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 Input:
SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Missile Defense Burdensharing Act of 
2001''.

SEC. 2. FINDINGS.

    Congress finds the following:
            (1) The United States has established burdensharing 
        arrangements with Japan, member nations of the North Atlantic 
        Treaty Organization (NATO), and other countries to share the 
        costs of common defense efforts and successfully solicited 
        contributions from several countries to offset costs relating 
        to the Persian Gulf War.
            (2) The President has stated that a missile defense system 
        should be deployed to protect allies and other friendly foreign 
        countries as well as the United States.

SEC. 3. DETERMINATION OF SCOPE OF MISSILE DEFENSE SYSTEM; DESIGNATION 
              OF PROTECTED COUNTRIES.

    (a) Determination Relating to Scope of Missile Defense System.--Not 
later than 120 days after the date of the enactment of this Act, the 
President--
            (1) shall determine whether any missile defense system to 
        be developed by the United States is intended to protect the 
        territory of allied or other friendly foreign countries, in 
        addition to the territory of the United States, from ballistic 
        missile attack; and
            (2) shall prepare and transmit to Congress a report 
        containing the determination of the President under paragraph 
        (1).
    (b) Designation of Protected Countries.--If the President makes a 
determination under subsection (a)(1) that a proposed United States 
missile defense system is intended to protect the territory of allied 
or other friendly foreign countries from ballistic missile attack, the 
President--
            (1) shall designate each allied or other friendly foreign 
        country, with respect to which the system is intended to 
        protect, as a protected country for the purposes of this Act, 
        and shall so notify Congress in writing at least 30 days prior 
        to the designation; and
            (2) shall notify Congress in writing at least 30 days prior 
        to the termination of a designation of a country.
    (c) Additional Requirement With Respect to Termination of 
Designation of Protected Countries.--
            (1) In general.--As part of the notification to Congress 
        with respect to the termination of a designation of a country 
        as a protected country under subsection (b)(2), the President 
        shall include a description of the reasons for the termination, 
        including an assessment of the effect of the termination on the 
        security relations between the country and the United States 
        and on mutual commitments of the United States under bilateral 
        and multilateral security arrangements, such as the North 
        Atlantic Treaty.
            (2) Notification of involved countries.--The President 
        shall transmit to the government of a country with respect to 
        which the President has terminated the designation of the 
        country as a protected country under subsection (b)(2) a copy 
        of the notification to Congress with respect to such 
        termination.

SEC. 4. BURDENSHARING CONTRIBUTIONS BY PROTECTED COUNTRIES.

    (a) Solicitation of Contributions.--The President shall seek 
financial contributions from each protected country designated by the 
President under section 3(b)(1) commensurate with the country's 
proportional share of protection from the United States missile defense 
system.
    (b) Use of Contributions.--Contributions received pursuant to 
subsection (a) shall be used to offset costs incurred by the United 
States for deployment of the missile defense system, including costs 
relating to procurement, construction, operations, and personnel.

SEC. 5. ANNUAL REPORTS.

    (a) Report by Secretary of Defense.--
            (1) In general.--The Secretary of Defense, acting through 
        the Ballistic Missile Defense Organization, shall submit to 
        Congress an annual report that--
                    (A) identifies each foreign country that would 
                receive protection under the missile defense system 
                from ballistic missile attack, irrespective of whether 
                or not the country has been designated by the President 
                under section 3(b)(1) as a protected country; and
                    (B) describes the nature and extent of the 
                protection for each such foreign country.
            (2) Form.--The report shall be submitted in unclassified 
        form, but may contain a classified annex.
    (b) Report by the President.--The President shall transmit to 
Congress as part of the annual budget request a report that--
            (1) describes the extent to which each protected country 
        designated by the President under section 3(b)(1) has provided 
        financial contributions to the United States in accordance with 
        section 4(a);
            (2) describes the proportion of actual and expected 
        contributions by each protected country as a share of overall 
        costs of the missile defense system; and
            (3) describes efforts by the United States to obtain 
        payments from protected countries that have not fully 
        contributed to their share of protection under the missile 
        defense system.

SEC. 6. RULE OF CONSTRUCTION.

    In this Act, the term ``missile defense system'' does not include a 
theater missile defense system that is designed or deployed to defend 
elements of the United States Armed Forces that are deployed outside 
the United States.

Ex Output:
Missile Defense Burdensharing Act of 2001 - Directs the President to: (1) determine whether any missile defense system to be developed by the United States is intended to protect, in addition to U.S. territory, the territory of allied or other friendly countries from ballistic missile attack; and (2) seek financial contributions from each protected country, if any, commensurate with their proportional share of protection from such system.


Ex 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.

Ex 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.


Ex Input:
SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Aviation Enhancement Act of 1993''.

SEC. 2. FINDINGS.

    Congress finds and declares that--
            (1) the United States commercial airline industry is 
        currently suffering severe financial distress;
            (2) sustained record losses and excessive debt burdens are 
        causing air carriers to cancel new aircraft options and orders, 
        thereby threatening the economic viability of the United States 
        aerospace manufacturing industry;
            (3) although most air carriers would benefit from acquiring 
        new generation, quieter, more fuel-efficient aircraft, there is 
        already more capacity than demand for seats, resulting in 
        downsizing, not expansion, of fleets;
            (4) many air carriers are increasingly unable to obtain 
        financing at reasonable interest rates for purchasing new 
        equipment;
            (5) the inability of many air carriers to acquire new, 
        quieter Stage 3 aircraft may jeopardize the planned phase out 
        of noisier Stage 2 aircraft;
            (6) States and local communities, the traveling public, 
        airline employees, and airline shareholders would all benefit 
        from stronger, healthier air carriers operating modern, fuel 
        efficient, quieter aircraft;
            (7) as the owner and operator of the Nation's air traffic 
        control system, the Federal Government is a partner of the 
        commercial aviation industry and must do its part to strengthen 
        the air carrier and aerospace industries;
            (8) it is estimated that the Airport and Airway Trust Fund 
        will contain an unobligated surplus in excess of $4,300,000,000 
        on October 1, 1993;
            (9) a prudent shift of the investment of the Airport and 
        Airway Trust Fund surplus into modernization of the commercial 
        aviation industry's fleet can provide vitally needed economic 
        stimulus for carriers and manufacturers and will ensure that 
        both industries remain competitive into the next century; and
            (10) the Airport and Airway Trust Fund surplus should, 
        therefore, be made available to guarantee loans for the 
        acquisition of new aircraft if such acquisition will assure the 
        phasing out of less fuel efficient and noisier or older 
        aircraft at the same time.

SEC. 3. LOAN GUARANTEES FOR ACQUISITION OF STAGE 3 AIRCRAFT.

    (a) In General.--Title XI of the Federal Aviation Act of 1958 (49 
U.S.C. App. 1501-1518) is amended by adding at the end the following 
new section:

``SEC. 1119. LOAN GUARANTEES FOR ACQUISITION OF STAGE 3 AIRCRAFT.

    ``(a) In General.--The Secretary is authorized, subject to 
appropriations Acts, to guarantee any lender against loss of principal 
or interest on any loan made to an eligible air carrier for the purpose 
of financing the acquisition of new Stage 3 aircraft.
    ``(b) Terms and Conditions.--A loan may be guaranteed by the 
Secretary under this section only if the loan is made subject to the 
following terms and conditions:
            ``(1) Term.--The term of the loan does not exceed 20 years.
            ``(2) Rate of interest.--The loan bears interest at a rate 
        which is less than the maximum rate for such loans determined 
        by the Secretary. The maximum rate for such loans may not be 
        less than the current average market yield on outstanding 
        obligations of the United States with remaining periods to 
        maturity comparable to the maturity of the loan.
            ``(3) Prepayment.--There is no penalty for prepayment of 
        the amount of the loan.
            ``(4) Use of loan amounts.--The loan will be used only for 
        the acquisition of Stage 3 aircraft which--
                    ``(A) are manufactured in the United States; and
                    ``(B) will be delivered to the borrower not later 
                than 3 years after the date on which amounts are 
                appropriated to carry out this section.
    ``(c) Domestic Manufacture.--For the purposes of subsection (b)(4), 
an aircraft shall be considered to have been manufactured in the United 
States only if 50 percent or more of the parts of the aircraft, by 
value, are manufactured in the United States.
    ``(d) Retirement of Aging and Stage 2 Aircraft.--The Secretary may 
guarantee a loan under this section to an air carrier which owns or 
operates aging aircraft or Stage 2 aircraft only if the carrier agrees 
that, upon delivery of the aircraft being acquired with amounts of the 
loan, the air carrier will--
            ``(1) retire from service Stage 2 aircraft or aging 
        aircraft containing a number of seats which equals or exceeds 
        200 percent of the number of seats contained in the aircraft 
        being acquired; or
            ``(2) retire from service all of the air carrier's 
        remaining Stage 2 aircraft and aging aircraft.
    ``(e) Default.--The Secretary may guarantee a loan under this 
section only if the air carrier applying for the loan agrees that, in 
the event of a default, the air carrier will transfer to the Department 
of Transportation title to all equipment acquired with the proceeds of 
the loan.
    ``(f) Distribution of Loan Guarantees.
            ``(1) Determination of available seat miles.--Not later 
        than 30 days after the date on which amounts are appropriated 
        to carry out this section, the Secretary shall determine the 
        percentage of available seat miles attributed, for the most 
        recent 12-month period for which such data is available, to 
        each eligible air carrier certificated on or before October 1, 
        1992.
            ``(2) Allocation.--
                    ``(A) Carriers certificated on or before october 1, 
                1992.--An amount equal to 95 percent of the funds 
                appropriated to carry out this section shall be 
                available for guaranteeing loans to eligible air 
                carriers certificated on or before October 1, 1992, and 
                shall be allocated among such carriers based on the 
                percentage of available seat miles attributed to each 
                such carriers under paragraph (1).
                    ``(B) Other carriers.--An amount equal to 5 percent 
                of the funds appropriated to carry out this section 
                shall be available for guaranteeing loans to eligible 
                air carriers certificated after October 1, 1992, and 
                shall be allocated among such carriers based on a fair 
                and equitable formula to be established by the 
                Secretary.
                    ``(C) Transfer of allocations.--An eligible air 
                carrier may transfer to other eligible air carriers all 
                or part of the amount of loan guarantees allocated to 
                such carrier under this paragraph.
    ``(g) Enforcement.--
            ``(1) In general.--The Secretary is authorized to take such 
        actions as may be appropriate to enforce any right accruing to 
        the United States, or any officer or agency thereof, as a 
        result of the commitment or issuance of a loan guarantee under 
        this section.
            ``(2) Collateral.--All loan guarantees under this section 
        shall be secured by the equipment being financed and any other 
        assets necessary to provide sufficient collateral.
    ``(h) Authorization of Appropriations.--There is authorized to be 
appropriated out of the Airport and Airway Trust Fund to carry out this 
section $4,300,000,000 for fiscal years beginning after September 30, 
1993.
    ``(i) Definitions.--For the purposes of this section, the following 
definitions apply:
            ``(1) Aging aircraft.--The term `aging aircraft' means an 
        aircraft which has been in service for at least 15 years.
            ``(2) Eligible air carrier.--The term `eligible air 
        carrier' means an air carrier which has been issued an 
        operating certificate under part 121 of title 14, Code of 
        Federal Regulations.
            ``(3) Stage 2 aircraft.--The term `Stage 2 aircraft' means 
        an aircraft which complies with Stage 2 noise levels under part 
        36 of title 14, Code of Federal Regulations, as in effect on 
        the date of the enactment of this section.
            ``(4) Stage 3 aircraft.--The term `Stage 3 aircraft' means 
        an aircraft which complies with Stage 3 noise levels under part 
        36 of title 14, Code of Federal Regulations, as in effect on 
        the date of the enactment of this section.
            ``(5) Secretary.--The term `Secretary' means the Secretary 
        of Transportation.''.
    (b) Conforming Amendment to Table of Contents.--The table of 
contents contained in the first section of the Federal Aviation Act of 
1958 is amended by adding at the end of the matter relating to title XI 
of such Act the following:

``Sec. 1119. Loan guarantees for acquisition of Stage 3 aircraft.
                              ``(a) In general.
                              ``(b) Terms and conditions.
                              ``(c) Domestic manufacture.
                              ``(d) Retirement of aging and Stage 2 
                                        aircraft.
                              ``(e) Default.
                              ``(f) Distribution of loan guarantees.
                              ``(g) Enforcement.
                              ``(h) Authorization of appropriations.
                              ``(i) Definitions.''.

Ex Output:

Aviation Enhancement Act of 1993 - Amends the Federal Aviation Act of 1958 to authorize the Secretary of Transportation (Secretary) to guarantee loans to eligible air carriers for financing the acquisition of new Stage three aircraft.  Authorizes the Secretary to guarantee such loans to air carriers that own aging aircraft or Stage two aircraft only if the carrier agrees that it will retire from service:  (1) Stage two aircraft or aging aircraft containing a number of seats which equals or exceeds 200 percent of the number of seats contained in the acquired aircraft; or (2) all of the air carriers remaining Stage 2 aircraft and aging aircraft. 
Authorizes appropriations.