller General of the United 
        States shall conduct a study that compares States with respect 
        to each of the following:
                    (A) The legal representation provided for children.
                    (B) Children's participation in their own cases.
                    (C) Preparation of dependency court judges.
                    (D) Case tracking and performance measurement.
                    (E) Statewide collaborative foster care councils.
            (2) Report.--Not later than 1 year after the date of the 
        enactment of this Act, the Comptroller General shall submit to 
        the Committee on the Judiciary of the House of Representatives 
        a written report that contains the results of the study 
        required by paragraph (1).
    (d) Sense of the Congress With Respect to Court Accountability for 
Improved Child Outcomes.--It is the sense of the Congress that State 
judicial leadership should use the measures of court performance 
described in section 13712(b)(2) of the Omnibus Budget Reconciliation 
Act of 1993 (as amended by subsection (a) of this section) to ensure 
accountability by every court for improved outcomes for children, and 
to inform decisions about allocating resources across the court system.
    (e) Sense of the Congress With Respect to the Organization of State 
Dependency Courts.--It is the sense of the Congress that State courts 
should be organized to enable children and parents to have legal 
representation and participate in a meaningful way in their own court 
proceedings.
    (f) Sense of the Congress With Respect to Building the Pool of 
Attorneys Qualified to Handle Cases in Dependency Courts.--It is the 
sense of the Congress that law schools, bar associations, and law firms 
should help build the pool of qualified attorneys available to children 
and parents in dependency courts.
    (g) Sense of the Congress With Respect to Training, Caseloads, and 
Compensation of Attorneys for Children.--It is the sense of the 
Congress that attorneys for children should have adequate training, 
reasonable caseloads, and receive reasonable and adequate compensation.
answer:
Fostering Our Future Act of 2006 - Amends the Omnibus Budget Reconciliation Act of 1993 to require, for grants to the highest state courts for foster care proceedings, that the state in which the courts are located has laws and procedures in effect that will ensure that the courts measure their performance with respect to children under the court's jurisdiction.

 Amends the Higher Education Act of 1965 to authorize the Secretary of Education to forgive the student loan debt of a borrower who: (1) enters a written agreement with the Secretary to remain employed full-time as a family law, dependency, or domestic relations attorney for at least three years; and (2) is not in default on a loan for which the borrower seeks forgiveness. Limits the amount that the Secretary may pay to no more than $6,000 in any year for any borrower or $50,000 in the aggregate for any borrower. Authorizes the Secretary to renew such agreements.

 Directs the Comptroller General to conduct a comparative study of state dependency courts and foster care systems.

 Expresses the sense of Congress with respect to: (1) court accountability for improved child outcomes; (2) the organization of state dependency courts; (3) building the pool of attorneys qualified to handle cases in dependency courts; and (4) training, caseloads, and compensation of attorneys for children.


question:
SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Farm and Ranch Risk Management 
Act''.

SEC. 2. FARM AND RANCH RISK MANAGEMENT ACCOUNTS.

    (a) In General.--Subpart C of part II of subchapter E of chapter 1 
of the Internal Revenue Code of 1986 (relating to taxable year for 
which deductions taken) is amended by inserting after section 468B the 
following:

``SEC. 468C. FARM AND RANCH RISK MANAGEMENT ACCOUNTS.

    ``(a) Deduction Allowed.--In the case of an individual engaged in 
an eligible farming business or commercial fishing, there shall be 
allowed as a deduction for any taxable year the amount paid in cash by 
the taxpayer during the taxable year to a Farm and Ranch Risk 
Management Account (hereinafter referred to as the `FARRM Account').
    ``(b) Limitation.--
            ``(1) Contributions.--The amount which a taxpayer may pay 
        into the FARRM Account for any taxable year shall not exceed 20 
        percent of so much of the taxable income of the taxpayer 
        (determined without regard to this section) which is 
        attributable (determined in the manner applicable under section 
        1301) to any eligible farming business or commercial fishing.
            ``(2) Distributions.--Distributions from a FARRM Account 
        may not be used to purchase, lease, or finance any new fishing 
        vessel, add capacity to any fishery, or otherwise contribute to 
        the overcapitalization of any fishery. The Secretary of 
        Commerce shall implement regulations to enforce this paragraph.
    ``(c) Eligible Businesses.--For purposes of this section--
            ``(1) Eligible farming business.--The term `eligible 
        farming business' means any farming business (as defined in 
        section 263A(e)(4)) which is not a passive activity (within the 
        meaning of section 469(c)) of the taxpayer.
            ``(2) Commercial fishing.--The term `commercial fishing' 
        has the meaning given such term by section (3) of the Magnuson-
        Stevens Fishery Conservation and Management Act (16 U.S.C. 
        1802) but only if such fishing is not a passive activity 
        (within the meaning of section 469(c)) of the taxpayer.
    ``(d) FARRM Account.--For purposes of this section--
            ``(1) In general.--The term `FARRM Account' means a trust 
        created or organized in the United States for the exclusive 
        benefit of the taxpayer, but only if the written governing 
        instrument creating the trust meets the following requirements:
                    ``(A) No contribution will be accepted for any 
                taxable year in excess of the amount allowed as a 
                deduction under subsection (a) for such year.
                    ``(B) The trustee is a bank (as defined in section 
                408(n)) or another person who demonstrates to the 
                satisfaction of the Secretary that the manner in which 
                such person will administer the trust will be 
                consistent with the requirements of this section.
                    ``(C) The assets of the trust consist entirely of 
                cash or of obligations which have adequate stated 
                interest (as defined in section 1274(c)(2)) and which 
                pay such interest not less often than annually.
                    ``(D) All income of the trust is distributed 
                currently to the grantor.
                    ``(E) The assets of the trust will not be 
                commingled with other property except in a common trust 
                fund or common investment fund.
            ``(2) Account taxed as grantor trust.--The grantor of a 
        FARRM Account shall be treated for purposes of this title as 
        the owner of such Account and shall be subject to tax thereon 
        in accordance with subpart E of part I of subchapter J of this 
        chapter (relating to grantors and others treated as substantial 
        owners).
    ``(e) Inclusion of Amounts Distributed.--
            ``(1) In general.--Except as provided in paragraph (2), 
        there shall be includible in the gross income of the taxpayer 
        for any taxable year--
                    ``(A) any amount distributed from a FARRM Account 
                of the taxpayer during such taxable year, and
                    ``(B) any deemed distribution under--
                            ``(i) subsection (f)(1) (relating to 
                        deposits not distributed within 5 years),
                            ``(ii) subsection (f)(2) (relating to 
                        cessation in eligible farming business), and
                            ``(iii) subparagraph (A) or (B) of 
                        subsection (f)(3) (relating to prohibited 
                        transactions and pledging account as security).
            ``(2) Exceptions.--Paragraph (1)(A) shall not apply to--
                    ``(A) any distribution to the extent attributable 
                to income of the Account, and
                    ``(B) the distribution of any contribution paid 
                during a taxable year to a FARRM Account to the extent 
                that such contribution exceeds the limitation 
                applicable under subsection (b) if requirements similar 
                to the requirements of section 408(d)(4) are met.
        For purposes of subparagraph (A), distributions shall be 
        treated as first attributable to income and then to other 
        amounts.
    ``(f) Special Rules.--
            ``(1) Tax on deposits in account which are not distributed 
        within 5 years.--
                    ``(A) In general.--If, at the close of any taxable 
                year, there is a nonqualified balance in any FARRM 
                Account--
                            ``(i) there shall be deemed distributed 
                        from such Account during such taxable year an 
                        amount equal to such balance, and
                            ``(ii) the taxpayer's tax imposed by this 
                        chapter for such taxable year shall be 
                        increased by 10 percent of such deemed 
                        distribution.
                The preceding sentence shall not apply if an amount 
                equal to such nonqualified balance is distributed from 
                such Account to the taxpayer before the due date 
                (including extensions) for filing the return of tax 
                imposed by this chapter for such year (or, if earlier, 
                the date the taxpayer files such return for such year).
                    ``(B) Nonqualified balance.--For purposes of 
                subparagraph (A), the term `nonqualified balance' means 
                any balance in the Account on the last day of the 
                taxable year which is attributable to amounts deposited 
                in such Account before the 4th preceding taxable year.
                    ``(C) Ordering rule.--For purposes of this 
                paragraph, distributions from a FARRM Account (other 
                than distributions of current income) shall be treated 
                as made from deposits in the order in which such 
                deposits were made, beginning with the earliest 
                deposits.
            ``(2) Cessation in eligible business.--At the close of the 
        first disqualification period after a period for which the 
        taxpayer was engaged in an eligible farming business or 
        commercial fishing, there shall be deemed distributed from the 
        FARRM Account of the taxpayer an amount equal to the balance in 
        such Account (if any) at the close of such disqualification 
        period. For purposes of the preceding sentence, the term 
        `disqualification period' means any period of 2 consecutive 
        taxable years for which the taxpayer is not engaged in an 
eligible farming business or commercial fishing.
            ``(3) Certain rules to apply.--Rules similar to the 
        following rules shall apply for purposes of this section:
                    ``(A) Section 220(f)(8) (relating to treatment on 
                death).
                    ``(B) Section 408(e)(2) (relating to loss of 
                exemption of account where individual engages in 
                prohibited transaction).
                    ``(C) Section 408(e)(4) (relating to effect of 
                pledging account as security).
                    ``(D) Section 408(g) (relating to community 
                property laws).
                    ``(E) Section 408(h) (relating to custodial 
                accounts).
            ``(4) Time when payments deemed made.--For purposes of this 
        section, a taxpayer shall be deemed to have made a payment to a 
        FARRM Account on the last day of a taxable year if such payment 
        is made on account of such taxable year and is made on or 
        before the due date (without regard to extensions) for filing 
        the return of tax for such taxable year.
            ``(5) Individual.--For purposes of this section, the term 
        `individual' shall not include an estate or trust.
            ``(6) Deduction not allowed for self-employment tax.--The 
        deduction allowable by reason of subsection (a) shall not be 
        taken into account in determining an individual's net earnings 
        from self-employment (within the meaning of section 1402(a)) 
        for purposes of chapter 2.
    ``(g) Reports.--The trustee of a FARRM Account shall make such 
reports regarding such Account to the Secretary and to the person for 
whose benefit the Account is maintained with respect to contributions, 
distributions, and such other matters as the Secretary may require 
under regulations. The reports required by this subsection shall be 
filed at such time and in such manner and furnished to such persons at 
such time and in such manner as may be required by such regulations.''.
    (b) Tax on Excess Contributions.--
            (1) Subsection (a) of section 4973 of such Code (relating 
        to tax on excess contributions to certain tax-favored accounts 
        and annuities) is amended by striking ``or'' at the end of 
        paragraph (3), by redesignating paragraph (4) as paragraph (5), 
        and by inserting after paragraph (3) the following:
            ``(4) a FARRM Account (within the meaning of section 
        468C(d)), or''.
            (2) Section 4973 of such Code is amended by adding at the 
        end the following:
    ``(g) Excess Contributions to FARRM Accounts.--For purposes of this 
section, in the case of a FARRM Account (within the meaning of section 
468C(d)), the term `excess contributions' means the amount by which the 
amount contributed for the taxable year to the Account exceeds the 
amount which may be contributed to the Account under section 468C(b) 
for such taxable year. For purposes of this subsection, any 
contribution which is distributed out of the FARRM Account in a 
distribution to which section 468C(e)(2)(B) applies shall be treated as 
an amount not contributed.''.
            (3) The section heading for section 4973 of such Code is 
        amended to read as follows:

``SEC. 4973. EXCESS CONTRIBUTIONS TO CERTAIN ACCOUNTS, ANNUITIES, 
              ETC.''.

            (4) The table of sections for chapter 43 of such Code is 
        amended by striking the item relating to section 4973 and 
        inserting the following:

                              ``Sec. 4973. Excess contributions to 
                                        certain accounts, annuities, 
                                        etc.''.
    (c) Tax on Prohibited Transactions.--
            (1) Subsection (c) of section 4975 of such Code (relating 
        to tax on prohibited transactions) is amended by adding at the 
        end the following:
            ``(6) Special rule for farrm accounts.--A person for whose 
        benefit a FARRM Account (within the meaning of section 468C(d)) 
        is established shall be exempt from the tax imposed by this 
        section with respect to any transaction concerning such account 
        (which would otherwise be taxable under this section) if, with 
        respect to such transaction, the account ceases to be a FARRM 
        Account by reason of the application of section 468C(f)(3)(A) 
        to such account.''.
            (2) Paragraph (1) of section 4975(e) of such Code is 
        amended by redesignating subparagraphs (E) and (F) as 
        subparagraphs (F) and (G), respectively, and by inserting after 
        subparagraph (D) the following:
                    ``(E) a FARRM Account described in section 
                468C(d),''.
    (d) Failure To Provide Reports on FARRM Accounts.--Paragraph (2) of 
section 6693(a) of such Code (relating to failure to provide reports on 
certain tax-favored accounts or annuities) is amended by redesignating 
subparagraphs (C) and (D) as subparagraphs (D) and (E), respectively, 
and by inserting after subparagraph (B) the following:
                    ``(C) section 468C(g) (relating to FARRM 
                Accounts),''.
    (e) Clerical Amendment.--The table of sections for subpart C of 
part II of subchapter E of chapter 1 of such Code is amended by 
inserting after the item relating to section 468B the following:

                              ``Sec. 468C. Farm and Ranch Risk 
                                        Management Accounts.''.
    (f) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after the date of the enactment of 
this Act.
answer:
Farm and Ranch Risk Management Act - Amends the Internal Revenue Code to allow an individual engaged in an eligible farming or commercial fishing business a deduction for any taxable year of up to 20 percent of taxable income attributable to the eligible farming or commercial fishing business which was paid in cash by the taxpayer to a Farm and Ranch Risk Management Account (FARRM Account).Includes distributions from a FARRM account in the taxpayer's gross income, and subjects to a special ten percent surtax any distributions not made within five years of contribution. Establishes a tax on excess contributions, but exempts the taxpayer from the tax on certain prohibited transactions.


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            -(-1-) -b-y -i-n-s-e-r-t-i-n-g -`-`-(-1-)-'-' 
        -i-m-m-e-d-i-a-t-e-l-y -a-f-t-e-r -`-`-(-a-)-'-'-; -a-n-d
            -(-2-) -b-y -a-d-d-i-n-g -a-t -t-h-e -e-n-d -t-h-e 
        -f-o-l-l-o-w-i-n-g-:
    -`-`-(-2-) -N-o-t-w-i-t-h-s-t-a-n-d-i-n-g -a-n-y -p-r-o-v-i-s-i-o-n 
-o-f -t-h-e -P-u-b-l-i-c -U-t-i-l-i-t-y -H-o-l-d-i-n-g -C-o-m-p-a-n-y 
-A-c-t -o-f -1-9-3-5-, -i-f -a -p-u-b-l-i-c -u-t-i-l-i-t-y 
-e-n-g-a-g-e-s -i-n -a -t-r-a-n-s-a-c-t-i-o-n -w-i-t-h -a-n 
-a-f-f-i-l-i-a-t-e-d -c-o-m-p-a-n-y-, -t-h-e -C-o-m-m-i-s-s-i-o-n 
-s-h-a-l-l -h-a-v-e -t-h-e -a-u-t-h-o-r-i-t-y -t-o -r-e-v-i-e-w -a-n-d 
-d-i-s-a-l-l-o-w -t-h-e -c-o-s-t-s -a-s-s-o-c-i-a-t-e-d -w-i-t-h 
-s-u-c-h -t-r-a-n-s-a-c-t-i-o-n -f-o-r -t-h-e -p-u-r-p-o-s-e-s -o-f 
-d-e-t-e-r-m-i-n-i-n-g -a -j-u-s-t -a-n-d -r-e-a-s-o-n-a-b-l-e -r-a-t-e 
-u-n-d-e-r -s-u-b-s-e-c-t-i-o-n -(-a-)-(-1-)-.-'-'-.
    -(-b-) -S-e-c-t-i-o-n -2-0-6-(-a-) -o-f -t-h-e -F-e-d-e-r-a-l 
-P-o-w-e-r -A-c-t -(-1-6 -U-.-S-.-C-. -8-2-4-e-(-a-)-) -i-s 
-a-m-e-n-d-e-d---
            -(-1-) -b-y -i-n-s-e-r-t-i-n-g -`-`-(-1-)-'-' 
        -i-m-m-e-d-i-a-t-e-l-y -a-f-t-e-r -`-`-(-a-)-'-'-; -a-n-d
            -(-2-) -b-y -a-d-d-i-n-g -a-t -t-h-e -e-n-d -t-h-e 
        -f-o-l-l-o-w-i-n-g-:
    -`-`-(-2-) -N-o-t-w-i-t-h-s-t-a-n-d-i-n-g -a-n-y -p-r-o-v-i-s-i-o-n 
-o-f -t-h-e -P-u-b-l-i-c -U-t-i-l-i-t-y -H-o-l-d-i-n-g -C-o-m-p-a-n-y 
-A-c-t -o-f -1-9-3-5-, -i-f -a -p-u-b-l-i-c -u-t-i-l-i-t-y 
-e-n-g-a-g-e-s -i-n -a -t-r-a-n-s-a-c-t-i-o-n -w-i-t-h -a-n 
-a-f-f-i-l-i-a-t-e-d -c-o-m-p-a-n-y-, -t-h-e -C-o-m-m-i-s-s-i-o-n 
-s-h-a-l-l -h-a-v-e -t-h-e -a-u-t-h-o-r-i-t-y -t-o -r-e-v-i-e-w -a-n-d 
-d-i-s-a-l-l-o-w -t-h-e -c-o-s-t-s -a-s-s-o-c-i-a-t-e-d -w-i-t-h 
-s-u-c-h -t-r-a-n-s-a-c-t-i-o-n -f-o-r -t-h-e -p-u-r-p-o-s-e-s -o-f 
-d-e-t-e-r-m-i-n-i-n-g -a -j-u-s-t -a-n-d -r-e-a-s-o-n-a-b-l-e -r-a-t-e 
-u-n-d-e-r -s-u-b-s-e-c-t-i-o-n -(-a-)-(-1-)-.-'-'-.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Multistate Utility Consumer 
Protection Act of 1994''.

SEC. 2. AUTHORITY TO DISALLOW RECOVERY OF CERTAIN COSTS UNDER FEDERAL 
              POWER ACT.

    Section 318 of the Federal Power Act is amended--
            (1) by inserting ``(a)'' after ``Sec. 318.''; and
            (2) by adding at the end thereof the following new 
        subsections:
    ``(b)(1) The Commission shall have the authority to disallow 
recovery in jurisdictional rates of any costs incurred by a public 
utility pursuant to a transaction that has been authorized under 
section 13(b) of the Public Utility Holding Company Act of 1935, 
including costs allocated to such public utility in accordance with 
subsection (d), if the Commission determines that the recovery of such 
costs is unjust, unreasonable, or unduly preferential or discriminatory 
under sections 205 or 206 of this Act.
    ``(2) Nothing in the Public Utility Holding Company Act of 1935, or 
any actions taken thereunder, shall prevent a State commission from 
exercising its jurisdiction to the extent otherwise authorized under 
applicable law with respect to the recovery by a public utility in its 
retail rates of costs incurred by such public utility pursuant to a 
transaction authorized by the Securities and Exchange Commission under 
section 13(b) between an associate company and such public utility, 
including costs allocated to such public utility in accordance with 
subsection (d).
    ``(c) In any proceeding of the Commission to consider the recovery 
of costs described in subsection (b)(1), there shall be a rebuttable 
presumption that such costs are just, reasonable, and not unduly 
discriminatory or preferential within the meaning of this Act.
    ``(d)(1) In any proceeding of the Commission to consider the 
recovery of costs, the Commission shall give substantial deference to 
an allocation of charges for services, construction work or goods among 
associate companies under section 13 of the Public Utility Holding 
Company Act of 1935, whether made by rule, regulation, or order of the 
Securities and Exchange Commission prior to or following the enactment 
of this subsection.
    ``(2) If the Commission pursuant to subsection (d)(1) establishes 
an allocation of charges that differs from an allocation established by 
the Securities and Exchange Commission with respect to the same 
charges, the allocation established by the Federal Energy Regulatory 
Commission shall be effective twelve months from the date of the order 
of the Federal Energy Regulatory Commission establishing such 
allocation, and binding on the Securities and Exchange Commission as of 
that date.
    ``(e) An allocation of charges for services, construction work, or 
goods among associate companies under section 13 of the Public Utility 
Holding Company Act of 1935, whether made by rule, regulation, or order 
of the Securities and Exchange Commission prior to or following 
enactment of this subsection, shall prevent a State commission from 
using a different allocation with respect to the assignment of costs to 
any associate company.
    ``(f) Subsection (b) shall not apply to--
            ``(1) any cost incurred and recovered prior to July 15, 
        1994, whether or not subject to refund or adjustment; or
            ``(2) any uncontested settlement approved by the Commission 
        or a State commission prior to the date of enactment of the 
        Multistate Utility Consumer Protection Act of 1994.
    ``(g) Impact on Other Matters.--The enactment of the Multistate 
Utility Consumer Protection Act of 1994 shall in no way affect FERC 
Docket No. FA89-28.
    ``(h) Savings Provision.--Section 318(b) of the Federal Power Act 
shall not apply to any cost incurred and recovered prior to the date of 
enactment of the Multistate Utility Consumer Protection Act of 1994 
pursuant to a contract or other arrangement for the sale of fuel from 
Windsor Coal Company or Central Ohio Coal Company which has been the 
subject of a determination by the Securities and Exchange Commission 
prior to the date of enactment of the Multistate Utility Consumer 
Protection Act of 1994, or any cost prudently incurred after the date 
of enactment of the Multistate Utility Consumer Protection Act of 1994 
pursuant to such a contract or other such arrangement on or before 
December 31, 2000.''.
answer:

Multistate Utility Consumer Protection Act of 1994 - Amends the Federal Power Act to grant the Federal Energy Regulatory Commission (FERC) the power to review and disallow prospectively, for purposes of determining a just and reasonable rate for consumers, certain costs associated with transactions of a public utility holding company and an affiliated company pursuant to contracts regulated by the Securities and Exchange Commission (SEC). 
Provides that the Public Utility Holding Company Act does not preempt State utility commission jurisdiction regarding the recovery by a public utility in its retail rates of costs it incurred pursuant to a transaction authorized by the SEC between an associate company and the utility. 
Prescribes guidelines for the allocation of costs by the SEC, FERC, and State utility commissions in cross-jurisdictional transactions. 
Declares that this Act does not:  (1) affect Docket No.  FA89-28; and (2) apply to costs incurred or recovered pursuant to certain contracts for the sale of fuel from Windsor Coal Company or Central Ohio Coal Company.