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. SHORT TITLE.

    This Act may be cited as the ``American Family Act of 2017''.

SEC. 2. ESTABLISHMENT OF FULLY REFUNDABLE CHILD TAX CREDIT.

    (a) Elimination of Existing Child Tax Credit.--Subpart A of part IV 
of subchapter A of chapter 1 of subtitle A of the Internal Revenue Code 
of 1986 is amended by striking section 24.
    (b) Establishment of Fully Refundable Child Tax Credit.--Subpart C 
of part IV of subchapter A of chapter 1 of subtitle A of such Code is 
amended by inserting after section 36B the following new section:

``SEC. 36C. CHILD TAX CREDIT.

    ``(a) Allowance of Credit.--There shall be allowed as a credit 
against the tax imposed by this chapter for the taxable year an amount 
equal to the sum of--
            ``(1) with respect to each qualifying child of the taxpayer 
        who has attained 6 years of age before the close of such 
        taxable year and for which the taxpayer is allowed a deduction 
        under section 151, an amount equal to $3,000, and
            ``(2) with respect to each qualifying child of the taxpayer 
        who has not attained 6 years of age before the close of such 
        taxable year and for which the taxpayer is allowed a deduction 
        under section 151, an amount equal to 120 percent of the dollar 
        amount in paragraph (1).
    ``(b) Limitation.--
            ``(1) In general.--The amount of the credit allowable under 
        subsection (a) shall be reduced (but not below zero) by the 
        applicable amount for each $1,000 (or fraction thereof) by 
        which the taxpayer's modified adjusted gross income exceeds the 
        threshold amount. For purposes of the preceding sentence, the 
        term `modified adjusted gross income' means adjusted gross 
        income increased by any amount excluded from gross income under 
        section 911, 931, or 933.
            ``(2) Threshold amount.--
                    ``(A) In general.--For purposes of paragraph (1), 
                the term `threshold amount' means--
                            ``(i) $110,000 in the case of a joint 
                        return,
                            ``(ii) $75,000 in the case of an individual 
                        who is not married, and
                            ``(iii) $55,000 in the case of a married 
                        individual filing a separate return.
                    ``(B) Marital status.--For purposes of this 
                paragraph, marital status shall be determined under 
                section 7703.
            ``(3) Applicable amount.--For purposes of paragraph (1), 
        the term `applicable amount' means an amount equal to the 
        quotient of--
                    ``(A) the amount of the credit allowable under 
                subsection (a), as determined without regard to this 
                subsection, divided by
                    ``(B) an amount equal to the product of--
                            ``(i) $20, multiplied by
                            ``(ii) the total number of qualifying 
                        children of the taxpayer.
    ``(c) Qualifying Child.--
            ``(1) In general.--In this section, the term `qualifying 
        child' means a qualifying child of the taxpayer (as defined in 
        section 152(c)) who has not attained 19 years of age.
            ``(2) Exception for certain non-citizens.--The term 
        `qualifying child' shall not include any individual who would 
        not be a dependent if subparagraph (A) of section 152(b)(3) 
        were applied without regard to all that follows `resident of 
        the United States'.
    ``(d) Inflation Adjustment.--
            ``(1) In general.--In the case of any taxable year 
        beginning after 2017, the $3,000 amount in subsection (a)(1) 
        shall be increased by an amount equal to--
                    ``(A) such dollar amount, multiplied by
                    ``(B) the cost of living adjustment determined 
                under section 1(f)(3) for the calendar year in which 
                the taxable year begins determined by substituting 
                `calendar year 2016' for `calendar year 1992' in 
                subparagraph (B) thereof.
            ``(2) Rounding.--If any increase determined under paragraph 
        (1) is not a multiple of $50, such increase shall be rounded to 
        the nearest multiple of $50.
    ``(e) Identification Requirements.--
            ``(1) Qualifying child identification requirement.--No 
        credit shall be allowed under this section to a taxpayer with 
        respect to any qualifying child unless the taxpayer includes 
        the name and taxpayer identification number of such qualifying 
        child on the return of tax for the taxable year and such 
        taxpayer identification number was issued on or before the due 
        date for filing such return.
            ``(2) Taxpayer identification requirement.--No credit shall 
        be allowed under this section if the identifying number of the 
        taxpayer was issued after the due date for filing the return 
        for the taxable year.
    ``(f) Taxable Year Must Be Full Taxable Year.--Except in the case 
of a taxable year closed by reason of the death of the taxpayer, no 
credit shall be allowable under this section in the case of a taxable 
year covering a period of less than 12 months.
    ``(g) Restrictions on Taxpayers Who Improperly Claimed Credit in 
Prior Year.--
            ``(1) Taxpayers making prior fraudulent or reckless 
        claims.--
                    ``(A) In general.--No credit shall be allowed under 
                this section for any taxable year in the disallowance 
                period.
                    ``(B) Disallowance period.--For purposes of 
                subparagraph (A), the disallowance period is--
                            ``(i) the period of 10 taxable years after 
                        the most recent taxable year for which there 
                        was a final determination that the taxpayer's 
                        claim of credit under this section was due to 
                        fraud, and
                            ``(ii) the period of 2 taxable years after 
                        the most recent taxable year for which there 
                        was a final determination that the taxpayer's 
                        claim of credit under this section was due to 
                        reckless or intentional disregard of rules and 
                        regulations (but not due to fraud).
            ``(2) Taxpayers making improper prior claims.--In the case 
        of a taxpayer who is denied credit under this section for any 
        taxable year as a result of the deficiency procedures under 
        subchapter B of chapter 63, no credit shall be allowed under 
        this section for any subsequent taxable year unless the 
        taxpayer provides such information as the Secretary may require 
        to demonstrate eligibility for such credit.
    ``(h) Reconciliation of Credit and Advance Credit.--
            ``(1) In general.--The amount of the credit allowed under 
        this section for any taxable year shall be reduced (but not 
        below zero) by the aggregate amount of any advance payments of 
        such credit under section 7527A for such taxable year.
            ``(2) Excess advance payments.--If the aggregate amount of 
        advance payments under section 7527A for the taxable year 
        exceed the amount of the credit allowed under this section for 
        such taxable year (determined without regard to paragraph (1)), 
        the tax imposed by this chapter for such taxable year shall be 
        increased by the amount of such excess''.
    (c) Advance Payment of Credit.--Chapter 77 of the Internal Revenue 
Code of 1986 is amended by inserting after section 7527 the following 
new section:

``SEC. 7527A. ADVANCE PAYMENT OF CHILD TAX CREDIT.

    ``(a) In General.--As soon as practicable and not later than 1 year 
after the date of the enactment of this section, the Secretary shall 
establish a program for making advance payments of the credit allowed 
under section 36C on a monthly basis (determined without regard to 
subsection (h)(1) of such section), or as frequently as the Secretary 
determines to be administratively feasible, to taxpayers allowed such 
credit.
    ``(b) Limitation.--
            ``(1) In general.--The Secretary may make payments under 
        subsection (a) only to the extent that the total amount of such 
        payments made to any taxpayer during the taxable year does not 
        exceed an amount equal to the excess, if any, of--
                    ``(A) subject to paragraph (2), the amount 
                determined under subsection (a) of section 36C with 
                respect to such taxpayer (determined without regard to 
                subsection (h) of such section) for such taxable year, 
                over
                    ``(B) the estimated tax imposed by subtitle A, as 
                reduced by the credits allowable under subparts A and C 
                (with the exception of section 36C) of such part IV, 
                with respect to such taxpayer for such taxable year, as 
                determined in such manner as the Secretary deems 
                appropriate.
            ``(2) Application of threshold amount limitation.--The 
        program described in subsection (a) shall make reasonable 
        efforts to apply the limitation of section 36C(b) with respect 
        to payments made under such program.''.
    (d) Conforming Amendments.--
            (1) The table of sections for subpart A of part IV of 
        subchapter A of chapter 1 of subtitle A of the Internal Revenue 
        Code of 1986 is amended by striking the item relating to 
        section 24.
            (2) The table of sections for subpart C of part IV of 
        subchapter A of chapter 1 of subtitle A of such Code is amended 
        by inserting after the item relating to section 36B the 
        following:

``Sec. 36C. Child tax credit.''.
            (3) The table of sections for chapter 77 of such Code is 
        amended by inserting after the item relating to section 7527 
        the following new item:

``Sec. 7527A. Advance payment of child tax credit.''.
            (4) Subparagraph (B) of section 45R(f)(3) of such Code is 
        amended to read as follows:
                    ``(B) Special rule.--Any amounts paid pursuant to 
                an agreement under section 3121(l) (relating to 
                agreements entered into by American employers with 
                respect to foreign affiliates) which are equivalent to 
                the taxes referred to in subparagraph (A) shall be 
                treated as taxes referred to in such subparagraph.''.
            (5) Section 152(f)(6)(B)(ii) of such Code is amended by 
        striking ``section 24'' and inserting ``section 36C''.
            (6) Paragraph (26) of section 501(c) of such Code is 
        amended in the flush matter at the end by striking ``section 
        24(c))'' and inserting ``section 36C(c)) who has not attained 
        17 years of age''.
            (7) Section 6211(b)(4)(A) of such Code is amended--
                    (A) by striking ``24(d),'', and
                    (B) by inserting ``36C,'' after ``36B,''.
            (8) Section 6213(g)(2) of such Code is amended--
                    (A) in subparagraph (I), by striking ``section 
                24(e)'' and inserting ``section 36C(e)'', and
                    (B) in subparagraph (L), by striking ``24, or 32'' 
                and inserting ``32, or 36C''.
            (9) Paragraph (2) of section 1324(b) of title 31, United 
        States Code, is amended by inserting ``36C,'' after ``36B,''.
    (e) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2016.
Example Output: American Family Act of 2017  This bill amends the Internal Revenue Code, with respect to the child tax credit, to: (1) make the credit fully refundable, (2) increase the amount of the credit and allow an additional credit for children who are under six years of age, (3) require the amount of the credit to be adjusted annually for inflation after 2017, and (4) require the Department of the Treasury to establish a program for making advance payments of the credit on a monthly basis. 

Example Input: SECTION 1. SHORT TITLE.

    This Act may be known as the ``Cents and Sensibility Act''.

SEC. 2. FINDINGS.

    The Congress finds the following:
            (1) The United States Mint, in its 2001 annual report, 
        announced that it was studying alternative metals for use in 
        circulating coins, but has never released the study publicly or 
        delivered it to Congress.
            (2) In May, 2006, the United States Mint delivered 
        communications to the Congress indicating that the cost to 
        produce circulating coins had increased dramatically owing to 
        worldwide demand for commodity metals, to the point where--
                    (A) the price to produce 1-cent and 5-cent coins 
                had or soon would surpass the face value of such coins; 
                and
                    (B) the cost to produce the 10-cent and quarter-
                dollar coins, while not exceeding their face value, had 
                increased dramatically.
            (3) Such cost increases alone, while minimal per individual 
        coins, taken together could increase the cost to taxpayers 
        $1,000,000,000 or more over a decade.
            (4) In spite of having communicated the information 
        concerning this costly dilemma, neither the Secretary of the 
        Treasury or the Director of the United States Mint has made any 
        recommendation for changing the metallic content of circulating 
        coins in order to reduce the cost to produce such coins and 
        thus control the effect on the general fund of the Treasury.
            (5) Other countries, recognizing the effect of the increase 
        in commodity metal prices on the cost of producing circulating 
        coins, have adjusted the metal content of some or all of their 
        circulating coins in the period in which there has been no 
        change in the metal content of United States circulating coins.
            (6) Canada has for several years produced a cent coin 
        similar in size and weight to the United States 1-cent coin 
        that is made of steel with a thin coating of copper, leading to 
        a unit cost to produce such coins considerably less than that 
        of the U.S. cent coin, and uses similar production techniques 
        to control the costs of all of its circulating coins.
            (7) In 1943, owing to demands for copper due to the 
        prosecution of World War II, the Mint produced the so-called 
        ``steel pennies'' which were zinc-coated steel blanks.
            (8) In view of the prior experience of the United States 
        Mint in producing the ``steel pennies'', there is no reason not 
        to change the metal content of the cent coin immediately, and 
        simply dropping the unit production cost of a 1-cent coin below 
        its face value would save the Treasury nearly $1,000,000,000 
        over the next decade at current production levels.
            (9) Any changes to the metallic content of the 5-cent, 10-
        cent and quarter-dollar coins should be made simultaneously, to 
        minimize the cost of adjustments that would need to be made to 
        coin-accepting, coin-counting, and other coin-handling 
        equipment and thus control costs to consumers.

SEC. 3. REDUCING THE COST TO TAXPAYERS OF PRODUCING THE PENNY.

    (a) Steel Pennies Required.--Subsection (c) of section 5112 of 
title 31, United States Code, is amended to read as follows:
    ``(c) 1-Cent Coin.--
            ``(1) In general.--The 1-cent coin shall--
                    ``(A) be produced primarily of steel; and
                    ``(B) meet such other specifications as the 
                Secretary may determine to be appropriate, including 
                any change in the weight from that specified in 
                subsection (a)(6).
            ``(2) Treatment.--The 1-cent coin shall be treated to 
        impart a copper color to the appearance of the coins so that 
        the appearance is similar to 1-cent coins produced of a copper-
        zinc alloy.
            ``(3) Exception for lincoln bicentennial numismatic 
        pennies.--No provision of this subsection shall apply with 
        respect to 1-cent coins described in section 304 of the 
        Presidential $1 Coin Act of 2005 that are issued for numismatic 
        purposes.''.
    (b) Effective Date.--The amendment made by subsection (a) shall 
apply to all 1-cent coins issued after the end of the 90-day period 
beginning on the date of the enactment of this Act.

SEC. 4. REDUCING THE COST TO TAXPAYERS OF PRODUCING OTHER CIRCULATING 
              COINS WITHOUT INTERFERING WITH THE WAY SUCH COINS ARE 
              HANDLED BY BUSINESS, GOVERNMENT, AND CONSUMERS IN THE 
              COURSE OF ORDINARY COMMERCE.

    (a) Report Required.--Before the end of the 60-day period beginning 
at the end of the 90-day period referred to in section 3(b), the 
Secretary of the Treasury shall submit a report to the Committee on 
Financial Services of the House of Representatives and the Committee on 
Banking, Housing, and Urban Affairs of the Senate describing a unified 
plan developed by the Secretary to change the metallic content of the 
5-cent, 10-cent, quarter-dollar and half-dollar circulating coins 
produced by the Secretary in such a way as to return the ratios between 
the unit cost to produce such coins and the face value of such coins to 
a point where it is as close as possible to the historic production 
cost to face value ratios achieved in the 1980s.
    (b) Detailed Recommendations and Model Legislation.--The reports 
required under this section shall contain detailed recommendations for 
the metallic content of each coin in such a form that the 
recommendations could be enacted into law within 30 days after the 
receipt of such report and appropriate congressional hearings and the 
production of such coins with new metallic content could begin within 
90 days after the date of the enactment of such new specifications, 
should the Congress so choose.
    (c) Improved Production Efficiency.--The reports required under 
this section shall include recommendations for changes in the methods 
of producing coins at the United States Mints that would further reduce 
the costs to produce circulating coins.
    (d) Minimizing Potential Conversion Costs.--The reports required 
under this section shall--
            (1) include no recommendation for new specifications for 
        producing a circulating coin that would require more than 1 
        change to coin-accepting and coin-handling equipment to 
        accommodate changes to all circulating coins simultaneously; 
        and
            (2) to the greatest extent possible, recommend 
        specifications that, while consistent with other portions of 
        this section and the amendments made by this Act, require no 
        changes to coin-accepting or coin-handling equipment whatsoever 
        to accommodate both coins produced with the new specifications 
        and coins produced as of July 31, 2007.
    (e) Fraud Prevention.--The reports required under this section 
shall make no recommendation for a specification change that would 
facilitate or allow the use of a coin with a lesser value produced by 
another country, or the use of any token or other easily or regularly 
produced metal device of minimal value, in the place of a circulating 
coin produced by the Secretary.
    (f) Further Recommendations for the 1-Cent Coin.--Notwithstanding 
the amendment made by section 3, the reports required by this section 
may contain any recommendation of the Secretary for any further changes 
to the metallic content of the 1-cent coin, other than the content of 
1-cent coins described in section 304 of the Presidential $1 Coin Act 
of 2005 that are issued for numismatic purposes, that the Secretary 
determines is more effective to reduce the unit production costs for 
such coins.
    (g) Annual Review and Update.--At 1-year intervals following the 
submission of a report under subsection (a), the Secretary shall submit 
a report to the Committee on Financial Services of the House of 
Representatives and the Committee on Banking, Housing, and Urban 
Affairs of the Senate reviewing the metallic content of the 1-cent, 5-
cent, 10-cent, quarter-dollar and half-dollar circulating coins 
produced by the Secretary. Each such report shall comply with the 
requirements of this section for reports submitted under subsection 
(a).

SEC. 5. PROCUREMENT OF RESEARCH, TESTING, AND COMMODITIES.

    The Secretary of the Treasury may, to accomplish the goals of this 
Act, and consistent with the Secretary's development of the metallic 
content of the currently produced 1-dollar coin and the currently 
produced 5-cent, 10-cent, quarter-dollar and half-dollar coins, solicit 
input from within or without the Federal Government, including research 
facilities or the 2 current suppliers of the raw material for volume 
production of circulating coins with such new metallic content, and 
conduct any appropriate testing within or without the Department of the 
Treasury, consistent with all other applicable Federal laws on the 
procurement, or potential procurement of materials necessary for the 
performance of the duties of the Secretary.
Example Output:
Cents and Sensibility Act - Revises the discretionary authority of the Secretary of the Treasury to prescribe the weight and the composition of the alloy of the one-cent coin.

Requires that the one-cent coin be: (1) produced primarily of steel; and (2) treated to impart a copper color to its appearance so that the appearance is similar to one-cent coins produced of a copper-zinc alloy.

Exempts from such requirement certain Lincoln Bicentennial numismatic pennies.

Requires the Secretary of the Treasury to report to certain congressional committees on a unified plan to change the metallic content of the five-cent, ten-cent, quarter-dollar and half-dollar circulating coins so as to return the ratios between the unit cost to produce such coins and their face value to a point where it is as close as possible to the historic production-cost-to-face-value ratios achieved in the 1980s.