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

[EX Q]: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Municipal Bond Market Support Act of 
2008''.

SEC. 2. MODIFICATION OF SMALL ISSUER EXCEPTION TO TAX-EXEMPT INTEREST 
              EXPENSE ALLOCATION RULES FOR FINANCIAL INSTITUTIONS.

    (a) Increase in Limitation.--Subparagraphs (C)(i), (D)(i), and 
(D)(iii)(II) of section 265(b)(3) of the Internal Revenue Code of 1986 
are each amended by striking ``$10,000,000'' and inserting 
``$30,000,000''.
    (b) Repeal of Aggregation Rules Applicable to Small Issuer 
Determination.--Paragraph (3) of section 265(b) of such Code is amended 
by striking subparagraphs (E) and (F).
    (c) Election To Apply Limitation at Borrower Level.--Paragraph (3) 
of section 265(b) of such Code, as amended by subsection (b), is 
amended by adding at the end the following new subparagraph:
                    ``(E) Election to apply limitation on amount of 
                obligations at borrower level.--
                            ``(i) In general.--An issuer, the proceeds 
                        of the obligations of which are to be used to 
                        make or finance eligible loans, may elect to 
                        apply subparagraphs (C) and (D) by treating 
                        each borrower as the issuer of a separate 
                        issue.
                            ``(ii) Eligible loan.--For purposes of this 
                        subparagraph--
                                    ``(I) In general.--The term 
                                `eligible loan' means one or more loans 
                                to a qualified borrower the proceeds of 
                                which are used by the borrower and the 
                                outstanding balance of which in the 
                                aggregate does not exceed $30,000,000.
                                    ``(II) Qualified borrower.--The 
                                term `qualified borrower' means a 
                                borrower which is an organization 
                                described in section 501(c)(3) and 
                                exempt from taxation under section 
                                501(a) or a State or political 
                                subdivision thereof.
                            ``(iii) Manner of election.--The election 
                        described in clause (i) may be made by an 
                        issuer for any calendar year at any time prior 
                        to its first issuance during such year of 
                        obligations the proceeds of which will be used 
                        to make or finance one or more eligible 
                        loans.''.
    (d) Inflation Adjustment.--Paragraph (3) of section 265(b) of such 
Code, as amended by subsections (b) and (c), is amended by adding at 
the end the following new subparagraph:
                    ``(F) Inflation adjustment.--In the case of any 
                calendar year after 2009, the $30,000,000 amounts 
                contained in subparagraphs (C)(i), (D)(i), 
                (D)(iii)(II), and (E)(ii)(I) shall each 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 such 
                        calendar year, determined by substituting 
                        `calendar year 2008' `for calendar year 1992' 
                        in subparagraph (B) thereof.
                Any increase determined under the preceding sentence 
                shall be rounded to the nearest multiple of 
                $100,000.''.
    (e) Effective Date.--The amendments made by this section shall 
apply to obligations issued after December 31, 2008.

SEC. 3. DE MINIMIS SAFE HARBOR EXCEPTION FOR TAX-EXEMPT INTEREST 
              EXPENSE OF FINANCIAL INSTITUTIONS AND BROKERS.

    (a) Financial Institutions.--Subsection (b) of section 265 of the 
Internal Revenue Code of 1986 is amended by adding at the end the 
following new paragraph:
            ``(7) De minimis exception.--Paragraph (1) shall not apply 
        to any financial institution if the portion of the taxpayer's 
        holdings of tax-exempt securities is less than 2 percent of the 
        taxpayer's assets.''.
    (b) Brokers.--Subsection (a) of section 265 of the Internal Revenue 
Code of 1986 is amended by adding at the end the following new 
paragraph:
            ``(7) De minimis exception.--Paragraph (2) shall not apply 
        to any broker (as defined in section 6045(c)(1)) if the portion 
        of the taxpayer's holdings of tax-exempt securities is less 
        than 2 percent of the taxpayer's assets.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after the date of the enactment of 
this Act.
[EX A]: Municipal Bond Market Support Act of 2008 - Amends Internal Revenue Code provisions relating to the small issuer exemption from interest expense allocation rules for financial institutions to: (1) increase from $10 to $30 million the annual limit on small issuers of tax-exempt municipal bonds; (2) allow an inflation adjustment to such increased limit amount after 2009; (3) repeal aggregation rules relating to the determination of small issuer eligibility; (4) allow small issuers an election to treat borrowers separately for purposes of issuance limitations; and (5) allow financial institutions and brokers to hold up to 2% of their assets in tax-exempt securities without affecting their interest expense tax deduction.

[EX Q]: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Missile Defense Defend and Deter Act 
of 2016''.

SEC. 2. FINDINGS.

    Congress makes the following findings:
            (1) It is in the highest strategic interest of the United 
        States to field a fully operational missile defense system to 
        defend against threats from intercontinental ballistic missiles 
        (ICBMs) of rogue nations, including North Korea and Iran.
            (2) In the past year, the Democratic People's Republic of 
        Korea tested a nuclear weapon and an intercontinental ballistic 
        missile and has made claims that it now possesses the ability 
        to miniaturize a nuclear warhead.
            (3) The ground-based midcourse defense (GMD) element of the 
        ballistic missile defense system (BMDS) is one of the most 
        critical capabilities needed to defend the United States 
        against threats from intercontinental ballistic missiles, 
        conventional and nuclear.
            (4) The test program of the Missile Defense Agency provides 
        vital data to demonstrate the operational effectiveness, 
        suitability, and survivability of the ballistic missile defense 
        system, and it contributes to United States nonproliferation 
        goals by sending a very credible message to the international 
        community on the ability of the United States to defeat 
        ballistic missiles in flight, thus reducing their value to 
        potential adversaries.

SEC. 3. REQUIRED TESTING BY MISSILE DEFENSE AGENCY OF GROUND-BASED 
              MIDCOURSE DEFENSE ELEMENT OF BALLISTIC MISSILE DEFENSE 
              SYSTEM.

    (a) Testing Required.--Except as provided in subsection (c), not 
less frequently than once each fiscal year, the Director of the Missile 
Defense Agency shall administer an intercept flight test of the ground-
based midcourse defense element of the ballistic missile defense 
system.
    (b) Requirements.--The Director shall ensure that each test carried 
out under subsection (a) provides, when possible, for one or more of 
the following:
            (1) Validation of the operational effectiveness of the 
        ground-based midcourse defense element of the ballistic missile 
        defense system.
            (2) Use of assets in their operational configuration 
        against an inventory of targets to assess all aspects of 
        ground-based midcourse defense elements of the ballistic 
        missile defense system performance in a variety of flight test 
        regimes.
            (3) Use of operational doctrine and real-world constraints.
            (4) Evaluation of new concepts of operations and exercising 
        tactics, techniques, and procedures.
            (5) Mechanisms to assure the confidence of members of the 
        Armed Forces in the basic design of the ground-based midcourse 
        defense element of the ballistic missile defense system, its 
        hit-to-kill effectiveness, and its inherent operational 
        capability.
    (c) Exceptions.--
            (1) Nonintercept test.--The Director may forgo a test under 
        subsection (a) in a fiscal year if the Secretary of Defense, in 
        consultation with the Director, determines that conducting the 
        test would--
                    (A) jeopardize national security;
                    (B) not be successful due to specific ground-based 
                midcourse defense components needing a nonintercept 
                test; and
                    (C) likely lead to failure due to impractical time 
                considerations.
            (2) Funding.--The Director may forgo a test under 
        subsection (a) in a fiscal year if the Secretary of Defense, in 
        consultation with the Director, determines that the test is not 
        sufficiently funded.
            (3) National security waiver.--
                    (A) In general.--The Director may forgo a test 
                under subsection (a) in a fiscal year if the Secretary 
                of Defense, in consultation with the Director of the 
                Missile Defense Agency, Director of National 
                Intelligence, and the Commander of United States 
                Northern Command (NORTHCOM), determines that the 
                provision of testing as described in that subsection is 
                detrimental to the national security interests of the 
                United States.
                    (B) Notice required.--
                            (i) In general.--Not later than 30 days 
                        after forgoing a test pursuant to subparagraph 
                        (A), the Secretary shall submit to the 
                        congressional defense committees notice 
                        regarding the foregone test.
                            (ii) Elements.--Notice submitted under 
                        clause (i) shall include the following:
                                    (I) The rationale for forgoing the 
                                test.
                                    (II) The national security 
                                interests of the United States 
                                preventing the test.
                                    (III) A plan to complete the 
                                intercept test in the following fiscal 
                                year, which does not affect testing in 
                                following fiscal years.
                            (iii) Form.--Each notice under clause (ii) 
                        shall be submitted in an unclassified form, but 
                        may include a classified annex.
    (d) Congressional Defense Committees Defined.--In this section, the 
term ``congressional defense committees'' has the meaning given that 
term in section 101(a)(16) of title 10, United States Code.
[EX A]: Missile Defense Defend and Deter Act of 2016 This bill requires the Department of Defense (DOD) Missile Defense Agency to administer an intercept flight test of the ground-based midcourse defense element of the ballistic missile defense system at least once each fiscal year.  Each test shall provide for:   validation of the defense element's operational effectiveness; use of assets in their operational configuration against an inventory of targets to assess performance in a variety of flight test regimes;  use of operational doctrine and real-world constraints;  evaluation of new concepts of operations, tactics, and techniques; and  mechanisms to assure the confidence of members of the Armed Forces in the basic design of the ground-based midcourse defense element, its hit-to-kill effectiveness, and its operational capability.   The Agency may forgo a test if:   it would jeopardize national security, not be successful due to specific ground-based midcourse defense components needing a non-intercept test, and likely fail due to impractical time considerations; or  funding is insufficient.  The Agency also may forgo a test if DOD determines that the testing is detrimental to U.S. national security interests and provides notice to Congress.

[EX Q]: SECTION 1. BUNDLED RETAIL SALES OF ELECTRIC ENERGY.

    (a) Jurisdiction.--Section 201(b)(1) of the Federal Power Act (16 
U.S.C. 824(b)(1)) is amended--
            (1) by striking ``(b)(1) The'' and inserting the following:
    ``(b) Applicability.--
            ``(1) In general.--The'';
            (2) by striking ``The Commission'' and inserting the 
        following:
            ``(2) Facilities.--The Commission''; and
            (3) by adding at the end the following:
            ``(3) Bundled retail sales of electric energy.--The 
        Commission shall not have jurisdiction--
                    ``(A) over bundled retail sales of electric energy 
                (including the transmission component of retail sales); 
                or
                    ``(B) to compel the unbundling of rates for bundled 
                retail sales of electric energy.''.
    (b) Definition of Bundled Retail Sales of Electric Energy.--Section 
201 of the Federal Power Act (16 U.S.C. 824) is amended by adding at 
the end the following:
    ``(h) Definition of Bundled Retail Sales of Electric Energy.--In 
this part, the term `bundled retail sales of electric energy' means 
sales of electric energy to retail customers in which generation, 
transmission, distribution, and other services necessary to supply 
electric energy to retail customers are sold as a single delivered 
service by a single seller, acting under the regulatory jurisdiction of 
a State commission.''.

SEC. 2. SERVICE OBLIGATION PROTECTION.

    Part II of the Federal Power Act (16 U.S.C. 824 et seq.) is amended 
at the end the following:

``SEC. 215. SERVICE OBLIGATIONS OF LOAD-SERVING ENTITIES.

    ``(a) Definitions.--In this section:
            ``(1) Existing wholesale contractual obligation.--
                    ``(A) In general.--The term `existing wholesale 
                contractual obligation' means an obligation under a 
                firm long-term wholesale contract that was in effect on 
                March 28, 2003.
                    ``(B) Contract modifications.--A contract 
                modification after March 28, 2003 (other than a 
                contract modification that increases the quantity of 
                electric energy sold under the contract), shall not 
                affect the status of a contract described in 
                subparagraph (A) as an existing wholesale contractual 
                obligation.
            ``(2) Load-serving entity.--
                    ``(A) In general.--The term `load-serving entity' 
                means a transmitting utility that has an obligation 
                under Federal, State, or local law, or a long-term 
                contract, to provide electric service to--
                            ``(i) electric consumers (as defined in 
                        section 3 of the Public Utility Regulatory 
                        Policies Act of 1978 (16 U.S.C. 2602)); or
                            ``(ii) an electric utility (as defined in 
                        section 3 of that Act) that has an obligation 
                        to provide electric service to electric 
                        consumers.
                    ``(B) Service obligation.--For purposes of this 
                section, an obligation described in subparagraph (A) 
                shall be considered a service obligation.
    ``(b) Service Obligations.--
            ``(1) Applicability.--This subsection applies to any load-
        serving entity that--
                    ``(A) owns transmission facilities for the 
                transmission of electric energy in interstate commerce 
                used to purchase or deliver electric energy to meet a 
                service obligation to customers or an existing 
                wholesale contractual obligation; or
                    ``(B) holds a contract or service agreement for 
                firm transmission service used to purchase or deliver 
                electric energy to meet a service obligation to 
                customers or an existing wholesale contractual 
                obligation.
            ``(2) Use of transmission facilities or services.--In 
        exercising authority under this Act, the Commission shall 
        ensure that any entity described in paragraph (1) shall be 
        entitled to use transmission facilities or rights to firm 
        transmission service described in paragraph (1) to meet service 
        obligations described in paragraph (1) before transmission 
        capacity is made available for other uses.
    ``(c) Use by Successors in Interest.--
            ``(1) In general.--If all or a portion of the service 
        obligation or contractual obligation described in subsection 
        (b) is transferred to another load-serving entity, the 
        successor shall be entitled to use the transmission facilities 
        or firm transmission rights associated with the transferred 
        service obligation consistent with subsection (b).
            ``(2) Subsequent transfers.--A subsequent transfer to 
        another load-serving entity, or a retransfer to the original 
        load-serving entity, shall be entitled as provided in paragraph 
        (1).
    ``(d) Relationship to Other Provisions.--If a transmitting utility 
reserves transmission capacity (or reserves the equivalent capacity in 
the form of tradable transmission rights) to meet service obligations 
or firm long-term wholesale contractual obligations under subsection 
(b), the transmitting utility shall not be considered to be engaging in 
undue discrimination or preference under this Act or any other law.
    ``(e) Applicability.--This section does not apply to an area served 
by a utility located in an area described in section 212(k)(2)(B).
    ``(f) Savings Clause.--Nothing in this section alters or affects 
the allocation of transmission rights approved by the Commission before 
the date of enactment of this section by an independent system operator 
or regional transmission organization.''.

SEC. 3. COST ALLOCATION.

    Section 205 of the Federal Power Act (16 U.S.C. 824d) is amended by 
adding at the end the following:
    ``(g) Cost Allocation.--
            ``(1) Applicability.--This subsection applies to any rule 
        or order of general applicability issued by the Commission 
        under this Act that--
                    ``(A) requires the physical connection of any 
                cogeneration facility, any small power production 
                facility, any other electric power generation facility 
                that makes wholesale sales of electric power, or the 
                transmission facilities of any electric utility, with 
                the facilities of any electric utility, Federal power 
                marketing agency, geothermal power producer (including 
                a producer that is not an electric utility), qualifying 
                cogenerator, or qualifying small power producer; or
                    ``(B) setting rates for transmission service.
            ``(2) Costs.--Any order or rule described in paragraph (1) 
        shall require that the applicant seeking the interconnection of 
        facilities or transmission service to pay--
                    ``(A) the necessary and reasonable costs of any new 
                facility required to provide the interconnection or 
                transmission service that would not have been necessary 
                absent the interconnection or transmission service 
                request;
                    ``(B) an equitable share of the fixed costs of the 
                existing system necessary to complete the 
                interconnection or transmission service transaction; 
                and
                    ``(C) the costs of any other services that are 
                ancillary to the interconnection or transmission 
                service transaction.
            ``(3) Transmission service credits.--The requestor of 
        interconnection or transmission service shall not be entitled 
        to transmission service credits as a result of payments made 
        under this subsection.''.

SEC. 4. STANDARD MARKET DESIGN RULE.

    Section 206 of the Federal Power Act (16 U.S.C. 824i) (as amended 
by section 3) is amended by adding at the end the following:
    ``(g) Standard Market Design Rule.--
            ``(1) Definition of standard market design rule.--In this 
        subsection, the term `standard market design rule' means--
                    ``(A) a rule promulgated pursuant to the notice of 
                proposed rulemaking issued by the Commission on July 
                31, 2002, in Docket No. RM01-12-0000, including any 
                modification of the rule that is within the scope of 
                the notice; or
                    ``(B) any rule or order of general applicability 
                under this Act that addresses transmission access or 
                market design and in which the Commission--
                            ``(i) asserts jurisdiction over the 
                        transmission component of bundled retail sales 
                        of electric energy; or
                            ``(ii) requires the transfer of ownership, 
                        operation, or control of transmission 
                        facilities to a regional transmission 
                        organization, independent transmission 
                        provider, or similar organization.
            ``(2) Effectiveness.--Except as provided in paragraph (3), 
        a standard market design rule shall not be effective except to 
        the extent that the standard market design rule is approved by 
        Congress in a law enacted after the date of enactment of this 
        subsection.
            ``(3) State consent.--A standard market design rule that is 
        otherwise valid under this Act may take effect in a region 
        consisting entirely of States the State Commission has 
        consented in writing to the application of the standard market 
        design rule in the State.''.
[EX A]:
Amends the Federal Power Act to deny the Federal Regulatory Energy Commission (FERC) jurisdiction over bundled retail sales of electric energy or to compel the unbundling of rates for bundled retail sales of electric energy. Defines bundled retail sales as sales of electric energy to retail customers in which generation, transmission, distribution, and other services necessary to supply electric energy are sold as a single delivered service by a single seller, acting under the regulatory jurisdiction of a State commission.

Directs FERC to ensure that certain load-serving entities shall be entitled to use either transmission facilities or rights to firm transmission service to meet their service obligations to their customers or to their existing wholesale contractual obligations before the transmission capacity is made available for other uses.

States that if a service obligation or contractual obligation is transferred to another load-serving entity, the successor shall be entitled to use the transmission facilities or firm transmission rights associated with such transfer.

Declares that a transmitting utility shall not be considered to be engaging in undue discrimination or preference if it reserves transmission capacity to meet certain service obligations or firm long-term wholesale contractual obligations.

Prescribes cost allocation guidelines for an applicant seeking seeking interconnection of facilities or transmission service.

Declares that a standard market design rule shall not be effective except to the extent it is: (1) approved by Congress in a law enacted after the date of enactment of this Act; and (2) consented to in writing by the pertinent State Commission. Defines a standard market design rule as: (1) one promulgated by FERC pursuant to a specified proposed rulemaking; or (2) any rule or order of general applicability addressing transmission access or market design in which FERC asserts jurisdiction over the transmission component of bundled retail sales of electric energy or requires the transfer of ownership, operation, or control of transmission facilities to a regional transmission organization, independent transmission provider, or similar organization.