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

    This Act may be cited as the ``Wind Energy Research and Development 
Act of 2009''.

SEC. 2. WIND ENERGY RESEARCH AND DEVELOPMENT PROGRAM.

    (a) In General.--The Secretary of Energy shall carry out a program 
of research and development to--
            (1) improve the energy efficiency, reliability, and 
        capacity of wind turbines;
            (2) optimize the design and adaptability of wind energy 
        systems to the broadest practical range of atmospheric 
        conditions; and
            (3) reduce the cost of construction, generation, and 
        maintenance of wind energy systems.
    (b) Program.--The program under this section shall focus on 
research and development of--
            (1) new materials and designs to make larger, lighter, less 
        expensive, and more reliable rotor blades;
            (2) technologies to improve gearbox performance and 
        reliability;
            (3) automation, materials, and assembly of large-scale 
        components to reduce manufacturing costs;
            (4) low-cost transportable towers greater than 100 meters 
        in height to capitalize on improved wind conditions at higher 
        elevations;
            (5) advanced computational modeling tools to improve--
                    (A) the reliability of aeroelastic simulations of 
                wind energy systems;
                    (B) understanding of the interaction between each 
                wind turbine component;
                    (C) siting of wind energy systems to maximize 
                efficiency and minimize variable generation;
                    (D) integration of wind energy systems into the 
                existing electric grid to ensure reliability; and
                    (E) understanding of the wake effect between upwind 
                and downwind turbine operations;
            (6) advanced control systems and blade sensors to improve 
        performance and reliability under a wide variety of wind 
        conditions;
            (7) advanced generators, including--
                    (A) medium-speed and low-speed generators;
                    (B) direct-drive technology; and
                    (C) the use of advanced magnets in generator 
                rotors;
            (8) wind technology for offshore applications;
            (9) methods to assess and mitigate the effects of wind 
        energy systems on radar and electromagnetic fields;
            (10) wind turbines with a maximum electric power production 
        capacity of 100 kilowatts or less;
            (11) technical processes to enable--
                    (A) scalability of transmission from remotely 
                located renewable resource rich areas; and
                    (B) optimization of advanced infrastructure design, 
                including high voltage transmission; and
            (12) other research areas as determined by the Secretary.

SEC. 3. WIND ENERGY DEMONSTRATION PROGRAM.

    (a) In General.--The Secretary of Energy shall conduct a wind 
energy demonstration program. In carrying out this section, the 
Secretary shall ensure that--
            (1) the program is of sufficient size and geographic 
        diversity to measure wind energy system performance under the 
        full productive range of wind conditions in the United States;
            (2) demonstration projects carried out under this program 
        are--
                    (A) conducted in collaboration with industry and, 
                as appropriate, with academic institutions; and
                    (B) located in various geographic areas 
                representing various wind class regimes; and
            (3) data collected from demonstration projects carried out 
        under this program is useful for carrying out section 2(b).
    (b) Cost-Sharing.--The Secretary shall carry out the program under 
this section in compliance with section 988(a) through (d) and section 
989 of the Energy Policy Act of 2005 (42 U.S.C. 16352(a) through (d) 
and 16353).

SEC. 4. EQUAL OPPORTUNITY.

    In carrying out this Act, the Secretary of Energy shall--
            (1) coordinate with the Office of Minority Economic Impact 
        and with the Office of Small and Disadvantaged Business 
        Utilization; and
            (2) provide special consideration to applications submitted 
        by institutions, businesses, or entities containing majority 
        representation by individuals identified in section 33 or 34 of 
        the Science and Engineering Equal Opportunities Act (42 U.S.C. 
        1885a or 1885b).

SEC. 5. COMPETITIVE AWARDS.

    Awards under section 2 and section 3 shall be made on a competitive 
basis with an emphasis on technical merit.

SEC. 6. COORDINATION AND NONDUPLICATION.

    To the maximum extent practicable the Secretary of Energy shall 
coordinate activities under this Act with other programs of the 
Department of Energy and other Federal research programs.

SEC. 7. AUTHORIZATION OF APPROPRIATIONS.

    There are authorized to be appropriated to the Secretary of Energy 
to carry out this Act $200,000,000 for each of the fiscal years 2010 
through 2014.

            Passed the House of Representatives September 9, 2009.

            Attest:

                                            LORRAINE C. MILLER,

                                                                 Clerk.

Answer: Wind Energy Research and Development Act of 2009 - Directs the Secretary of Energy to carry out a research and development program to: (1) improve the energy efficiency, reliability, and capacity of wind turbines; (2) optimize the design and adaptability of wind energy systems to the broadest practical range of atmospheric conditions; and (3) reduce the cost of construction, generation, and maintenance of such systems.





Directs the Secretary to conduct a wind energy demonstration program to measure wind energy system performance under the full productive range of wind conditions in the United States.

Requires awards under such programs to be made on a competitive basis with an emphasis on technical merit.

Requires the Secretary, in carrying out this Act, to: (1) coordinate with the Office of Minority Economic Impact and with the Office of Small and Disadvantaged Business Utilization; and (2) provide special consideration to applications submitted by institutions, businesses, or entities containing majority representation of women, minorities, or persons with disabilities in science and engineering.

Authorizes appropriations.


Question: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Banking Privacy Act of 1999''.

SEC. 2. PERSONAL INFORMATION SHARING.

    (a) Depository Institutions and Subsidiaries of Depository 
Institutions.--Section 18 of the Federal Deposit Insurance Act (12 
U.S.C. 1828) is amended by adding at the end the following new 
subsection:
    ``(t) Personal Information Sharing Requirements.--
            ``(1) Information sharing prohibited if customer opts 
        out.--Notwithstanding any other provision of law and except as 
        permitted under paragraph (5), an insured depository 
        institution and a subsidiary of a depository institution may 
        not disclose or transfer customer information relating to any 
        customer to any other person, including an affiliate of the 
        depository institution, unless--
                    ``(A) the customer to whom such information relates 
                has been provided with notice in accordance with 
                paragraph (2); and
                    ``(B) the customer has not provided a written 
                directive (including a transmission by e-mail, 
                facsimile, or other form of electronic communication) 
                to the insured depository institution or subsidiary, at 
                any time before the close of business on the 6th 
                business day before such disclosure or transfer, that 
                such information shall not be disclosed or transferred, 
                except when specifically authorized by the customer in 
                connection with and pertaining to a specific 
                transaction with the depository institution or 
                subsidiary.
            ``(2) Notice.--
                    ``(A) In general.--The notice referred to in 
                paragraph (1)(A) shall fully and fairly disclose, in 
                accordance with regulations which the Federal banking 
                agencies shall jointly prescribe, what information is 
                being disclosed or transferred, the policy of the 
                insured depository institution or subsidiary of an 
                insured depository institution with regard to 
                information sharing, and the right of the customer to 
                prohibit the disclosure or transfer of such 
                information.
                    ``(B) Form of notice.--
                            ``(i) In general.--The regulations 
                        prescribed pursuant to subparagraph (A) shall 
                        require that the notice required under such 
                        subparagraph--
                                    ``(I) be prominently displayed on a 
                                document which is separate from any 
                                other document;
                                    ``(II) have the term `Privacy 
                                Notice' in prominent typeface at the 
                                top of the notice.
                            ``(ii) Notice requirements.--
                                    ``(I) Mailing.--If the notice 
                                required under subparagraph (A) is 
                                mailed to the customer, the notice 
                                shall be mailed separately from any 
                                other statement, document, or notice 
                                mailed to the customer.
                                    ``(II) In person.--If the notice 
                                required under subparagraph (A) is 
                                disclosed to the customer in person by 
                                an officer, director, or agent of the 
                                depository institution or subsidiary 
                                thereof, the officer, employee, or 
                                agent shall obtain the written 
                                acknowledgement of the customer of the 
                                receipt of such notice separately from 
                                any other signature or written 
                                acknowledgment of the customer.
            ``(3) Customer information defined.--For purposes of this 
        subsection, the term `customer information' means any 
        information acquired from a customer of the insured depository 
        institution that is personally identifiable to the customer, 
        including information relating to transactions, balances, 
        maturity dates, payouts, and payout dates, and transaction or 
        experience information.
            ``(4) Reasonable opportunity to respond to notice.--In 
        order to provide any customer of an insured depository 
        institution or any subsidiary of an insured depository 
        institution with reasonable opportunity to respond to any 
        notice referred to in paragraph (1)(A), the prohibition 
        contained in paragraph (1) on the disclosure or transfer of any 
        customer information relating to such customer to any other 
        person, including an affiliate, shall continue during the 30-
        day period beginning on the date the notice referred to in such 
        paragraph was sent or delivered to such customer, unless the 
        customer has authorized such disclosure or transfer.
            ``(5) Exceptions.--Paragraph (1) shall not apply to the 
        disclosure or transfer of customer information--
                    ``(A) in connection with processing a specific 
                financial transaction that the customer to whom the 
                information relates has authorized, if--
                            ``(i) the customer has been informed that 
                        any such transaction will necessarily involve 
                        the disclosure or transfer of such information; 
                        and
                            ``(ii) the person to whom such information 
                        is transferred or disclosed is subject to a 
                        legal or contractual obligation not to use such 
                        information for any purpose other than in 
                        connection with facilitating the transaction;
                    ``(B) in connection with any routine financial 
                transaction which does not involve marketing of 
                services or the sale of customer information, if the 
                person to whom such information is transferred or 
                disclosed is subject to a legal or contractual 
                obligation not to use such information for any purpose 
                other than in connection with effectuating the 
                transaction;
                    ``(C) in connection with clearing checks, 
                processing credit transactions or electronic fund 
                transfers, or providing mailing services, if the person 
                to whom such information is transferred or disclosed is 
                subject to a legal or contractual obligation not to use 
                such information for any purpose other than in 
                connection with clearing or processing the transaction 
                or providing the service;
                    ``(D) to a governmental, regulatory, or self-
                regulatory authority having jurisdiction over the 
                insured depository institution for examination, 
                compliance, or other authorized purposes;
                    ``(E) to a court of competent jurisdiction;
                    ``(F) to a consumer reporting agency, as defined in 
                section 603(f) of the Fair Credit Reporting Act, for 
                use solely in accordance with such Act;
                    ``(G) in the case of a default by the customer on 
                an obligation to the depository institution or 
                subsidiary, to a debt collector, as defined in section 
                803(6) of the Fair Debt Collection Practices Act, 
                counsel, or other entity involved in debt collection, 
                for use solely in accordance with such Act;
                    ``(H) in the case of any claim or litigation 
                between the customer and a depository institution or 
                subsidiary, to a counsel or other person involved in 
                the resolution of the dispute;
                    ``(I) that is not personally identifiable to the 
                customer or is public information; or
                    ``(J) that is necessary to prevent or investigate 
                fraudulent or unlawful acts which the depository 
                institution or subsidiary has a good faith belief may 
                occur or may have occurred.''.
    (b) Bank Holding Companies and Affiliates of Bank Holding 
Companies.--Section 5 of the Bank Holding Company Act of 1956 (12 
U.S.C. 1844) is amended by adding at the end the following new 
subsection:
    ``(g) Personal Information Sharing Requirements.--
            ``(1) Information sharing prohibited if customer opts 
        out.--Notwithstanding any other provision of law and except as 
        permitted under paragraph (5), a bank holding company and an 
        affiliate of a bank holding company (other than a depository 
        institution subsidiary or subsidiary of such depository 
        institution) may not disclose or transfer customer information 
        relating to any customer to any other person, including another 
        affiliate of the bank holding company, unless--
                    ``(A) the customer to whom such information relates 
                has been provided with notice in accordance with 
                paragraph (2); and
                    ``(B) the customer has not provided a written 
                directive (including a transmission by e-mail, 
                facsimile, or other form of electronic communication) 
                to the bank holding company or affiliate, at any time 
                before the close of business on the 6th business day 
                before such disclosure or transfer, that such 
                information shall not be disclosed or transferred, 
                except when specifically authorized by the customer in 
                connection with and pertaining to a specific 
                transaction with the bank holding company or affiliate.
            ``(2) Notice.--
                    ``(A) In general.--The notice referred to in 
                paragraph (1)(A) shall fully and fairly disclose, in 
                accordance with regulations which the Board shall 
                prescribe, what information is being disclosed or 
                transferred, the policy of the bank holding company or 
                affiliate of a bank holding company with regard to 
                information sharing, and the right of the customer to 
                prohibit the disclosure or transfer of such 
                information.
                    ``(B) Form of notice.--
                            ``(i) In general.--The regulations 
                        prescribed pursuant to subparagraph (A) shall 
                        require that the notice required under such 
                        subparagraph--
                                    ``(I) be prominently displayed on a 
                                document which is separate from any 
                                other document:
                                    ``(II) have the term `Privacy 
                                Notice' in prominent typeface at the 
                                top of the notice.
                            ``(ii) Notice requirements.--
                                    ``(I) Mailing.--If the notice 
                                required under subparagraph (A) is 
                                mailed to the customer, the notice 
                                shall be mailed separately from any 
                                other statement, document, or notice 
                                mailed to the customer.
                                    ``(II) In person.--If the notice 
                                required under subparagraph (A) is 
                                disclosed to the customer in person by 
                                an officer, director, or agent of the 
                                bank holding company or affiliate 
                                thereof, the officer, employee, or 
                                agent shall obtain the written 
                                acknowledgement of the customer of the 
                                receipt of such notice separately from 
                                any other signature or written 
acknowledgment of the customer.
            ``(3) Customer information defined.--For purposes of this 
        subsection, the term `customer information' means any 
        information acquired from a customer of the bank holding 
        company or affiliate that is personally identifiable to the 
        customer, including information relating to transactions, 
        balances, maturity dates, payouts, and payout dates, and 
        transaction or experience information.
            ``(4) Reasonable opportunity to respond to notice.--In 
        order to provide any customer of a bank holding company or any 
        affiliate of a bank holding company with reasonable opportunity 
        to respond to any notice referred to in paragraph (1)(A), the 
        prohibition contained in paragraph (1) on the disclosure or 
        transfer of any customer information relating to such customer 
        to any other person, including another affiliate, shall 
        continue during the 30-day period beginning on the date the 
        notice referred to in such paragraph was sent or delivered to 
        such customer, unless the customer has authorized such 
        disclosure or transfer.
            ``(5) Exceptions.--Paragraph (1) shall not apply to the 
        disclosure or transfer of customer information--
                    ``(A) in connection with processing a specific 
                financial transaction that the customer to whom the 
                information relates has authorized, if--
                            ``(i) the customer has been informed that 
                        any such transaction will necessarily involve 
                        the disclosure or transfer of such information; 
                        and
                            ``(ii) the person to whom such information 
                        is transferred or disclosed is subject to a 
                        legal or contractual obligation not to use such 
                        information for any purpose other than in 
                        connection with facilitating the transaction;
                    ``(B) in connection with any routine financial 
                transaction which does not involve marketing of 
                services or the sale of customer information, if the 
                person to whom such information is transferred or 
                disclosed is subject to a legal or contractual 
                obligation not to use such information for any purpose 
                other than in connection with effectuating the 
                transaction;
                    ``(C) in connection with clearing checks, 
                processing financial transactions or electronic fund 
                transfers, or providing mailing services, if the person 
                to whom such information is transferred or disclosed is 
                subject to a legal or contractual obligation not to use 
                such information for any purpose other than in 
                connection with clearing or processing the transaction 
                or providing the service;
                    ``(D) to a governmental, regulatory, or self-
                regulatory authority having jurisdiction over the 
                insured depository institution for examination, 
                compliance, or other authorized purposes;
                    ``(E) to a court of competent jurisdiction;
                    ``(F) to a consumer reporting agency, as defined in 
                section 603(f) of the Fair Credit Reporting Act, for 
                use solely in accordance with such Act;
                    ``(G) in the case of a default by the customer on 
                an obligation to the bank holding company or affiliate, 
                to a debt collector, as defined in section 803(6) of 
                the Fair Debt Collection Practices Act, counsel, or 
                other entity involved in debt collection, for use 
                solely in accordance with such Act;
                    ``(H) in the case of any claim or litigation 
                between the customer and a depository institution or 
                subsidiary, to counsel or any other person involved in 
                the resolution of the dispute;
                    ``(I) that is not personally identifiable to the 
                customer or is public information; or
                    ``(J) that is necessary to prevent or investigate 
                fraudulent or unlawful acts which the bank holding 
                company or affiliate has a good faith belief may occur 
                or may have occurred.''.

Answer: Banking Privacy Act of 1999 - Amends the Federal Deposit Insurance Act and the Bank Holding Company Act of 1956 to mandate customer notice and written consent as a prerequisite to personal information sharing between institutions under their purview (an insured depository institution or bank holding company, respectively) and other persons or affiliates. 
Delineates notice and consent procedures.


Question: SECTION 1. LIFETIME SAVINGS ACCOUNTS.

    (a) In General.--Subchapter F of Chapter 1 of the Internal Revenue 
Code of 1986 (relating to exempt organizations) is amended by adding at 
the end the following new part:

                  ``PART IX--LIFETIME SAVINGS ACCOUNTS

``SEC. 530A. LIFETIME SAVINGS ACCOUNTS.

    ``(a) General Rule.--A Lifetime Savings Account shall be exempt 
from taxation under this subtitle. Notwithstanding the preceding 
sentence, such account shall be subject to the taxes imposed by section 
511 (relating to imposition of tax on unrelated business income of 
charitable organizations).
    ``(b) Lifetime Savings Account.--For purposes of this section, the 
term `Lifetime Savings Account' means a trust created or organized in 
the United States for the exclusive benefit of an individual or his 
beneficiaries and which is designated (in such manner as the Secretary 
shall prescribe) at the time of the establishment of the trust as a 
Lifetime Savings Account, but only if the written governing instrument 
creating the trust meets the following requirements:
            ``(1) Except in the case of a qualified rollover 
        contribution described in subsection (d)--
                    ``(A) no contribution will be accepted unless it is 
                in cash, and
                    ``(B) contributions will not be accepted for the 
                calendar year in excess of the contribution limit 
                specified in subsection (c)(1).
            ``(2) 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 that person will administer 
        the trust will be consistent with the requirements of this 
        section or who has so demonstrated with respect to any 
        individual retirement plan.
            ``(3) No part of the trust assets will be invested in life 
        insurance contracts.
            ``(4) The interest of an individual in the balance of his 
        account is nonforfeitable.
            ``(5) The assets of the trust shall not be commingled with 
        other property except in a common trust fund or common 
        investment fund.
    ``(c) Treatment of Contributions and Distributions.--
            ``(1) Contribution limit.--
                    ``(A) In general.--The aggregate amount of 
                contributions (other than qualified rollover 
                contributions described in subsection (d)) for any 
                calendar year to all Lifetime Savings Accounts 
                maintained for the benefit of an individual shall not 
                exceed $5,000.
                    ``(B) Cost-of-living adjustment.--
                            ``(i) In general.--In the case of any 
                        calendar year after 2005, the $5,000 amount 
                        under 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, 
                                determined by substituting `calendar 
                                year 2004' for `calendar year 1992' in 
                                subparagraph (B) thereof.
                            ``(ii) Rounding rules.--If any amount after 
                        adjustment under clause (i) is not a multiple 
                        of $500, such amount shall be rounded to the 
                        next lower multiple of $500.
            ``(2) Distributions.--Any distribution from a Lifetime 
        Savings Account shall not be includible in gross income.
    ``(d) Qualified Rollover Contribution.--For purposes of this 
section, the term `qualified rollover contribution' means a 
contribution to a Lifetime Savings Account--
            ``(1) from another such account of the same beneficiary, 
        but only if such amount is contributed not later than the 60th 
        day after the distribution from such other account,
            ``(2) from a Lifetime Savings Account of a spouse of the 
        beneficiary of the account to which the contribution is made, 
        but only if such amount is contributed not later than the 60th 
        day after the distribution from such other account, and
            ``(3) before January 1, 2006, from--
                    ``(A) a qualified tuition program pursuant to 
                section 529(c)(3)(E), or
                    ``(B) a Coverdell education savings account 
                pursuant to section 530(d)(9).
    ``(e) Loss of Taxation Exemption of Account Where Beneficiary 
Engages in Prohibited Transaction.--Rules similar to the rules of 
paragraph (2) of section 408(e) shall apply to any Lifetime Savings 
Account.
    ``(f) Custodial Accounts.--For purposes of this section, a 
custodial account or an annuity contract issued by an insurance company 
qualified to do business in a State shall be treated as a trust under 
this section if--
            ``(1) the custodial account or annuity contract would, 
        except for the fact that it is not a trust, constitute a trust 
        which meets the requirements of subsection (b), and
            ``(2) in the case of a custodial account, the assets of 
        such account are held by a bank (as defined in section 408(n)) 
        or another person who demonstrates, to the satisfaction of the 
        Secretary, that the manner in which he will administer the 
        account will be consistent with the requirements of this 
        section.
For purposes of this title, in the case of a custodial account or 
annuity contract treated as a trust by reason of the preceding 
sentence, the person holding the assets of such account or holding such 
annuity contract shall be treated as the trustee thereof.
    ``(g) Reports.--The trustee of a Lifetime Savings Account shall 
make such reports regarding such account to the Secretary and to the 
beneficiary of the account with respect to contributions, 
distributions, and such other matters as the Secretary may require. The 
reports required by this subsection shall be filed at such time and in 
such manner and furnished to such individuals at such time and in such 
manner as may be required.''.
    (b) Tax on Excess Contributions.--
            (1) In general.--Subsection (a) of section 4973 of the 
        Internal Revenue Code of 1986 (relating to tax on excess 
        contributions to certain tax-favored accounts and annuities) is 
        amended by striking ``or'' at the end of paragraph (4), by 
inserting ``or'' at the end of paragraph (5), and by inserting after 
paragraph (5) the following new paragraph:
            ``(6) a Lifetime Savings Account (as defined in section 
        530A),''.
            (2) Excess contribution.--Section 4973 of such Code is 
        amended by adding at the end the following new subsection:
    ``(h) Excess Contributions to Lifetime Savings Accounts.--For 
purposes of this section--
            ``(1) In general.--In the case of Lifetime Savings Accounts 
        (within the meaning of section 530A), the term `excess 
        contributions' means the sum of--
                    ``(A) the amount by which the amount contributed 
                for the calendar year to such accounts (other than 
                qualified rollover contributions (as defined in section 
                530A(d))) exceeds the contribution limit under section 
                530A(c)(1), and
                    ``(B) the amount determined under this subsection 
                for the preceding calendar year, reduced by the excess 
                (if any) of the maximum amount allowable as a 
                contribution under section 530A(c)(1) for the calendar 
                year over the amount contributed to the accounts for 
                the calendar year.
            ``(2) Special rule.--A contribution shall not be taken into 
        account under paragraph (1) if such contribution (together with 
        the amount of net income attributable to such contribution) is 
        returned to the beneficiary before July 1 of the year following 
        the year in which the contribution is made.''.
    (c) Failure To Provide Reports on Lifetime Savings Accounts.--
Paragraph (2) of section 6693(a) of the Internal Revenue Code of 1986 
(relating to failure to provide reports on individual retirement 
accounts or annuities) is amended by striking ``and'' at the end of 
subparagraph (D), by striking the period at the end of subparagraph (E) 
and inserting ``, and'', and by adding at the end the following new 
subparagraph:
                    ``(F) section 530A(g) (relating to Lifetime Savings 
                Accounts).''.
    (d) Rollovers From Certain Other Tax-Free Accounts.--
            (1) Qualified state tuition plans.--Paragraph (3) of 
        section 529(c) of the Internal Revenue Code of 1986 (relating 
        to distributions) is amended by adding at the end the following 
        new subparagraph:
                    ``(E) Rollovers to lifetime savings accounts.--
                            ``(i) In general.--Subparagraph (A) shall 
                        not apply to the qualified portion of any 
                        distribution which, before January 1, 2006, and 
                        within 60 days of such distribution, is 
                        transferred to a Lifetime Savings Account 
                        (within the meaning of section 530A) of the 
                        designated beneficiary. This subparagraph shall 
                        only apply to distributions in accordance with 
                        the previous sentence from an account which was 
                        in existence with respect to such designated 
                        beneficiary on December 31, 2003.
                            ``(ii) Qualified portion.--For purposes of 
                        this subparagraph, the term `qualified portion' 
                        means the amount equal to the sum of--
                                    ``(I) the lesser of $50,000 or the 
                                amount which is in the account of the 
                                designated beneficiary on December 31, 
                                2003,
                                    ``(II) any contributions to such 
                                account for the taxable year beginning 
                                after December 31, 2004, and before 
                                January 1, 2005, and
                                    ``(III) any earnings of such 
                                account for such year.
                            ``(iii) Limitation.--The sum of the amounts 
                        taken into account under clause (ii)(II) with 
                        respect to all accounts of the designated 
                        beneficiary plus any amounts with respect to 
                        such designated beneficiary taken into account 
                        under section 530(d)(9)(B)(ii) shall not exceed 
                        the sum of $5,000 plus the earnings 
                        attributable to such amounts.''.
            (2) Coverdell education savings accounts.--Subsection (d) 
        of section 530 of such Code (relating to tax treatment of 
        distributions) is amended by inserting at the end the following 
        new paragraph:
            ``(9) Rollovers to lifetime savings accounts.--
                    ``(A) In general.--Paragraph (1) shall not apply to 
                the qualified portion of any amount paid or distributed 
                from a Coverdell education savings account to the 
                extent that the amount received is paid, before January 
                1, 2006, and not later than the 60th day after the date 
                of such payment or distribution, into a Lifetime 
                Savings Account (within the meaning of section 530A) 
                for the benefit of the same beneficiary. This paragraph 
                shall only apply to amounts paid or distributed in 
                accordance with the preceding sentence from an account 
                which was in existence with respect to such beneficiary 
                on December 31, 2003.
                    ``(B) Qualified portion.--For purposes of this 
                paragraph, the term `qualified portion' means the 
                amount equal to the sum of--
                            ``(i) the amount which is in the account of 
                        the beneficiary on December 31, 2003,
                            ``(ii) any contributions to such account 
                        for the taxable year beginning after December 
                        31, 2004, and before January 1, 2005, and
                            ``(iii) any earnings of such account for 
                        such year.
                    ``(C) Limitation.--The sum of the amounts taken 
                into account under subparagraph (B)(ii) with respect to 
                all accounts of the beneficiary plus any amounts with 
                respect to such beneficiary taken into account under 
                section 529(c)(3)(E)(ii)(II) shall not exceed the sum 
                of $5,000 plus the earnings attributable to such 
                amounts.''.
    (e) Conforming Amendment.--The table of parts for subchapter F of 
chapter 1 of the Internal Revenue Code of 1986 is amended by adding at 
the end the following new item:

                              ``Part IX. Lifetime Savings Accounts.''.

    (f) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2004.

Answer:
Amends the Internal Revenue Code to create a tax-exempt trust to be known as a "Lifetime Savings Account" for the benefit of an individual taxpayer or his beneficiaries. Allows an individual taxpayer to make cash contributions up to $5,000 each year to such trusts. Prohibits: (1) investment of trust assets in life insurance contracts; and (2) commingling of trust assets with any other property except in a common trust or investment fund. Provides for an annual cost-of-living adjustment to the contribution amount.

Excludes from gross income distributions from such a trust. Allows tax-free rollovers to a trust from: (1) another account of the trust beneficiary if the rollover from such other account is completed within 60 days of the date of distribution; (2) from a Lifetime Savings Account of the spouse of the trust beneficiary if the rollover from the spouse's account is completed within 60 days of the date of distribution; (3) from a qualified state tuition plan or a Coverdell education savings account before January 1, 2006.