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

Example Input: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``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.
Example Output: 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.

Example Input: SECTION 1. AMENDMENT OF VOTING ACCESSIBILITY FOR THE ELDERLY AND 
              HANDICAPPED ACT.

    (a) Purpose.--Section 2 of the Voting Accessibility for the Elderly 
and Handicapped Act (42 U.S.C. 1973ee) is amended by--
            (1) striking ``It'' and inserting ``(a) It''; and
            (2) adding at the end the following:
    ``(b) It is the intention of Congress in enacting this Act to 
ensure that--
            ``(1) no individual may be denied the right to vote in a 
        Federal election on the basis of being disabled; and
            ``(2) every voter has the right to vote independently in a 
        Federal election.''.
    (b) Accessibility of Polling Places.--Section 3 of the Voting 
Accessibility for the Elderly and Handicapped Act (42 U.S.C. 1973ee-1) 
is amended--
            (1) in subsection (a), by striking ``each political 
        subdivision'' and all that follows through ``conducting 
        elections'' and inserting ``the chief election officer of the 
        State'';
            (2) by striking subsection (b) and inserting the following:
    ``(b) Subsection (a) shall not apply to a polling place in the case 
of any unforeseeable natural disaster such as a fire, storm, 
earthquake, or flood.''; and
            (3) by striking subsection (c) and inserting the following:
    ``(c) The chief election officer of a State shall ensure that all 
polling methods selected and used for Federal elections are accessible 
to disabled and elderly voters, including--
            ``(1) the provision of ballots in a variety of accessible 
        media;
            ``(2) the provision of instructions that are printed in 
        large type, conspicuously displayed at each polling place;
            ``(3) the provision of printed information that is 
        generally available to other voters using a variety of 
        accessible media; and
            ``(4) ensuring that all polling methods used enable 
        disabled and elderly voters to cast votes at polling places 
        during times and under conditions of privacy available to other 
        voters.''.
    (c) Accessibility of Registration Facilities and Services.--Section 
5(a) of the Voting Accessibility for the Elderly and Handicapped Act 
(42 U.S.C. 1973ee-3(a)) is amended--
            (1) in paragraph (1), by striking ``and'' at the end; and
            (2) by striking paragraph (2) and inserting the following:
            ``(2) registration information by telecommunications 
        devices for the deaf and in a variety of accessible media; and
            ``(3) accessible registration procedures to allow each 
        eligible voter to register at the residence of the voter, by 
        mail, or by other means.''.
    (d) Enforcement.--Section 6 of the Voting Accessibility for the 
Elderly and Handicapped Act (42 U.S.C. 1973ee-4) is amended--
            (1) in subsection (b), by striking ``45'' and inserting 
        ``21''; and
            (2) by striking subsection (c) and inserting the following:
    ``(c) In an action brought under subsection (a), the State or 
political subdivision shall be fined an amount--
            ``(1) not to exceed $5,000 for the first violation of such 
        section; and
            ``(2) not to exceed $10,000 for each subsequent 
        violation.''.
    (e) Relationship With Other Laws.--Section 7 of the Voting 
Accessibility for the Elderly and Handicapped Act (42 U.S.C. 1973ee-5) 
is amended--
            (1) in the heading, by striking ``voting rights act of 
        1965'' and inserting ``other laws;
            (2) by striking ``This'' and inserting ``(a) This''; and
            (3) by adding at the end the following:
    ``(b) Nothing in this Act shall be construed to invalidate or limit 
the laws of any State or political subdivision that provide greater or 
equal access to registration or polling for disabled and elderly 
voters.''.
    (f) Definitions.--Section 8 of the Voting Accessibility for the 
Elderly and Handicapped Act (42 U.S.C. 1973ee-6) is amended--
            (1) in paragraph (1), by striking ``chief election'' 
        through ``involved'' and inserting ``Access Board'';
            (2) in paragraph (4), by striking ``permanent physical 
        disability; and'' and inserting ``permanent disability;'';
            (3) in paragraph (5), by striking the period and inserting 
        a semicolon; and
            (4) by adding at the end the following:
            ``(6) `Access Board' means the Architectural and 
        Transportation Barriers Compliance Board established under 
        section 502 of the Rehabilitation Act of 1973 (29 U.S.C. 792);
            ``(7) `chief election officer' means the State officer or 
        entity, designated by State law or established by practice, 
        responsible for elections within the State;
            ``(8) `independently' means without the assistance of 
        another individual; and
            ``(9) `media' includes formats using large type, braille, 
        sound recording, or digital text.''.
    (g) References.--
            (1) In general.--The Voting Accessibility for the Elderly 
        and Handicapped Act (42 U.S.C. 1973ee et seq.) is amended by 
        striking ``handicapped'' each place it appears and inserting 
        ``disabled''.
            (2) References in other laws.--Except where inappropriate, 
        any reference to ``handicapped'' in relation to the Voting 
        Accessibility for the Elderly and Handicapped Act (42 U.S.C. 
        1973ee et seq.) in any law, Executive Order, rule, or other 
        document shall include a reference to ``disabled''.
    (h) Conforming Amendment.--Section 502(b)(3) of the Rehabilitation 
Act of 1973 (29 U.S.C. 792(b)(3)) is amended by inserting before the 
semicolon ``and section 3 of the Voting Accessibility for the Elderly 
and Handicapped Act (42 U.S.C. 1973ee-1)''.

SEC. 2. REGULATIONS.

    (a) In General.--Not later than 1 year after the date of enactment 
of this Act, the Attorney General shall promulgate regulations 
implementing this Act. Such regulations shall be consistent with the 
minimum guidelines established by the Access Board.
    (b) Access Board Guidelines.--Not later than 9 months after the 
date of enactment of this Act, the Access Board shall issue minimum 
guidelines relating to the requirements in the amendments made by 
section 1(b) of this Act.
    (c) Definition.--In this section, the term ``Access Board'' means 
the Architectural and Transportation Barriers Compliance Board.

SEC. 3. TRANSITION PLAN.

    (a) In General.--Not later than 3 months after the date on which 
regulations are promulgated under section 2(a), the chief election 
officer of each State shall develop a transition plan to ensure that 
polling places in the State are in compliance with the requirements of 
the Voting Accessibility for the Elderly and Handicapped Act (42 U.S.C. 
1973ee et seq.), as amended by this Act.
    (b) Coordination With Local Election Officials.--The plan under 
subsection (a) shall be developed in coordination with--
            (1) local election officials; and
            (2) individuals with disabilities or organizations 
        representing individuals with disabilities.
    (c) Contents and Availability of Plan.--The plan under subsection 
(a) shall--
            (1) include specific recommendations necessary to comply 
        with the requirements of the Voting Accessibility for the 
        Elderly and Handicapped Act; and
            (2) be available for public inspection in such manner as 
        the chief election officer determines appropriate.

SEC. 4. EFFECTIVE DATE.

    The amendments made by section 1 of this Act shall apply beginning 
on the earliest of--
            (1) the date that is 6 months after the date on which 
        regulations are promulgated under section 2(a); or
            (2) the date of the first Federal election taking place in 
        the State after December 31, 2000.
Example Output: Makes amendments to such Act regarding the accessibility of polling places and registration facilities and services, enforcement, and the relationship of such Act with other laws (providing that nothing in this Act shall be construed to invalidate or limit the laws of any State or political subdivision that provide greater or equal access to registration or polling for disabled and elderly voters). Includes among such amendments providing for ensuring that all polling methods selected and used for Federal elections are accessible to disabled and elderly voters and that accessible registration procedures allow eligible voters to register at home, by mail, or by other means are in place.
Revises definitions, including adding the term "Access Board," the Architectural and Transportation Barriers Compliance Board established under the Rehabilitation Act of 1973. Directs such Board to issue minimum guidelines relating to requirements pertaining to the accessibility of polling places.
Replaces all references in such Act to "handicapped" with "disabled" and with regard to such references in other laws, Executive Orders, or rules,  in relation to such Act except where inappropriate.

Example Input: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Defense Worker Dislocation Act''.

SEC. 2. RETRAINING.

    (a) In General.--Section 325(a) of the Job Training Partnership Act 
(29 U.S.C. 1662d(a)) is amended--
            (1) in the first sentence, by striking ``From the'' and 
        inserting ``(1) From the'';
            (2) by inserting after the first sentence the following: 
        ``The Secretary may make the grants in any State in which the 
        Governor has received a notification regarding a closure, 
        cancellation, or reduction under section 4201(b) of the Defense 
        Economic Adjustment, Diversification, Conversion, and 
        Stabilization Act of 1990, and in which eligible employees have 
        received notification of warning from their employer regarding 
        the closure, cancellation, or reduction.''; and
            (3) by striking the last sentence and inserting the 
        following:
    ``(2) To be eligible to receive a grant, an entity referred to in 
paragraph (1) shall submit an application to the Secretary at such 
time, in such manner, and containing such information as the Secretary 
may require, including the date on which the entity anticipates that 
the eligible employees affected will lose employment, and information 
relating to the notifications described in paragraph (1).
    ``(3) The Secretary shall approve or deny the application not later 
than the later of--
            ``(A) 15 days after the date described in paragraph (2); or
            ``(B) 30 days after submission of the application.''.
    (b) Use of Funds.--Section 325 of such Act is amended by striking 
subsection (c) and inserting the following new subsection:
    ``(c)(1) Grants under subsection (a) may be used--
            ``(A) to provide retraining, as described in section 314(d) 
        or to update existing skills, with respect to an eligible 
        employee described in subsection (f)(3)(A); and
            ``(B) notwithstanding any other provision of this Act, to 
        pay for the Federal share of providing such retraining with 
        respect to an employee of eligible defense contractors or 
        eligible defense subcontractors if--
                    ``(i) the employee is currently involved in defense 
                work;
                    ``(ii) the retraining is designed to enable 
                employee to achieve placement and retention in 
                unsubsidized employment that involves nondefense work 
                and in which the employee has not previously been 
                substantially engaged; and
                    ``(iii) the employer certifies that the employee 
                would have become an eligible employee described in 
                subsection (f)(3)(A), without the retraining.
    ``(2) The Federal share of providing the retaining described in 
paragraph (1)(B) shall be 75 percent.''.
    (c) Administration.--Section 325 of such Act is amended by--
            (1) redesignating subsection (d) as subsection (e); and
            (2) by inserting after subsection (c) the following new 
        subsection:
    ``(d)(1)(A) Not later than 15 days after the approval of an 
application of an entity under subsection (a)(3), the Secretary shall 
make available to the entity 50 percent of the amount of the grant.
    ``(B) On submission of the report described in subparagraph (C), 
the Secretary shall make available to the entity the remainder of the 
grant.
    ``(C) Each recipient of a grant under this section shall prepare 
and submit to the Secretary a report containing such information as the 
Secretary may require regarding eligible employees participating in the 
program, and the current education skill levels and occupational 
abilities of the employees.
    ``(D) Grants made under this section may be used to reimburse an 
entity for funds expended under another provision of this title for the 
purposes described in subsection (c).
    ``(E) Grants made under this section to an entity shall be in 
addition to assistance under any other provision of this title, and 
shall be made without regard to whether the entity has expended funds 
available under such provision.
    ``(2)(A) For purposes of the requirements of title I, and in 
particular of section 141(a), an eligible employee shall be deemed to 
be a person who can benefit from, and is most in need of, services 
provided under this section.
    ``(B) Notwithstanding any other provision of this Act, in 
prescribing performance standards under section 106 for this section, 
the Secretary shall prescribe standards solely based on placement and 
retention in unsubsidized employment. Services provided to eligible 
employees under this section consistent with individual readjustment 
plans shall be presumed to be in compliance with such standards unless 
any person demonstrates that the services are not in compliance.''.
    (d) Definitions.--Section 325 of such Act is amended by adding at 
the end the following new subsection:
    ``(f) For purposes of this section:
            ``(1) The term ``eligible defense contractor'' means a 
        person that is--
                    ``(A) awarded a contract by the Department of 
                Defense; and
                    ``(B) affected by a notification issued under 
                section 4201(b) of the Defense Economic Adjustmnent, 
                Diversification, Conversion, and Stabilization Act of 
                1990.
            ``(2) The term ``eligible defense subcontractor'' means a 
        subcontractor--
                    ``(A) for a person awarded a contract by the 
                Department of Defense;
                    ``(B) that is affected by such a notification; and
                    ``(C) that is certified by a State agency described 
                in section 3306(e) of the Internal Revenue Code of 
                1986.
            ``(3) The term `eligible employee' means--
                    ``(A) an eligible dislocated worker, including such 
                a worker of an eligible defense contractor or eligible 
                defense subcontractor, who has been terminated or laid 
                off, or has received a notice of termination or layoff, 
                as a consequence of reductions in expenditures by the 
                United States for defense or by closures of United 
                States military facilities, as determined in accordance 
                with regulations of the Secretary; and
                    ``(B) an employee described in subsection 
                (c)(1)(B).
            ``(4) The term `employer' includes an eligible defense 
        contractor and an eligible defense subcontractor.''.
Example Output:
Defense Worker Dislocation Act - Amends the Job Training Partnership Act (JTPA) to revise eligibility requirements for the Defense Conversion Adjustment Program (program). 
Authorizes the Secretary of Labor to make program grants to specified types of eligible entities in any State in which:  (1) the Governor has received a notification regarding a closure, cancellation, or reduction under the Defense Economic Adjustment, Diversification, Conversion, and Stabilization Act of 1990; and (2) eligible employees have received a notification of warning from their employer regarding such closure, cancellation, or reduction. 
Allows use of program grant funds for retraining or to update existing skills with respect to an eligible dislocated worker, including an employee of an eligible defense contractor or subcontractor, who has been terminated or laid off, or received notice of termination or layoff, as a consequence of reductions in U.S.  expenditures for defense or by closures of U.S. military facilities.  Allows program grant funds also to be used to pay for the Federal share (75 percent) of such retraining with respect to an employee of eligible defense contractors or subcontractors if:  (1) the employee is currently involved in defense work; (2) the retraining is designed to enable the employee to achieve placement and retention in unsubsidized employment that involves nondefense work and in which the employee has not been previously engaged; and (3) the employer certifies that the employee would have become an eligible dislocated worker without such retraining. 
Revises program administration provisions. 
Allows program grants to be used to reimburse an entity for funds expended under JTPA provisions for Dislocated Workers. 
Provides that program grants shall be:  (1) in addition to assistance under any other JTPA Dislocated Worker provision; and (2) made without regard to whether the entity has expended funds available under such other provision. 
Deems to be an eligible employee (for purposes of JTPA general requirements) a person who can benefit from, and is most in need of, program services. 
Directs the Secretary to prescribe program performance standards solely on the basis of placement and retention in unsubsidized employment (notwithstanding other JTPA provisions for performance standards).