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 ``Contractors and Federal Spending 
Accountability Act of 2008''.

SEC. 2. DATABASE FOR CONTRACTING OFFICERS AND SUSPENSION AND DEBARMENT 
              OFFICIALS.

    (a) In General.--Subject to the authority, direction, and control 
of the Director of the Office of Management and Budget, the 
Administrator of General Services shall establish and maintain a 
database of information regarding integrity and performance of persons 
awarded Federal contracts and grants for use by Federal officials 
having authority over contracts and grants.
    (b) Persons Covered.--The database shall cover any person awarded a 
Federal contract or grant if any information described in subsection 
(c) exists with respect to such person.
    (c) Information Included.--With respect to a person awarded a 
Federal contract or grant, the database shall include information (in 
the form of a brief description) for at least the most recent 5-year 
period regarding--
            (1) any civil or criminal proceeding, or any administrative 
        proceeding to the extent that such proceeding results in both a 
        finding of fault on the part of the person and the payment of 
        restitution to a government of $5,000 or more, concluded by the 
        Federal Government or any State government against the person, 
        and any amount paid by the person to the Federal Government or 
        a State government;
            (2) all Federal contracts and grants awarded to the person 
        that were terminated in such period due to default;
            (3) all Federal suspensions and debarments of the person in 
        that period;
            (4) all Federal administrative agreements entered into by 
        the person and the Federal Government in that period to resolve 
        a suspension or debarment proceeding and, to the maximum extent 
        practicable, agreements involving a suspension or debarment 
        proceeding entered into by the person and a State government in 
        that period; and
            (5) all final findings by a Federal official in that period 
        that the person has been determined not to be a responsible 
        source under either subparagraph (C) or (D) of section 4(7) of 
        the Office of Federal Procurement Policy Act (41 U.S.C. 
        403(7)).
    (d) Requirements Relating to Information in Database.--
            (1) Direct input and update.--The Administrator shall 
        design and maintain the database in a manner that allows the 
        appropriate officials of each Federal agency to directly input 
        and update in the database information relating to actions it 
        has taken with regard to contractors or grant recipients.
            (2) Timeliness and accuracy.--The Administrator shall 
        develop policies to require--
                    (A) the timely and accurate input of information 
                into the database;
                    (B) notification of any covered person when 
                information relevant to the person is entered into the 
                database; and
                    (C) an opportunity for any covered person to append 
                comments to information about such person in the 
                database.
    (e) Availability.--
            (1) Availability to all federal agencies.--The 
        Administrator shall make the database available to all Federal 
        agencies.
            (2) Availability to the public.--The Administrator shall 
        make the database available to the public by posting the 
        database on the General Services Administration website.
            (3) Limitation.--This subsection does not require the 
        public availability of information that is exempt from public 
        disclosure under section 552(b) of title 5, United States Code.

SEC. 3. REVIEW OF DATABASE.

    (a) Requirement to Review Database.--Prior to the award of a 
contract or grant, an official responsible for awarding a contract or 
grant shall review the database established under section 2.
    (b) Requirement to Document Present Responsibility.--In the case of 
a prospective awardee of a contract or grant against which a judgment 
or conviction has been rendered more than once within any 3-year period 
for the same or similar offences, if each judgment or conviction is a 
cause for debarment, the official responsible for awarding the contract 
or grant shall document why the prospective awardee is considered 
presently responsible.

SEC. 4. DISCLOSURE IN APPLICATIONS.

    (a) Requirement.--Not later than 180 days after the date of the 
enactment of this Act, Federal regulations shall be amended to require 
that in applying for any Federal grant or submitting a proposal or bid 
for any Federal contract a person shall disclose in writing information 
described in section 2(c).
    (b) Covered Contracts and Grants.--This section shall apply only to 
contracts and grants in an amount greater than the simplified 
acquisition threshold, as defined in section 4(11) of the Office of 
Federal Procurement Policy Act (41 U.S.C. 401(11)).

SEC. 5. ROLE OF INTERAGENCY COMMITTEE.

    (a) Requirement.--The Interagency Committee on Debarment and 
Suspension shall--
            (1) resolve issues regarding which of several Federal 
        agencies is the lead agency having responsibility to initiate 
        suspension or debarment proceedings;
            (2) coordinate actions among interested agencies with 
        respect to such action;
            (3) encourage and assist Federal agencies in entering into 
        cooperative efforts to pool resources and achieve operational 
        efficiencies in the Governmentwide suspension and debarment 
        system;
            (4) recommend to the Office of Management and Budget 
        changes to Government suspension and debarment system and its 
        rules, if such recommendations are approved by a majority of 
        the Interagency Committee;
            (5) authorize the Office of Management and Budget to issue 
        guidelines that implement those recommendations;
            (6) authorize the chair of the Committee to establish 
        subcommittees as appropriate to best enable the Interagency 
        Committee to carry out its functions; and
            (7) submit to the Congress an annual report on--
                    (A) the progress and efforts to improve the 
                suspension and debarment system;
                    (B) member agencies' active participation in the 
                committee's work; and
                    (C) a summary of each agency's activities and 
                accomplishments in the Governmentwide debarment system.
    (b) Definition.--The term ``Interagency Committee on Debarment and 
Suspension'' means such committee constituted under sections 4 and 5 
and of Executive Order 12549.

SEC. 6. AUTHORIZATION OF INDEPENDENT AGENCIES.

    Any agency, commission, or organization of the Federal Government 
to which Executive Order 12549 does not apply is authorized to 
participate in the Governmentwide suspension and debarment system and 
may recognize the suspension or debarment issued by an executive branch 
agency in its own procurement or assistance activities.

SEC. 7. AUTHORIZATION OF APPROPRIATIONS.

    There are authorized to be appropriated to the Administrator of 
General Services such funds as may be necessary to establish the 
database described in section 2.

SEC. 8. REPORT TO CONGRESS.

    (a) Report Required.--Not later than 180 days after the date of the 
enactment of this Act, the Administrator of General Services shall 
submit to Congress a report.
    (b) Contents of Report.--The report shall contain the following:
            (1) A list of all databases that include information about 
        Federal contracting and Federal grants.
            (2) Recommendations for further legislation or 
        administrative action that the Administrator considers 
        appropriate to create a centralized, comprehensive Federal 
        contracting and Federal grant database.

            Passed the House of Representatives April 23, 2008.

            Attest:

                                            LORRAINE C. MILLER,

                                                                 Clerk.
answer:
Contractors and Federal Spending Accountability Act of 2008 - (Sec. 2) Requires the Administrator of General Services, subject to the authority of the Director of the Office of Management and Budget (OMB), to establish and maintain on a General Services Administration (GSA) website a database of information regarding the integrity and performance of persons awarded federal contracts and grants for use by federal officials. Authorizes appropriations. Requires the Administrator to make the database available to all federal agencies.

Requires the database to include information, for the last five years, regarding: (1) any civil or criminal proceeding, or and administrative proceeding resulting in a finding of fault and payment of restitution to a government of $5,000 or more, concluded by the federal government and state governments against such persons; and (2) federal contacts and grants terminated due to defaults by such persons; (3) federal suspensions and debarments of such persons; (4) federal and state administrative agreements to resolve suspension or debarment proceedings; and (5) final findings by a federal official that such a person has been determined not to be a responsible source under the Office of Federal Procurement Policy Act.

Requires federal regulations to be amended to require applicants for federal grants or contracts exceeding the simplified acquisition threshold to disclose such information in writing.

Requires the Administrator to develop policies to require: (1) notification of any covered person when information relevant to the person is entered into the database; and (2) an opportunity for any covered person to append comments to information about such person in the database.



(Sec. 3) Requires an official to: (1) review such database prior to awarding a contract or grant; and (2) document why a prospective contract or grant awardee against whom a judgment or conviction for the same offense, or similar offences, has been rendered more than once within any three-year period, if each judgment or conviction is a cause for debarment, is considered presently responsible.



(Sec. 5) Requires the Interagency Committee on Debarment and Suspension to: (1) resolve issues regarding determination of the lead agency responsible for initiating suspension or debarment proceedings; (2) coordinate actions among interested agencies; (3) encourage and assist federal agencies in entering into cooperative efforts to pool resources and achieve operational efficiencies in the government-wide suspension and debarment system; (4) recommend to OMB changes to such system and its rules; (5) authorize OMB to issue guidelines that implement such recommendations; (6) authorize the Committee's chair to establish subcommittees; and (7) report to Congress annually on progress and efforts to improve such system, member agencies' active participation in the committee's work, and a summary of each agency's activities and accomplishments in such system. (Sec. 6) Allows federal agencies, commissions, or organizations not currently participating in the federal suspension and debarment system to participate and to recognize suspensions or debarments issued by participating agencies.

 (Sec. 8) Requires the Administrator to submit a report to Congress that includes: (1) a list of all databases that include information about federal contracting and grants; and (2) recommendations for legislation or administrative action to create a centralized, comprehensive federal contracting and grant database.


question:
SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Adult Day Center Enhancement Act''.

SEC. 2. FINDINGS.

    The Congress finds the following:
            (1) One in 6 people in the United States lives with a 
        neurological disease or condition that can often result in 
        disability, and which may require the individual to seek 
        assistance in carrying out the activities of daily living. 
        Neurological diseases or conditions such as multiple sclerosis 
        (MS), early-onset Parkinson's disease, and traumatic brain 
        injury (TBI) can also typically affect younger adults in the 
        middle of their lives.
            (2) Multiple sclerosis is a chronic, often disabling 
        disease that attacks the central nervous system with symptoms 
        ranging from numbness in limbs to paralysis and loss of vision. 
        Most people with MS are diagnosed between the ages of 20 and 50 
        years of age. MS is a leading cause of disability in young 
        adults. Persons living with MS who experience more severe forms 
        of the disease are likely to require either home care or 
        nursing home placement, though the vast majority would prefer 
        to remain at home to receive the care they need. Where home 
        care is concerned, approximately 80 percent of such care is 
        provided by unpaid caregivers who are generally family members.
            (3) Parkinson's disease is a chronic, progressive 
        neurological disease. The four primary symptoms of Parkinson's 
        disease are tremor, or trembling in hands, arms, legs, jaw, and 
        face; rigidity, or stiffness of the limbs and trunk; 
        bradykinesia, or slowness of movement; and postural 
        instability, or impaired balance and coordination. Other 
        symptoms may include cognitive changes; difficulty in 
        swallowing, chewing, and speaking; urinary problems or 
        constipation; skin problems; and sleep disruptions. As these 
        symptoms become more pronounced, patients may have difficulty 
        walking, talking, or completing other simple tasks. It is 
        estimated that nearly 500,000 to 1,500,000 people live with 
        Parkinson's and of those 5 to 10 percent are diagnosed younger 
        than 60 and deemed ``early-onset''.
            (4) Traumatic brain injury is a neurological condition that 
        typically results from a blow or jolt to the head or a 
        penetrating head injury and that can impact one or more parts 
        of the brain, thereby temporarily or permanently disrupting 
        normal brain function. The Centers for Disease Control and 
        Prevention estimates that 1,700,000 TBIs occur annually, 
        resulting in disabilities affecting up to 90,000 people among a 
        broad range of age groups. Traumatic brain injury is also a 
        serious issue that affects military servicemembers. Estimates 
        in prior military conflicts indicate that TBI was present in 
        14-20 percent of surviving casualties.
            (5) Family caregivers are a crucial source of support and 
        assistance for individuals suffering with disabilities. Family 
        caregivers, the majority of whom are women, provide an 
        estimated $470,000,000,000 in ``free'' services annually. The 
        supply of family caregivers is unlikely to keep pace with 
        future demand. The caregiver support ratio of potential 
        caregivers aged 45 to 64 for each person aged 80 and older, for 
        instance, is 7 to 1 in 2010, 4 to 1 in 2030, and 3 to 1 in 
        2050.
            (6) The majority of family caregivers (or 53 percent) are 
        caring for someone ages 18 to 74. Forty-seven percent of family 
        caregivers are caring for someone 75 or older.
            (7) Adult day programs can offer services, including 
        medical care, rehabilitation therapies, dignified assistance 
        with the activities of daily living, nutrition therapy, health 
        monitoring, social interaction, stimulating activities, and 
        transportation to seniors, people with disabilities, and 
        younger adults with chronic diseases.
            (8) Adult day programs geared toward people living with 
        neurological diseases or conditions such as MS, Parkinson's 
        disease, TBI, or other similar diseases or conditions provide 
        an important response to the needs of people living with these 
        conditions and their family caregivers. Adult day programs can 
        help to ameliorate symptoms, reduce dependency, provide 
        important socialization opportunities, and maintain quality of 
        life.
            (9) Adult day programs have been shown to provide a range 
        of documented benefits including improvements in functional 
        status, social support, and reductions in fatigue, depression 
        and pain. Adult day programs also reduce ongoing medical care 
        and hospital costs and decrease admissions to nursing home 
        facilities, which can be costly for many families, by allowing 
        individuals to receive health and social services while 
        continuing to live at home.
            (10) There are currently few adult day programs focused on 
        younger adult populations in the United States. Although young 
        people living with neurological diseases or conditions may be 
        able to access existing adult day programs, such programs are 
        not typically intended for younger adults living with chronic 
        diseases or conditions, and may not provide the appropriate 
        services to meet the age-related or disability status of these 
        individuals.

SEC. 3. ESTABLISHMENT OF ADULT DAY PROGRAMS.

    (a) Survey of Existing Adult Day Programs.--
            (1) In general.--Not later than 90 days after the date of 
        the enactment of this section, the Assistant Secretary for 
        Aging shall initiate a comprehensive survey of current adult 
        day programs that provide care and support to individuals 
        including young adults living with neurological diseases or 
        conditions such as multiple sclerosis, Parkinson's disease, 
        traumatic brain injury, or any similar disease or condition.
            (2) Survey elements.--In carrying out the survey under 
        paragraph (1), the Assistant Secretary for Aging may utilize 
        existing publicly available research on adult day programs, and 
        shall--
                    (A) identify ongoing successful adult day programs, 
                including by providing a brief description of how such 
                programs were initially established and funded;
                    (B) identify which adult day programs are serving 
                young adults living with neurological diseases or 
                conditions;
                    (C) develop a set of best practices to help guide 
                the establishment and replication of additional 
                successful adult day programs, including--
                            (i) program guidelines;
                            (ii) recommendations on the scope of 
                        services that should be provided to individuals 
                        with neurological diseases or conditions 
                        including young adults (which may include 
                        rehabilitation therapy, psychosocial support, 
                        social stimulation and interaction, and 
                        spiritual, educational, or other such 
                        services); and
                            (iii) performance goals and indicators to 
                        measure and analyze the outcomes generated by 
                        the services provided and to evaluate the 
                        overall success of the program; and
                    (D) evaluate the extent to which the Administration 
                for Community Living supports adult day programs, 
                either directly or indirectly, through current Federal 
                grant programs.
            (3) Report.--Not later than 180 days after initiating the 
        survey under paragraph (1), the Assistant Secretary for Aging 
        shall produce and make publicly available a summary report on 
        the results of the survey. Such report shall include each of 
        the elements described in paragraph (2).
    (b) Establishment of Grant Program.--
            (1) In general.--Not later than 90 days after producing the 
        report required by subsection (a)(3), the Assistant Secretary 
        for Aging shall establish within the Administration for 
        Community Living a competitive grant program for awarding 
        grants annually to eligible entities, based on the best 
        practices developed under subsection (a), to fund adult day 
        programs serving younger people with neurological diseases or 
        conditions.
            (2) Eligible entities.--In order to be eligible for a grant 
        under this subsection, an entity shall demonstrate the 
        following:
                    (A) Understanding of the special needs of younger 
                people living with neurological diseases or conditions 
                such as multiple sclerosis, Parkinson's disease, 
                traumatic brain injury, or other similar diseases or 
                conditions, including their functional abilities and 
                the potential complications across all types of cases 
                and stages of such diseases or conditions.
                    (B) Understanding of the issues experienced by 
                family caregivers who assist a family member with 
                neurological diseases or conditions such as multiple 
                sclerosis, Parkinson's disease, traumatic brain injury, 
                or other similar diseases or conditions.
                    (C) A capacity to provide the services recommended 
                by the best practices developed under subsection (a).
            (3) Additional selection requirement.--The Assistant 
        Secretary for Aging shall not award a grant to an entity under 
        this subsection if the amount of the award would constitute 
        more than 40 percent of the operating budget of the entity in 
        the fiscal year for which funds for the grant are authorized to 
        be expended. For purposes of this subsection, the fair market 
        value of annual in-kind contributions of equipment or services 
        shall be considered as part of the operating budget of the 
        entity.
            (4) Selection of grant recipients.--Not later than 90 days 
        after establishing the grant program under this subsection, the 
        Assistant Secretary for Aging shall award the first annual 
        series of grants under the program. In awarding grants under 
        this subsection, the Assistant Secretary should ensure, to the 
        extent practicable, a diverse geographic representation among 
        grant recipients and that, subject to the availability of 
        appropriations--
                    (A) a minimum of 5 entities are selected as grant 
                recipients for the first fiscal year for which such 
                grants are awarded;
                    (B) a minimum of 10 entities are selected as grant 
                recipients for the second such fiscal year;
                    (C) a minimum of 12 entities are selected as grant 
                recipients for the third such fiscal year; and
                    (D) a minimum of 15 entities are selected as grant 
                recipients for the fourth such fiscal year.
            (5) Report.--No later than 1 year after the initial award 
        of grants under this subsection, and annually thereafter, the 
        Assistant Secretary for Aging shall produce and make publicly 
        available a brief summary report on the grant program under 
        this section. Each such report shall include the following:
                    (A) A description of the adult day programs 
                receiving funding under this section, including the 
                amount of Federal funding awarded and the expected 
                outcomes of each program.
                    (B) A description of performance goals and 
                indicators to monitor the progress of grant recipients 
                in--
                            (i) responding to the needs of younger 
                        individuals living with neurological diseases 
                        or conditions such as multiple sclerosis, 
                        Parkinson's disease, traumatic brain injury, or 
                        other similar diseases or conditions; and
                            (ii) assisting the family caregivers of 
                        such individuals.
                    (C) Any plans for improving oversight and 
                management of the grant program.
    (c) Definitions.--In this Act:
            (1) The term ``adult day program'' means a program that 
        provides comprehensive and effective care and support services 
        to individuals living with neurological diseases or conditions 
        such as multiple sclerosis, Parkinson's disease, traumatic 
        brain injury, or other similar diseases or conditions that may 
        result in a functional or degenerative disability and to their 
        family caregivers and that may assist participants in ways 
        that--
                    (A) maintain or improve their functional abilities, 
                or otherwise help them adjust to their changing 
                functional abilities;
                    (B) prevent the onset of complications associated 
                with severe forms of the disease or condition;
                    (C) promote alternatives to placement in nursing 
                homes;
                    (D) reduce the strain on family caregivers taking 
                care of a family member living with such diseases or 
                conditions;
                    (E) focus on supporting the emotional, social, and 
                intellectual needs of a younger adult population; or
                    (F) address the needs of veterans living with such 
                diseases or conditions.
            (2) The term ``family caregiver'' means a family member or 
        foster parent who provides unpaid assistance (which may include 
        in-home monitoring, management, supervision, care and 
        treatment, or other similar assistance) to another adult family 
        member with a special need.
    (d) Authorization of Appropriations.--To carry out this section, in 
addition to amounts otherwise made available for such purpose, there 
are authorized to be appropriated, and to remain available until 
expended, the following:
            (1) $1,000,000 for fiscal year 2017.
            (2) $3,000,000 for fiscal year 2018.
            (3) $6,000,000 for fiscal year 2019.
            (4) $8,000,000 for fiscal year 2020.
            (5) $10,000,000 for fiscal year 2021.
answer:
Adult Day Center Enhancement Act This bill requires the Administration on Aging (AOA) to initiate a comprehensive survey of current adult day programs that provide care and support to individuals with neurological diseases or conditions such as multiple sclerosis, Parkinson's disease, or traumatic brain injury. The AOA must identify ongoing successful adult day programs and which of these serve young adults with neurological conditions and develop best practices to guide the establishment of additional successful adult day programs. The AOA must award grants for adult day programs that serve younger people with neurological conditions. An &quot;adult day program&quot; is defined as a program that provides comprehensive care and support services to individuals with neurological conditions and to their family caregivers and that may assist participants in ways that:  maintain or improve their functional abilities or otherwise help them adjust to their changing functional abilities; prevent the onset of complications associated with severe forms of the condition; promote alternatives to placement in nursing homes; reduce the strain on family caregivers of individuals with neurological conditions; focus on supporting the emotional, social, and intellectual needs of a younger adult population; or address the needs of veterans with neurological conditions. 


question:
SECTION 1. MODIFICATIONS AND INCREASED VOLUME CAP WITH RESPECT TO 
              QUALIFIED MORTGAGE BONDS.

    (a) Use of Qualified Mortgage Bonds Proceeds for Subprime 
Refinancing Loans.--Section 143(k) of the Internal Revenue Code of 1986 
(relating to other definitions and special rules) is amended by adding 
at the end the following new paragraph:
            ``(12) Special rules for subprime refinancings.--
                    ``(A) In general.--In the case of a residence which 
                was originally financed by the mortgagor through a 
                qualified subprime loan, this section shall be applied 
                with the following modifications:
                            ``(i) Subsection (i)(1) (relating to 
                        mortgages must be new mortgages) shall not 
                        apply.
                            ``(ii) Subsection (a)(2)(D)(i) shall be 
                        applied by substituting `12-month period' for 
                        `42-month period' each place it appears.
                            ``(iii) Subsection (d) (relating to 3-year 
                        requirement) shall not apply.
                            ``(iv) Subsection (e) (relating to purchase 
                        price requirement) shall be applied by using 
                        the market value of the residence at the time 
                        of refinancing in lieu of the acquisition cost.
                    ``(B) Qualified subprime loan.--
                            ``(i) In general.--The term `qualified 
                        subprime loan' means an adjustable rate single-
                        family residential mortgage loan originated 
                        after December 31, 2001, and before January 1, 
                        2008, that the bond issuer determines has 
                        characteristics that suggest both a reasonably 
                        foreseeable risk of default and a reasonable 
                        potential to avoid default with the benefit of 
                        a lower cost refinancing.
                            ``(ii) Considerations.--In making the 
                        determination under clause (i), the bond issuer 
                        may consider the following characteristics:
                                    ``(I) Loan payments which are 
                                scheduled to increase by more than 10 
                                percent after December 31, 2007, and 
                                before January 1, 2011.
                                    ``(II) A loan-to-value ratio of 97 
                                percent or greater at the time of the 
                                original mortgage loan or at the time 
                                of the refinancing of such loan after 
                                adjustment for any decline in the fair 
                                market value of the residence.
                                    ``(III) A borrower whose 
                                creditworthiness is relatively low in 
                                comparison to a prime borrower, based 
                                on a lower credit score, such as a Fair 
                                Isaac Credit Organization credit score 
                                at the time of the original subprime 
                                loan of less than 660 and the absence 
                                of an increase in such score by more 
                                than 10 percent since the time of the 
                                original loan.
                                    ``(IV) Whether loan payments on the 
                                original mortgage loan generally have 
                                been made in a current, timely manner, 
                                subject only to isolated late payments.
                    ``(C) Termination.--This paragraph shall not apply 
                to any bonds issued after December 31, 2010.''.
    (b) Increased Volume Cap for Qualified Mortgage Bonds.--
            (1) In general.--Subsection (d) of section 146 of the 
        Internal Revenue Code of 1986 is amended by adding at the end 
        the following new paragraph:
            ``(5) Increase and set aside for qualified mortgage bonds 
        for 2008.--
                    ``(A) In general.--The State ceiling for calendar 
                year 2008 shall be increased by $15,000,000,000.
                    ``(B) Set aside.--
                            ``(i) In general.--Not less than an amount 
                        equal to each State's allocable share of the 
                        increase in the State ceiling under 
                        subparagraph (A) shall be allocated solely for 
                        the purpose of a qualified mortgage issue which 
                        meets the requirement clause (ii).
                            ``(ii) Requirement.--A qualified mortgage 
                        issue meets the requirement of this clause if 
                        such issue meets the requirement of section 
                        143(a)(2)(D)(i) (determined by substituting 
                        `12-month period' for `42-month period' each 
                        place it appears).''.
            (2) Carryforward of unused limitations.--Subsection (f) of 
        section 146 of such Code is amended by adding at the end the 
        following new paragraph:
            ``(6) Special rules for increased volume cap under 
        subsection (d)(5).--No amount which is attributable to the 
        increase under subsection (d)(5) may be used--
                    ``(A) for a carryforward purpose other than issuing 
                qualified mortgage bonds, and
                    ``(B) to issue any bond after calendar year 
                2010.''.
    (c) Alternative Minimum Tax.--
            (1) In general.--Clause (ii) of section 57(a)(5)(C) of the 
        Internal Revenue Code of 1986 is amended by striking ``shall 
        not include'' and all that follows and inserting ``shall not 
        include--
                                    ``(I) any qualified 501(c)(3) bond 
                                (as defined in section 145), or
                                    ``(II) any qualified mortgage bond 
                                (as defined in section 143(a)) or 
                                qualified veterans' mortgage bond (as 
                                defined in section 143(b)) issued after 
                                December 31, 2007, and before January 
                                1, 2011.''.
            (2) Conforming amendment.--The heading for section 
        57(a)(5)(C)(ii) is amended by striking ``qualified 501(c)(3) 
        bonds'' and inserting ``certain bonds''.
    (d) Effective Date.--The amendments made by this section shall 
apply to bonds issued after December 31, 2007.
answer:

Amends the Internal Revenue Code to: (1) allow proceeds of qualified mortgage bonds to be used to refinance certain residential subprime loans issued between 2002 and 2008; (2) increase in 2008 limitations on issuance amounts for qualified mortgage bonds; and (3) exempt tax-exempt interest on qualified mortgage or veterans' mortgage bonds issued before 2011 from the alternative minimum tax.