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. TREATMENT OF BONDS ISSUED TO FINANCE RENEWABLE ENERGY 
              RESOURCE FACILITIES AND CONSERVATION AND EFFICIENCY 
              FACILITIES AND OTHER SPECIFIED GREENHOUSE GAS EMISSION 
              TECHNOLOGIES.

    (a) In General.--Section 142(a) of the Internal Revenue Code of 
1986 is amended by striking ``or'' at the end of paragraph (14), by 
striking the period at the end of paragraph (15) and inserting a comma, 
and by inserting after paragraph (15) the following new paragraphs:
            ``(16) renewable energy resource facilities,
            ``(17) conservation and efficiency facilities and projects, 
        or
            ``(18) zero emission vehicles and related facilities or 
        projects.''.
    (b) Renewable Energy Resource Facility.--Section 142 of such Code 
is further amended by adding at the end the following new subsection:
    ``(n) Renewable Energy Resource Facilities.--For purposes of 
subsection (a)(16)--
            ``(1) In general.--The term `renewable energy resource 
        facility' means--
                    ``(A) any facility used to produce electric or 
                thermal energy (including a distributed generation 
                facility) from--
                            ``(i) solar, wind, or geothermal energy,
                            ``(ii) marine and hydrokinetic renewable 
                        energy,
                            ``(iii) incremental hydropower,
                            ``(iv) biomass (as defined in section 
                        203(b) of the Energy Policy Act of 2005 (42 
                        U.S.C. 15852(b))), or
                            ``(v) landfill gas, or
                    ``(B) any facility or project used for the 
                manufacture of facilities referred to in subparagraph 
                (A).
            ``(2) Definitions.--For purposes of paragraph (1)--
                    ``(A) Geothermal energy.--The term `geothermal 
                energy' means energy derived from a geothermal deposit 
                (within the meaning of section 613(e)(2)) or from 
                geothermal heat pumps.
                    ``(B) Marine and hydrokinetic renewable energy.--
                The term `marine and hydrokinetic renewable energy' has 
                the meaning given such term in section 45(c)(10).
                    ``(C) Incremental hydropower.--The term 
                `incremental hydropower' means additional energy 
                generated as a result of efficiency improvements or 
                capacity additions to existing hydropower facilities 
                made on or after the date of enactment of this 
                subsection. The term `incremental hydropower' does not 
                include additional energy generated as a result of 
                operational changes not directly associated with 
                efficiency improvements or capacity additions.''.
    (c) Conservation and Efficiency.--Section 142 of such Code is 
amended by adding at the end the following new subsection:
    ``(o) Conservation and Efficiency Facilities and Projects.--For 
purposes of subsection (a)(17), the term `conservation and efficiency 
facility and project' means--
            ``(1) any facility used for the conservation or the 
        efficient use of energy, including energy efficient 
        retrofitting of existing buildings, or for the efficient 
        storage, transmission, or distribution of energy, including any 
        facility or project designed to implement smart grid 
        technologies (as described in title XIII of the Energy 
        Independence and Security Act of 2007, or individual components 
        of such technologies as listed in section 1301 of such Act),
            ``(2) any facility used for the conservation of or the 
        efficient use of water, including--
                    ``(A) any facility or project designed to--
                            ``(i) reduce the demand for water,
                            ``(ii) improve efficiency in use and reduce 
                        losses and waste of water, and
                            ``(iii) improve land management practices 
                        to conserve water, or
                    ``(B) any individual component of a facility or 
                project referred to in subparagraph (A), or
            ``(3) any facility or project used for the manufacture of 
        facilities referred to in paragraphs (1) and (2).
For purposes of paragraph (2)(A), facilities and projects does not 
include facilities or projects that store water.''.
    (d) Zero Emission Vehicles and Related Facilities or Projects.--
Section 142 of such Code is amended by adding at the end the following 
new subsection:
    ``(p) Zero Emission Vehicles and Related Facilities or Projects.--
            ``(1) Zero emission vehicles.--The term `zero emission 
        vehicles' means vehicles that have no tailpipe emissions, 
        evaporative emissions, or onboard emission-control systems that 
        can deteriorate over time.
            ``(2) Facilities related to zero emission vehicles.--A 
        facility or project is related to a zero emission vehicle if 
        the facility is any real or personal property to be used in the 
        design, technology transfer, manufacture, production, assembly, 
        distribution, or service of zero emission vehicles.''.
    (e) Coordination With Section 45.--Paragraph (3) of section 45(b) 
of such Code is amended by adding at the end the following new 
sentence: ``Clause (ii) of subparagraph (A) shall not apply with 
respect to (I) any qualified facility that is a renewable energy 
resource facility described in section 142(a)(16), (II) any qualified 
facility that is a conservation and efficiency facility described in 
section 142(a)(17), or (III) any qualified facility that is a zero 
emission vehicle and related facility or project described in section 
142(a)(18).''.
    (f) Coordination With Section 45K.--Subparagraph (A) of section 
45K(b)(3) of such Code is amended by adding at the end the following 
flush sentence: ``Clause (i)(II) shall not apply with respect to (aa) 
any qualified facility that is a renewable energy resource facility 
described in section 142(a)(16), (bb) any qualified facility that is a 
conservation and efficiency facility described section 142(a)(17), or 
(cc) any qualified facility that is a zero emission vehicle and related 
facility or project described in section 142(a)(18).''.
    (g) Coordination With Section 146(g)(3).--Section 146(g)(3) is 
amended by striking ``or (15)'' and all that follows through the end of 
the paragraph and inserting ``(15), (16), (17), or (18)''.
    (h) Effective Date.--The amendments made by this section shall 
apply to obligations issued after the date of the enactment of this 
Act.
Example Output: Amends the Internal Revenue Code to allow a tax exemption of the interest on bonds issued to finance renewable energy resource facilities, conservation and efficiency facilities and projects, and zero emission vehicles and related facilities or projects.

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. SUMMER CAMPS.

    (a) Program.--
            (1) In general.--The Director shall carry out a program to 
        award grants to institutions of higher education or eligible 
        nonprofit organizations (or consortia of such institutions and 
        organizations) to develop and operate summer science and 
        mathematics camps for middle school and high school students. 
        The camps shall be designed to promote the interest of children 
        in science, mathematics, and technology and to increase their 
        knowledge of these subjects.
            (2) Distribution of awards.--The Director shall, in 
        awarding grants under this section, consider the distribution 
        of awards among institutions and organizations of different 
        sizes and geographic locations.
            (3) Merit review.--Grants shall be provided under this 
        section on a competitive, merit-reviewed basis.
            (4) Use of grants.--Grant funds may be used to--
                    (A) develop educational programs and materials for 
                use in the summer science and mathematics camps; and
                    (B) cover the costs of operating the summer camps, 
                including the cost of attendance for students selected 
                to attend the camps in accordance with subsection 
                (b)(3).
    (b) Selection Process.--
            (1) Application.--An applicant for an award under this 
        section shall submit an application to the Director at such 
        time, in such manner, and containing such information as the 
        Director may require. The application shall include, at a 
        minimum--
                    (A) a description of the educational program that 
                will be offered by the science or mathematics summer 
                camp that the applicant intends to operate;
                    (B) a description of the process by which students 
                will be selected to attend the summer camp;
                    (C) the duration of the camp and the number of 
                students who can be accommodated in the program each 
                year;
                    (D) identification of the individuals who will be 
                involved in designing and implementing the educational 
                program at the summer camp; and
                    (E) evidence of the agreement required under 
                paragraph (3).
            (2) Review of applications.--In evaluating the applications 
        submitted under paragraph (1), the Director shall consider, at 
        a minimum--
                    (A) the ability of the applicant to effectively 
                carry out the program;
                    (B) the novelty and educational value of the 
                program to be offered at the summer camp;
                    (C) the number of the students that will be served 
                by the program; and
                    (D) the extent to which the program is tailored to 
                the needs of individuals from groups underrepresented 
                in science and technology careers.
            (3) Eligibility requirement.--To be eligible to receive a 
        grant under this section, an institution of higher education or 
        eligible nonprofit organization (or consortia of such 
        institutions and organizations) must enter into an agreement 
        with one or more urban high-need local educational agencies to 
        develop a process for selecting students from schools 
        administered by the educational agencies to attend the science 
        or mathematics summer camp.
    (c) Definitions.--In this section--
            (1) The term ``Director'' means the Director of the 
        National Science Foundation.
            (2) The term ``eligible nonprofit organization'' means a 
        nonprofit organization, such as a museum or science center, 
        that has expertise and experience in providing informal science 
        and mathematics education for the public.
            (3) The term ``urban high-need local educational agency'' 
        means a local educational agency that--
                    (A) is located in one of the 25 United States 
                cities with the greatest numbers of children aged 5 to 
                17 living in poverty, based on data from the Census 
                Bureau; and
                    (B) has at least 1 school in which 50 percent or 
                more of the enrolled students are eligible for 
                participation in the free and reduced price lunch 
                program established by the Richard B. Russell National 
                School Lunch Act (42 U.S.C. 1751 et seq.).
    (d) Authorization of Appropriations.--There are authorized to be 
appropriated to the National Science Foundation for the purposes of 
this section, $2,000,000 for fiscal year 2007, $2,050,000 for fiscal 
year 2008, $2,100,000 for fiscal year 2009, $2,150,000 for fiscal year 
2010, and $2,200,000 for fiscal year 2011.
Example Output:
Requires the Director of the National Science Foundation to award grants to institutions of higher education or eligible nonprofit organizations to develop and operate summer camps designed to interest and instruct middle and high school students in science, mathematics, and technology. Conditions a nonprofit organization's eligibility on its expertise and experience in providing the public with informal science and mathematics education.

Requires grantees to enter into agreements with urban high-need local educational agencies on processes for selecting disadvantaged students from schools administered by such agencies for attendance at such camps. Allows the use of grant funds to cover the cost of attendance by such students.