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

Input: Consider Input: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Amtrak Investment Act of 1994''.

SEC. 2. FINDINGS.

    The Congress finds that--
            (1) intercity rail passenger service is an essential 
        component of the integrated national transportation system; 
        however, to achieve its full potential the National Railroad 
        Passenger Corporation (Amtrak) must provide a quality 
        transportation product in the form of clean, comfortable, and 
        on-time service;
            (2) Amtrak's management and employees are dedicated to 
        providing the high quality service that Amtrak's customers 
        deserve; however, additional capital investment is needed to 
        acquire the modern equipment and efficient facilities that are 
        essential to satisfy the demand for superior intercity rail 
        passenger service;
            (3) significant levels of Federal capital investment will 
        enable Amtrak to provide the world class service American rail 
        passengers deserve, and will reduce operating costs in the long 
        term;
            (4) Amtrak's management should be held accountable to 
        ensure that all capital investment by the Federal Government is 
        effectively used to improve the quality of service and the 
        long-term financial health of Amtrak;
            (5) the Secretary of Transportation, as an ex officio 
        member of Amtrak's board of directors, should use this position 
        to evaluate Amtrak's costs and revenue elements to ensure that 
        Amtrak provides excellent service to its customers and that 
        Amtrak uses its Federal investment wisely and efficiently;
            (6) States can play a significant role in providing cost-
        efficient intercity rail passenger transportation and in 
        addressing local transportation needs and air quality control; 
        and
            (7) the freight railroads represent a critical part of the 
        Nation's transportation infrastructure, which should help to 
        provide expeditious and cost-effective delivery of passenger 
        trains.

SEC. 3. WORLD CLASS SERVICE.

    Section 24101(c) of title 49, United States Code, is amended--
            (1) by striking ``and'' at the end of paragraph (10);
            (2) by striking the period at the end of paragraph (11) and 
        inserting in lieu thereof ``; and''; and
            (3) by adding at the end the following new paragraph:
            ``(12) manage capital investment in such a way as to 
        provide its customers with world class service.''.

SEC. 4. RETURN ON INVESTMENT.

    Section 24315(b)(1) of title 49, United States Code, is amended--
            (1) by striking ``and'' at the end of subparagraph (A);
            (2) by striking the period at the end of subparagraph (B) 
        and inserting in lieu thereof ``; and''; and
            (3) by adding at the end the following:
            ``(C) shall include projections of the anticipated benefits 
        of the projects proposed for funding under this part and a 
        report on the benefits actually realized from all projects 
        previously funded under this part, or legislation on which this 
        part is based, beginning with funds provided in fiscal year 
        1994.
Such report shall include an identification of improvements in the 
quality of service offered by Amtrak, facility improvements that 
demonstrate a productivity gain, equipment improvements that lower 
operating costs, environmental benefits (including air quality and land 
use), enhancements to local transportation needs, enhancements to 
mobility of physically and economically disadvantaged persons, an 
improvement to the revenue-to-cost ratio, reduced dependence on Federal 
operating support, and reductions in the need for alternative 
transportation investments. To the extent practicable, the benefits 
addressed in each report shall also be expressed as return on invested 
capital.''.

SEC. 5. STATE REQUESTED RAIL PASSENGER TRANSPORTATION.

    (a) State/Federal Formula.--(1) Section 24704 of title 49, United 
States Code, is amended--
            (A) in subsection (a)(1)(C)--
                    (i) by striking ``short term'' both places it 
                appears and inserting in lieu thereof ``long-term''; 
                and
                    (ii) by striking ``65 percent'' and inserting in 
                lieu thereof ``55 percent'';
            (B) in subsection (b)--
                    (i) by adding at the end of paragraph (2) the 
                following new sentence: ``Any such renewal shall 
                require the State, agency, or person to provide a 
                statement that such State, agency, or person agrees to 
                pay in each year of operation, beginning with the first 
                year of operation of service under such renewed 
                agreement, at least 55 percent of the long-term 
                avoidable losses of operating such service and at least 
                50 percent of the associated capital costs.''; and
                    (ii) by inserting at the end the following new 
                paragraph:
    ``(3) Amtrak is authorized to contribute in each year of operation 
of any service instituted or retained pursuant to this section no more 
than--
            ``(A) 55 percent in the first year of such operation; and
            ``(B) 45 percent in each year of operation thereafter,
of the long-term avoidable losses of operating such service and no more 
than 50 percent of the associated capital costs.''.
    (2) The amendments made by paragraph (1) shall only apply with 
respect to fiscal year 1996 and subsequent fiscal years.
    (b) Review of Program.--Within 2 years after the date of enactment 
of this Act, the Secretary of Transportation shall conduct a 
comprehensive review of the program of State-assisted rail passenger 
services operated by Amtrak under section 24704 of title 49, United 
States Code, and shall submit a report to the Congress detailing the 
Secretary's findings and conclusions, including any recommendations the 
Secretary may have for revising such section 24704. The Secretary's 
report shall address, among other things, whether and at what point 
services originated under section 24704 should become a part of the 
basic system of intercity rail passenger transportation and shall 
identify any other avenues for initiating and implementing new rail 
passenger transportation.

SEC. 6. NORTHEAST CORRIDOR IMPROVEMENT PROGRAM.

    (a) Capital Improvements.--(1) Section 24902(h) of title 49, United 
States Code, is amended--
            (A) by inserting ``(1)'' before ``If practicable''; and
            (B) by adding at the end the following new paragraph:
    ``(2) Amtrak shall make capital improvements for the Northeast 
Corridor improvement program under this chapter as necessary to operate 
reliable, high-speed rail passenger service, to enhance capacity for 
intercity and commuter passenger transportation, and as otherwise may 
be necessary to ensure continued reliable high-speed service. Amtrak 
shall also acquire train equipment to be used on the Northeast 
Corridor, mitigate environmental impacts related to the Northeast 
Corridor improvement program, and provide adequate parking at and 
improve Northeast Corridor rail stations.''.
    (2) Section 24909 of title 49, United States Code, is amended--
            (A) by striking subsection (e); and
            (B) by redesignating subsections (f) and (g) as subsections 
        (e) and (f), respectively.
    (b) Boston-New Haven Electrification Project.--(1) Section 24902(f) 
of title 49, United States Code, is amended--
            (A) by inserting ``(1)'' before ``Improvements under''; and
            (B) by adding at the end the following new paragraph:
    ``(2) Amtrak shall design and construct the electrification system 
between Boston, Massachusetts, and New Haven, Connecticut, to 
accommodate the installation of a third mainline track between 
Davisville and Central Falls, Rhode Island, to be used for double-stack 
freight service to and from the Port of Davisville. Wherever 
practicable, Amtrak shall use portal structures and realign existing 
tracks on undergrade and overgrade bridges to minimize the width of the 
right-of-way required to add the third track. Amtrak shall take such 
other steps as may be required to coordinate and facilitate design and 
construction work.''.
    (2) Amtrak shall, not later than 6 months after the date of 
enactment of this Act, transmit to the Congress a report detailing its 
electrification design between Davisville and Central Falls, Rhode 
Island, and describing efforts to comply with section 24902(f)(2) of 
title 49, United States Code.

SEC. 7. AUTHORIZATION OF APPROPRIATIONS.

    Section 24104 of title 49, United States Code, is amended--
            (1) in subsection (a)(1), by inserting ``and not more than 
        $332,000,000 for fiscal year 1995 and $335,000,000 for fiscal 
        year 1996 may be appropriated to the Secretary,'' after 
        ``September 30, 1994,'';
            (2) in subsection (a)(2), by adding at the end the 
        following new subparagraphs:
            ``(C) $250,000,000 for fiscal year 1995.
            ``(D) $250,000,000 for fiscal year 1996.'';
            (3) in subsection (b)(1), by inserting ``Not more than 
        $373,000,000 for fiscal year 1995 and $373,000,000 for fiscal 
        year 1996 may be appropriated to the Secretary for the benefit 
        of Amtrak for operating expenses.'' after ``for operating 
        expenses.'';
            (4) in subsection (b)(2)(A), by adding at the end the 
        following new clauses:
            ``(iii) $17,000,000 for fiscal year 1995.
            ``(iv) $17,000,000 for fiscal year 1996.'';
            (5) in subsection (c)(1)--
                    (A) by striking ``and'' after ``September 30, 
                1993,''; and
                    (B) by inserting ``$156,000,000 for fiscal year 
                1995, and $165,000,000 for fiscal year 1996,'' after 
                ``September 30, 1994,''; and
            (6) by amending subsection (d) to read as follows:
    ``(d) Administration of Appropriations.--Notwithstanding section 
6304 of title 31, United States Code, funds appropriated pursuant to 
this section shall be provided to Amtrak upon appropriation when 
requested by Amtrak.''.

SEC. 8. CAPITAL AND EQUIPMENT ACQUISITION ACCOUNT.

    (a) Amendment.--Chapter 243 of title 49, United States Code, is 
amended by adding at the end the following new section:

``SEC. 24316. CAPITAL AND EQUIPMENT ACQUISITION ACCOUNT.

    ``(a) Establishment.--Amtrak shall establish a Capital and 
Equipment Acquisition Account. Amounts in this account shall be used by 
Amtrak to--
            ``(1) acquire passenger equipment and locomotives;
            ``(2) encourage State and local investment in facilities 
        and equipment used to provide intercity rail passenger 
        transportation; and
            ``(3) address other critical capital priorities.
    ``(b) Deposits.--Amtrak may deposit into the Capital and Equipment 
Acquisition Account--
            ``(1) payments received for the use of its equipment or 
        facilities;
            ``(2) claims recovered by Amtrak; and
            ``(3) amounts from any other source to the extent 
        authorized by Federal law.''.
    (b) Table of Sections Amendment.--The table of sections for chapter 
243 of title 49, United States Code, is amended by adding at the end 
the following new item:

``24316. Capital and equipment acquisition account.''.

SEC. 9. ON-TIME PERFORMANCE.

    (a) Comparison.--The Secretary of Transportation shall conduct a 
direct comparison of the on-time performance of Amtrak compared to 
other modes of commercial passenger transportation, using consistent 
methodologies.
    (b) Report to Congress.--The Secretary of Transportation shall, not 
later than 1 year after the date of enactment of this Act, transmit to 
the Congress a report on the results of the comparison required by 
subsection (a), along with an explanation of the differences found in 
on-time performance between modes of transportation, including 
consideration of the age and condition of equipment and any other 
differences among the modes that affect the ability to achieve on-time 
service.

SEC. 10. COOPERATION WITH STUDY.

    Amtrak shall cooperate with the efforts of the Virginia State 
Department of Transportation in designing and carrying out a study on 
the feasibility of reestablishing rail service between Washington, 
D.C., and Bristol, Virginia.

SEC. 11. BURBANK-GLENDALE-PASADENA, CALIFORNIA, STATION FACILITIES.

    Amtrak shall develop a plan for new station facilities at the 
Burbank-Glendale-Pasadena Airport to accommodate the intercity rail 
passenger requirements of Amtrak, along with the needs of the commuter 
rail services serving the Burbank-Glendale-Pasadena metropolitan area. 
In developing the plan, Amtrak shall consider use of a facility at the 
airport as a primary facility for handling intercity and commuter 
passengers, shall evaluate sources of State, local, and private funding 
for the new station facilities, and shall propose the allocation of 
space and costs in the new facilities among all transportation services 
using the facilities. The plan shall be predicated upon completing the 
project with State, local, and private funding, and without Federal 
funds appropriated for Amtrak. Amtrak shall submit a report to the 
Committee on Energy and Commerce of the House of Representatives and 
the Committee on Commerce, Science, and Transportation of the Senate 
containing such plan no later than April 1, 1995.

SEC. 12. CITY OF ONTARIO, CALIFORNIA, STATION FACILITIES.

    Amtrak shall develop a plan for new or redeveloped station 
facilities in the City of Ontario, California, to accommodate the 
intercity rail passenger requirements of Amtrak, along with the needs 
of the commuter rail services servicing the City of Ontario. In 
developing the plan, Amtrak shall consider use of a facility at the 
Ontario International Airport as the primary facility for handling 
intercity passengers, shall evaluate sources of State, local, and 
private funding for the new or redeveloped station facilities, and 
shall propose the allocation of space and costs in the new facilities 
among all transportation services using the facilities. The plan shall 
be predicated upon completing the project with State, local, and 
private funding, and without Federal funds appropriated for Amtrak. 
Amtrak shall submit a report to the Committee on Energy and Commerce of 
the House of Representatives and the Committee on Commerce, Science, 
and Transportation of the Senate containing such plan no later than 
April 1, 1995.

SEC. 13. LAND CONVEYANCE.

    (a) Validation and Confirmation.--The conveyance described in 
subsection (b)(1) involving certain real property in Tulare County, 
California, forming a part of the right-of-way granted by the United 
States to the Southern Pacific Railroad under the Act entitled ``An Act 
granting Lands to aid in the Construction of a Railroad and Telegraph 
Line from the States of Missouri and Arkansas to the Pacific Coast'', 
approved July 27, 1866 (14 Stat. 292), is legalized, validated, and 
confirmed in the Redevelopment Agency of the city of Tulare, the 
grantee in such conveyance, and their successors in interest, with 
respect to all interests of the United States in the rights to the real 
property described in subsection (b)(2).
    (b) Conveyance and Real Property Described.--
            (1) Conveyance.--The conveyance referred to in subsection 
        (a) was made by a Judgment in Condemnation and Final Order of 
        Condemnation of the Superior Court in and for the county of 
        Tulare, State of California in Action No. 150298 entitled 
        ``Redevelopment Agency of the City of Tulare v. Southern 
        Pacific Transportation Company'' filed and entered March 10, 
        1992, by the Southern Pacific Transportation Company to the 
        Redevelopment Agency of the city of Tulare.
            (2) Real property described.--The real property referred to 
        in subsection (a) is a parcel of land in the northwest quarter 
        of section 11, township 20 south, range 24 east, Mount Diablo 
        Base and meridian in the city of Tulare, county of Tulare, 
        State of California, more particularly described as follows:
            Commencing at the intersection of the centerlines of Tulare 
        Avenue and ``J'' Street;
            Thence north 10 degrees 20 minutes 00 seconds west 208.54 
        feet along the centerline of ``J'' Street;
            Thence south 79 degrees 39 minutes 36 seconds west 40.00 
        feet to the westerly right-of-way line of ``J'' Street and the 
        True Point of Beginning;
            Thence south 10 degrees 20 minutes 00 seconds east 148.54 
        feet along said westerly right-of-way line to the beginning of 
        a tangent curve concave to the northwest having a radius of 
        20.00 feet, a radial line through which bears north 79 degrees 
        40 minutes 00 seconds east;
            Thence south, southwesterly and westerly along said curve 
        and right-of-way line through a central angle of 89 degrees 59 
        minutes 36 seconds to the northerly right-of-way line of Tulare 
        Avenue;
            Thence south 79 degrees 39 minutes 36 seconds west 159.89 
        feet along last said right-of-way line;
            Thence leaving said right-of-way line north 10 degrees 20 
        minutes 00 seconds west 168.54 feet parallel with the 
        centerline of ``J'' Street;
            Thence north 79 degrees 39 minutes 36 seconds east 179.88 
        feet to the Point of Beginning.
            Containing 0.69 acres.

SEC. 14. RESIDENCE OF EMPLOYEES.

    The amendments made by section 7 of the Amtrak Reauthorization and 
Improvement Act of 1990 shall apply to all periods before and after the 
date of their enactment.

Output: Amtrak Investment Act of 1994 - Amends Federal transportation law to make it a goal of the National Railroad Passenger Corporation (AMTRAK) to manage its capital investment in such a way as to provide its customers with world class service. 
(Sec. 4) Requires AMTRAK to include in its annual report on its operations to the President and the Congress projections of anticipated and realized benefits of proposed and previously funded projects. 
(Sec. 5) Requires applications by a State, agency, or person requesting AMTRAK to provide rail passenger transportation, or to keep a train, route, or service that AMTRAK intends to discontinue, to commit it to provide at least 65 percent of the long-term loss (currently, short-term loss) of providing such transportation in the first year, and at least 55 percent of such loss in each succeeding year.  Requires a State, agency, or person, with respect to the renewal of such service, to state that it agrees to pay at least 55 percent of the long-term avoidable losses of operating such service and at least 50 percent of the associated capital costs.  Authorizes AMTRAK for each year of operation to contribute no more than 55 percent of the long-term avoidable losses in the first year of operation, and no more than 45 percent in each succeeding year. 
Directs the Secretary of Transportation (Secretary) to review AMTRAK's State-assisted rail passenger services program and report the results, including recommendations for revising such program, to the Congress. 
(Sec. 6)  Directs AMTRAK to make capital improvements for the Northeast Corridor improvement project necessary for reliable, high- speed rail passenger service and enhancement of capacity for intercity and commuter passenger service. 
Requires AMTRAK to construct an electrification system between Boston, Massachusetts, and New Haven, Connecticut, to accommodate the installation of a third mainline track between Davisville and Central Falls, Rhode Island, to be used for double-stack freight service to and from the Port of Davisville.  Requires AMTRAK to report to the Congress on its electrification design between Davisville and Central Falls, Rhode Island. 
(Sec. 7)  Authorizes appropriations for:  (1) capital acquisition and corridor development; (2) AMTRAK operating expenses; (3) AMTRAK operating losses; and (4) certain mandatory payments. 
(Sec. 8) Directs AMTRAK to establish a Capital and Equipment Acquisition Account. 
(Sec. 9) Directs the Secretary to report to the Congress on the on-time performance of AMTRAK as compared to other modes of commercial transportation. 
(Sec. 10) Requires AMTRAK to cooperate with the Virginia State Department of Transportation on a study of the feasibility of reestablishing rail service between Washington, D.C., and Bristol, Virginia. 
(Sec. 11) Requires AMTRAK to develop plans for new station facilities at the Burbank-Glendale-Pasadena Airport and in Ontario, California. 
(Sec. 13) Confirms the conveyance of U.S. interests in certain real property to Tulare County, California.


Input: Consider Input: SECTION 1. SHORT TITLE; REFERENCES TO HIGHER EDUCATION ACT OF 1965.

    (a) Short Title.--This Act may be cited as the ``Higher Education 
Assistance Improvement Act''.
    (b) References to Higher Education Act of 1965.--Except as 
otherwise expressly provided, whenever in this Act an amendment or 
reference is expressed in terms of an amendment to, or reference to, a 
section or other provision, the reference shall be considered to be 
made to a section or other provision of the Higher Education Act of 
1965.

SEC. 2. ADDITIONAL PROGRAM FUNDING AUTHORIZATIONS.

    (a) Pell Grants.--Section 401(b)(2)(A) (20 U.S.C. 1070(b)(2)(A)) is 
amended by striking clauses (iv) and (v) and inserting the following:
            ``(iv) $7,500 for academic year 2002-2003; and
            ``(v) $7,900 for academic year 2003-2004,''.
    (b) TRIO.--Section 402A(f) (20 U.S.C. 1070a-11(f)) is amended by 
striking ``$700,000,000 for fiscal year 1999, and such sums as may be 
necessary for each of the 4 succeeding fiscal years'' and inserting 
``$1,460,000,000 for fiscal year 2002 and such sums as may be necessary 
for the succeeding fiscal year''.
    (c) GEAR UP.--Section 404H (20 U.S.C. 1070a-28) is amended by 
striking ``$200,000,000 for fiscal year 1999 and such sums as may be 
necessary for each of the 4 succeeding fiscal years'' and inserting 
``$590,000,000 for fiscal year 2002 and such sums as may be necessary 
for the succeeding fiscal year''.
    (d) Supplemental Education Opportunity Grants.--Section 413A(b) (20 
U.S.C. 1070b(b)) is amended by striking ``$675,000,000 for fiscal year 
1999 and such sums as may be necessary for the 4 succeeding fiscal 
years'' and inserting ``$1,300,000,000 for fiscal year 2002 and such 
sums as may be necessary for the succeeding fiscal year''.
    (e) Graduate Assistance in Areas of National Need.--Section 716 (20 
U.S.C. 1135e) is amended by striking ``$35,000,000 for fiscal year 1999 
and such sums as may be necessary for each of the 4 succeeding fiscal 
years'' and inserting ``$62,000,000 for fiscal year 2002 and such sums 
as may be necessary for the succeeding fiscal year''.
    (f) Thurgood Marshall.--Section 721(h) (20 U.S.C. 1136(h)) is 
amended by striking ``$5,000,000 for fiscal year 1999 and each of the 4 
succeeding fiscal years'' and inserting ``$8,000,000 for fiscal year 
2002 and such sums as may be necessary for the succeeding fiscal 
year''.

SEC. 3. ADDITIONAL APPROPRIATIONS MANDATE.

    It is the sense of Congress that the appropriations for the 
following higher education programs should be increased as follows:
            (1) LEAP.--The appropriations under section 415A(b)(1) (20 
        U.S.C. 1070c(b)(1)) should be doubled to at least $110,000,000 
        for fiscal year 2002 and such sums as may be necessary for the 
        succeeding fiscal year.
            (2) CAMPIS.--The appropriations under section 419N(g) (20 
        U.S.C. 1070e(g)) should be doubled to at least $50,000,000 for 
        fiscal year 2002 and such sums as may be necessary for the 
        succeeding fiscal year.
            (3) Work-study.--The appropriations under section 441(b) 
        (42 U.S.C. 2751(b)) should be increased to at least 
        $1,050,000,000 for fiscal year 2002 and such sums as may be 
        necessary for the succeeding fiscal year.
            (4) National health service corps scholarship and loan 
        repayment programs.--The appropriations under sections 338A and 
        338B of the Public Health Service Act (42 U.S.C. 254l, 254l-1) 
        should be doubled to at least $175,850,000 for fiscal year 2002 
        and such sums as may be necessary for the succeeding fiscal 
        year.
            (5) Perkins loans.--The appropriations under section 
        461(b)(1) (20 U.S.C. 1087aa(b)(1)) should be doubled to at 
        least $200,000,000 for fiscal year 2002 and such sums as may be 
        necessary for the succeeding fiscal year, and the amount 
        available under section 465 for loan cancellation should be 
        doubled to at least $120,000,000 for fiscal year 2002 and such 
        sums as may be necessary for the succeeding fiscal year.
            (6) Javits fellowships.--The appropriations under section 
        705 (20 U.S.C. 1134d) should be increased to at least 
        $20,000,000 for fiscal year 2002 and such sums as may be 
        necessary for the succeeding fiscal year.

SEC. 4. LOAN FORGIVENESS.

    (a) Expansion of Eligibility.--
            (1) Elimination of new borrower restrictions.--
                    (A) FFEL program.--Section 428J(b) (20 U.S.C. 1078-
                10(b)) is amended by striking ``for any new borrower on 
                or after October 1, 1998, who'' and inserting ``for any 
                borrower who performs the qualifying service on or 
                after October 1, 1998, and who''.
                    (B) Federal direct loan program.--Section 460(b)(1) 
                of such Act (20 U.S.C. 1087j(b)(1)) is amended by 
                striking ``for any new borrower on or after October 1, 
                1998, who'' and inserting ``for any borrower who 
                performs the qualifying service on or after October 1, 
                1998, and who''.
            (2) Expansion of eligible service; eliminating delay in 
        service benefit.--
                    (A) FFEL program.--Section 428J(b)(1) is amended to 
                read as follows:
            ``(1) has been engaged--
                    ``(A) in any service that qualifies for 
                cancellation of Federal Perkins Loans under section 
                465(a)(2);
                    ``(B) in full-time employment in service to 
                economically disadvantaged individuals or communities, 
                child and elder care services, social work, public 
                prosecutors and defenders, and police, fire, and rescue 
                services, as defined by the Secretary; or
                    ``(C) in full-time employment in any service that 
                the Secretary recognizes by regulation as providing 
                public service that is comparable to the services 
                described in subparagraph (A) or (B); and''.
                    (B) Federal direct loan program.--Section 
                460(b)(1)(A) (20 U.S.C. 1087j(b)(1)(A)) is amended to 
                read as follows:
                    ``(A) has been engaged--
                            ``(i) in any service that qualifies for 
                        cancellation of Federal Perkins Loans under 
                        section 465(a)(2); or
                            ``(ii) in full-time employment in service 
                        to economically disadvantaged individuals or 
                        communities, child and elder care services, 
                        social work, public prosecutors and defenders, 
                        and police, fire, and rescue services, as 
                        defined by the Secretary;
                            ``(iii) in full-time employment in any 
                        service that the Secretary recognizes by 
                        regulation as providing public service that is 
                        comparable to the services described in clause 
                        (i) or (ii); and''.
                    (C) Perkins loans.--Section 465(a)(2) is amended by 
                adding after the last sentence thereof the following 
                new sentence: ``Whenever the Secretary acts pursuant to 
                section 428J(b)(1)(B) or (C) or 460(b)(1)(A)(ii) or 
                (iii) to recognize by regulation or define additional 
                services as comparable qualifying services under such 
                sections, the Secretary shall, by regulation, recognize 
                such services as qualifying services for purposes of 
                this section.''.
    (b) Amount and Rate of Repayment.--
            (1) FFEL program.--Section 428J(c) (20 U.S.C. 1078-10(c)) 
        is amended by striking paragraph (1) and inserting the 
        following:
            ``(1) Amount and rate of repayment.--The Secretary shall 
        repay the aggregate of the loan obligation on a loan made under 
        section 428 or 428H that is outstanding after the completion of 
        the first complete year of qualifying service described in 
        subsection (b)(1) for which the borrower seeks repayment under 
        this section. Such amount shall be repaid at the rate of one-
        third of such amount for each of the first three years of such 
        service.''.
            (2) Federal direct loan program.--Section 460(c) of such 
        Act (20 U.S.C. 1087j(c)) is amended by striking paragraph (1) 
        and inserting the following:
            ``(1) Amount and rate of repayment.--The Secretary shall 
        cancel the aggregate of the loan obligation on a loan made 
        under section 428 or 428H that is outstanding after the 
        completion of the first complete year of qualifying service 
        described in subsection (b)(1)(A). Such amount shall be 
        canceled at the rate of one-third of such amount for each of 
        the first three years of such service.''.
            (3) Perkins loans.--Section 465(a) (20 U.S.C. 1087ee(a)) is 
        amended by striking paragraph (3)(A) and inserting the 
        following:
    ``(3)(A) The percent of a loan which shall be canceled under 
paragraph (1) of this subsection is at the rate of 33\1/3\ percent for 
each of 3 years of service described in paragraph (2).''.

Output: Higher Education Assistance Improvement Act - Amends the Higher Education Act of 1965 (HEA) to increase funds available for the provision of student financial assistance.Increases the maximum individual Pell grant amount to: (1) $7,500 for academic year 2002-2003; and (2) $7,900 for academic year 2003-2004.Increases amounts authorized to be appropriated for FY 2002 and 2003 under the HEA student assistance provisions: (1) Federal TRIO programs; (2) Gaining Early Awareness and Readiness for Undergraduate Programs (GEAR UP); (3) supplemental education opportunity grants; (4) graduate assistance in areas of national need; and (5) Thurgood Marshall legal educational opportunity program.Expresses the sense of Congress that appropriations for the following higher education programs should be increased by specified amounts for FY 2002 and as necessary for FY 2003: (1) Leveraging Educational Assistance Partnership (LEAP); (2) Child Care Access Means Parents in School (CAMPIS); (3) work-study; (4) National Health Service Corps scholarship and loan repayment programs; (5) Perkins loans; and (6) Javits fellowships.Expands eligibility under the Federal Family Education Loan (FFEL), Federal direct loan, and Federal Perkins loan programs by: (1) eliminating certain new borrower restrictions; (2) expanding eligible service; and (3) eliminating delays in service benefit. Directs the Secretary of Education to repay or cancel certain amounts of loan obligations under those HEA student loan programs.


Input: Consider Input: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Investment Tax Simplification Act of 
2005''.

SEC. 2. PERMANENT REDUCTION IN CAPITAL GAINS RATES FOR INDIVIDUALS AND 
              CORPORATIONS.

    (a) Repeal of Sunset of Reduction in Capital Gains Rates for 
Individuals.--Section 303 of the Jobs and Growth Tax Relief 
Reconciliation Act of 2003 shall not apply to section 301 of such Act.
    (b) Further Reduction in and Simplification of Capital Gains Rates 
for Individuals.--
            (1) In general.--Paragraph (1) of section 1(h) of the 
        Internal Revenue Code of 1986 is amended to read as follows:
            ``(1) In general.--If a taxpayer has a net capital gain for 
        any taxable year, the tax imposed by this section for such 
        taxable year shall not exceed the sum of--
                    ``(A) a tax computed at the rates and in the same 
                manner as if this subsection had not been enacted on 
                taxable income reduced by the net capital gain, and
                    ``(B) 15 percent of the excess (if any) of--
                            ``(i) the net capital gain (or, if less, 
                        taxable income), over
                            ``(ii) the amount of taxable income which 
                        would (without regard to this paragraph) be 
                        taxed at a rate below 25 percent.''.
            (2) Alternative minimum tax.--Paragraph (3) of section 
        55(b) of such Code is amended to read as follows:
            ``(3) Maximum rate of tax on net capital gain of 
        noncorporate taxpayers.--The amount determined under the first 
        sentence of paragraph (1)(A)(i) shall not exceed the sum of--
                    ``(A) the amount determined under such first 
                sentence computed at the rates and in the same manner 
                as if this paragraph had not been enacted on the 
                taxable excess reduced by the net capital gain, plus
                    ``(B) the amount determined under section 
                1(h)(1)(B).''.
            (3) Conforming amendments.--
                    (A)(i) Subsection (h) of section 1 of such Code is 
                amended by striking paragraphs (3) through (8) and by 
                redesignating paragraphs (9), (10), and (11) as 
                paragraphs (3), (4), and (5), respectively.
                    (ii) Sections 163(d)(4)(B), 854(b)(5), and 
                857(c)(2)(D) of such Code are each amended by striking 
                ``section 1(h)(11)(B)'' and inserting ``section 
                1(h)(5)(B)''.
                    (iii) Sections 301(f)(4), 306(a)(1)(D), 584(c), 
                702(a)(5), 854(a), and 854(b)(2) of such Code are each 
                amended by striking ``section 1(h)(11)'' and inserting 
                ``section 1(h)(5)''.
                    (iv) The heading of section 857(c)(2) of such Code 
                is amended by striking ``Section 1(h)(11)'' and 
                inserting ``Section 1(h)(5)''.
                    (B) Section 4985(a)(1) of such Code is amended by 
                striking ``section 1(h)(1)(C)'' and inserting ``section 
                1(h)(1)(B)''.
    (c) Reduced Capital Gains Rate for Corporations.--
            (1) In general.--Section 1201 of such Code is amended by 
        striking ``35 percent'' both places it appears and inserting 
        ``15 percent''.
            (2) Alternative minimum tax.--Section 55(b) of such Code is 
        amended by adding at the end the following new paragraph:
            ``(4) Maximum rate of tax on net capital gain of 
        corporations.--The amount determined under paragraph (1)(B)(i) 
        shall not exceed the sum of--
                    ``(A) the amount determined under such paragraph 
                computed at the rates and in the same manner as if this 
                paragraph had not been enacted on the taxable excess 
                reduced by the net capital gain, plus
                    ``(B) the amount determined under section 1201.''.
            (3) Technical amendments.--
                    (A) Section 1445(e)(1) of such Code is amended by 
                striking ``35 percent (or, to the extent provided in 
                regulations, 15 percent)'' and inserting ``15 
                percent''.
                    (B) Section 1445(e)(2) of such Code is amended by 
                striking ``35 percent'' and inserting ``15 percent''.
                    (C) Section 7518(g)(6)(A) of such Code is amended 
                by striking ``(34 percent in the case of a 
                corporation)''.
                    (D) Section 607(h)(6)(A) of the Merchant Marine 
                Act, 1936 is amended by striking ``(34 percent in the 
                case of a corporation)''.
    (d) Effective Date.--
            (1) In general.--Except as provided in paragraph (2), the 
        amendments made by this section shall apply to taxable years 
        ending after the date of the enactment of this Act.
            (2) Withholding.--The amendment made by subsection 
        (c)(3)(B) shall apply to amounts paid after the date of the 
        enactment of this Act.


Output: Investment Tax Simplification Act of 2005 - Makes permanent the reduction in individual capital gains tax rates enacted by the Jobs and Growth Tax Relief Reconciliation Act of 2003.

Amends the Internal Revenue Code to reduce the maximum capital gains tax rates for individuals and corporations.