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

[Q]: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Depository Institution Community 
Development Investments Enhancement Act''.

SEC. 2. TECHNICAL CORRECTIONS.

    (a) National Banks.--The first sentence of the paragraph designated 
as the ``Eleventh'' of section 5136 of the Revised Statutes of the 
United States (12 U.S.C. 24) (as amended by section 305(a) of the 
Financial Services Regulatory Relief Act of 2006) is amended by 
striking ``promotes the public welfare by benefitting primarily'' and 
inserting ``is designed primarily to promote the public welfare, 
including the welfare of''.
    (b) State Member Banks.--The first sentence of the 23rd paragraph 
of section 9 of the Federal Reserve Act (12 U.S.C. 338a) is amended by 
striking ``promotes the public welfare by benefiting primarily'' and 
inserting ``is designed primarily to promote the public welfare, 
including the welfare of''.

SEC. 3. INVESTMENTS BY FEDERAL SAVINGS ASSOCIATIONS AUTHORIZED TO 
              PROMOTE THE PUBLIC WELFARE.

    Section 5(c) of the Home Owners' Loan Act (12 U.S.C. 1464) is 
amended--
            (1) in paragraph (3)--
                    (A) by striking subparagraph (A); and
                    (B) by redesignating subparagraphs (B) and (C), as 
                subparagraphs (A) and (B), respectively; and
            (2) in paragraph (4), by adding at the end the following 
        new subparagraph:
                    ``(G) Direct investments to promote the public 
                welfare.--
                            ``(i) In general.--A Federal savings 
                        association may make investments, directly or 
                        indirectly, each of which is designed primarily 
                        to promote the public welfare, including the 
                        welfare of low- and moderate-income communities 
                        or families through the provision of housing, 
                        services, and jobs.
                            ``(ii) Direct investments or acquisition of 
                        interest in other companies.--Investments under 
                        clause (i) may be made directly or by 
                        purchasing interests in an entity primarily 
                        engaged in making such investments.
                            ``(iii) Prohibition on unlimited 
                        liability.--No investment may be made under 
                        this subparagraph which would subject a Federal 
                        savings association to unlimited liability to 
                        any person.
                            ``(iv) Single investment limitation to be 
                        established by director.--Subject to clauses 
                        (v) and (vi), the Director shall establish, by 
                        order or regulation, limits on--
                                    ``(I) the amount that any savings 
                                association may invest in any 1 
                                project; and
                                    ``(II) the aggregate amount of 
                                investment of any savings association 
                                under this subparagraph.
                            ``(v) Flexible aggregate investment 
                        limitation.--The aggregate amount of 
                        investments of any savings association under 
                        this subparagraph may not exceed an amount 
                        equal to the sum of 5 percent of the capital 
                        stock of the savings association actually paid 
                        in and unimpaired and 5 percent of the 
                        unimpaired surplus of the savings association, 
                        unless--
                                    ``(I) the Director determines that 
                                the savings association is adequately 
                                capitalized; and
                                    ``(II) the Director determines, by 
                                order, that the aggregate amount of 
                                investments in a higher amount than the 
                                limit under this clause would pose no 
                                significant risk to the affected 
                                Deposit Insurance Fund.
                            ``(vi) Maximum aggregate investment 
                        limitation.--Notwithstanding clause (v), the 
                        aggregate amount of investments of any savings 
                        association under this subparagraph may not 
                        exceed an amount equal to the sum of 15 percent 
                        of the capital stock of the savings association 
                        actually paid in and unimpaired and 15 percent 
                        of the unimpaired surplus of the savings 
                        association.
                            ``(vii) Investments not subject to other 
                        limitation on quality of investments.--No 
                        obligation that a Federal savings association 
                        acquires or retains under this subparagraph 
                        shall be taken into account for purposes of the 
                        limitation contained in section 28(d) of the 
                        Federal Deposit Insurance Act on the 
                        acquisition and retention of any corporate debt 
                        security not of investment grade.
                            ``(viii) Applicability of standards to each 
                        investment.--The standards and limitations of 
                        this subparagraph shall apply to each 
                        investment under this subparagraph made by a 
                        savings association directly and by its 
                        subsidiaries.''.
[A]: Depository Institution Community Development Investments Enhancement Act - Amends the Home Owners' Loan Act to revise requirements for community development investments by federal savings associations.

Authorizes a federal savings association to make investments, directly or indirectly, each of which is designed primarily to promote the public welfare, including the welfare of low- and moderate-income communities or families through the provision of housing, services, and jobs (community development investments).

Permits such investments to be made directly or by purchase of interests in an entity primarily engaged in making such investments.

Prohibits a federal savings association from making an investment which would subject it to unlimited liability to any person.

Requires the Director of the Office of Thrift Supervision to establish: (1) the amount any savings association may invest in any one project; and (2) the aggregate amount of investment of any savings association.

Restricts the aggregate amount of investment of any savings association, subject to specified determinations made by the Director.

Prohibits the maximum aggregate amount of investments of any savings association from exceeding the same 15% of its capital stock actually paid in and unimpaired and 15% of its unimpaired surplus as imposed by this Act on national banking associations and state member banks.


[Q]: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Health Care Waiver Fairness Act of 
2011''.

SEC. 2. PPACA WAIVER PROCESS.

    (a) In General.--Title I of the Patient Protection and Affordable 
Care Act (Public Law 111-148) is amended by adding at the end the 
following new subtitle:

                      ``Subtitle G--Waiver Process

``SEC. 1601. ESTABLISHMENT OF WAIVER PROCESS.

    ``(a) In General.--The applicable authorities (as defined in 
subsection (c)) shall collectively establish a process (in this section 
referred to as the `waiver process') under which the administrator of a 
health plan, an employer, an individual, or other entity may seek to 
waive the application of a requirement under this title with respect to 
such plan, employer, individual, or entity. Among the requirements 
under this title, such process shall apply to the following:
            ``(1) Section 5000A of the Internal Revenue Code of 1986 
        (relating to requirement to maintain minimum essential 
        coverage), as inserted by section 1501(b).
            ``(2) Section 6055 of the Internal Revenue Code of 1986 
        (relating to reporting of health insurance coverage), as 
        inserted by section 1502(a).
            ``(3) Section 18A of the Fair Labor Standards Act of 1938 
        (42 U.S.C. 218a, relating to automatic enrollment for employees 
        of large employers), as inserted by section 1511.
            ``(4) Section 18B of the Fair Labor Standards Act of 1938 
        (42 U.S.C. 218b, relating to notice to employees), as inserted 
        by section 1512.
            ``(5) Section 4980H of the Internal Revenue Code of 1986 
        (relating to shared responsibility for employers regarding 
        health coverage), as inserted by section 1513(a).
            ``(6) Section 6056 of the Internal Revenue Code of 1986 
        (relating to certain employers required to report on health 
        insurance coverage), as inserted by section 1514(a).
            ``(7) Section 10108 (relating to free choice vouchers).
            ``(8) Regulations regarding the treatment of group health 
        plans or health insurance coverage as a grandfathered health 
        plan (as defined in section 1251(e)).
            ``(9) Section 2718(b) of the Public Health Service Act 
        (relating to medical loss ratios), as inserted by section 1001.
    ``(b) Waiver Process.--
            ``(1) In general.--The applicable authorities shall 
        establish the waiver process consistent with the following:
                    ``(A) Notice and guidance.--Public notice and 
                guidance shall be provided regarding the process for 
                submission of waiver requests.
                    ``(B) Standard.--A waiver request with respect to 
                the application of a requirement to a plan, employer, 
                individual, or entity shall be accompanied by a 
                statement that--
                            ``(i) identifies the specific requirement 
                        (or requirements) to be waived; and
                            ``(ii) describes how the imposition of each 
                        specific requirement for which a waiver is 
                        requested on the plan, employer, individual, or 
                        entity would result in a significant decrease 
                        in access to coverage or a significant increase 
                        in premiums or other costs for such plan, 
                        employer, individual, or entity.
                    ``(C) Deemed approval.--A waiver request filed that 
                is accompanied by such a statement shall be deemed to 
                be approved.
                    ``(D) Publication of data.--The applicable 
                authorities shall regularly publish data regarding the 
                waiver requests received for the different 
                requirements.
            ``(2) Treatment of approved waivers.--In the case of 
        approval under the waiver process of a waiver request with 
        respect to a requirement of this title and an entity, 
        notwithstanding any other provision of law, such requirement 
        shall not apply to such entity on and after the date of 
        approval of the request.
            ``(3) Relation to other exemptions and exceptions.--Nothing 
        in this section shall be construed as superceding other 
        provisions of this title insofar as they provide for 
        exceptions, exemptions, or other special treatment with respect 
        to requirements under this title.
    ``(c) Applicable Authority.--In this section, the term `applicable 
authority' means--
            ``(1) except as otherwise provided in this subsection, the 
        Secretary of Health and Human Services;
            ``(2) the Secretary of Labor with respect to the provisions 
        of this title, including amendments made by this title, that 
        are administered by such Secretary; and
            ``(3) the Secretary of the Treasury with respect to the 
        provisions of this title, including amendments made by this 
        title, that are administered by such Secretary, including 
        sections of the Internal Revenue Code of 1986 specified in 
        subsection (a).
    ``(d) References to Requirements Under This Title.--In this 
section, a reference to a requirement under this title include such a 
requirement under an amendment made by this title, including as amended 
by title X of this Act or by the provisions of the Health Care and 
Education Reconciliation Act of 2010 (Public Law 111-152).
    ``(e) Public Awareness Campaign.--Of the amounts available in the 
Prevention and Public Health Fund established under section 4002, 
notwithstanding any other provision of law, $50,000,000 shall be 
available to and expended by the Secretary of Health and Human Services 
to conduct, in coordination with other applicable authorities, a public 
awareness campaign of the waiver process. Amounts made available under 
this subsection shall remain available until expended.''.
    (b) Clerical Amendment.--The table of contents of such Act is 
amended by adding at the end of the items relating to title I the 
following:

                      ``Subtitle G--Waiver Process

``Sec. 1601. Establishment of waiver process.''.
[A]: Health Care Waiver Fairness Act of 2011 - Amends the Patient Protection and Affordable Care Act (PPACA) to require the Secretary of Health and Human Services (HHS), the Secretary of Labor, and the Secretary of Treasury to establish waiver processes under which the administrator of a health plan, an employer, an individual, or other entity may seek to waive the application of a health insurance coverage requirement under PPACA. Sets forth PPACA requirements that may be waived, including those related to minimum essential coverage and employers offering health care coverage to employees.

Establishes requirements for the waiver process, including requiring submission of a statement describing how the imposition of the PPACA requirement would result in a significant decrease in access to coverage or a significant increase in premiums or other costs for such plan, employer, individual, or entity. Deems to be approved any waiver including such a statement.

Requires the Secretary of HHS to conduct a public awareness campaign of the waiver process with funds made available for the Prevention and Public Health Fund.


[Q]: SECTION 1. SHORT TITLE; AMENDMENT OF 1986 CODE.

    (a) Short Title.--This Act may be cited as the ``Higher Education 
Savings Credit Act of 1997''.
    (b) Amendment of 1986 Code.--Except as otherwise expressly 
provided, whenever in this Act an amendment or repeal is expressed in 
terms of an amendment to, or repeal of, a section or other provision, 
the reference shall be considered to be made to a section or other 
provision of the Internal Revenue Code of 1986.

SEC. 2. CREDIT FOR CONTRIBUTIONS TO EDUCATION INVESTMENT ACCOUNTS.

    (a) In General.--Subpart A of part IV of subchapter A of chapter 1 
(relating to nonrefundable personal credits) is amended by inserting 
after section 23 the following new section:

``SEC. 24. CONTRIBUTIONS TO EDUCATION INVESTMENT ACCOUNTS.

    ``(a) Allowance of Credit.--
            ``(1) In general.--In the case of an individual, there 
        shall be allowed as a credit against the tax imposed by this 
        chapter for the taxable year an amount equal to the applicable 
        percentage of the contributions made by the taxpayer for the 
        taxable year to an education investment account of an account 
        holder who is an individual with respect to whom the taxpayer 
        is allowed a deduction under section 151(c) for such taxable 
        year.
            ``(2) Applicable percentage.--For purposes of paragraph 
        (1), the applicable percentage is the percentage determined in 
        accordance with the following table with respect to the age of 
        the account holder as of the close of the taxable year:

                ``If the account                         The applicable
                  holder's age is:                       percentage is:

                    Not over 6.................................    50  
                    Over 6 but not over 9......................    40  
                    Over 9 but not over 12.....................    30  
                    Over 12 but not over 15....................    20  
                    Over 15 but not over 18....................    10  
    ``(b) Limitation on Amount of Contributions Taken Into Account in 
Determining Credit.--The amount of contributions which may be taken 
into account under subsection (a) with respect to each account holder 
shall not exceed $500.
    ``(c) Definitions and Special Rules.--For purposes of this 
section--
            ``(1) Education investment account.--The term `education 
        investment account' means a trust created or organized in the 
        United States exclusively for the purpose of paying the 
        qualified higher education expenses of the account holder, but 
        only if the written governing instrument creating the trust 
        meets the following requirements:
                    ``(A) No contribution will be accepted--
                            ``(i) unless it is in cash,
                            ``(ii) except in the case of rollover 
                        contributions from another education investment 
                        account, in excess of $1,500 for any calendar 
                        year, and
                            ``(iii) after the date on which the account 
                        holder attains age 18.
                    ``(B) The trustee is a bank (as defined in section 
                408(n)) or another person who demonstrates to the 
                satisfaction of the Secretary that the manner in which 
                that person will administer the trust will be 
                consistent with the requirements of this section.
                    ``(C) No part of the trust assets will be invested 
                in life insurance contracts.
                    ``(D) The assets of the trust shall not be 
                commingled with other property except in a common trust 
                fund or common investment fund.
                    ``(E) Any balance in the education investment 
                account on the day after the date on which the account 
                holder attains age 30 (or, if earlier, the date on 
                which such holder dies) shall be distributed within 30 
                days of such date to the account holder (or in the case 
                of death, the beneficiary).
            ``(2) Qualified higher education expenses.--
                    ``(A) In general.--The term `qualified higher 
                education expenses' means the cost of attendance 
                (within the meaning of section 472 of the Higher 
                Education Act of 1965 (20 U.S.C. 1087ll), as in effect 
                on the date of the enactment of the Higher Education 
                Access and Affordability Act of 1997) of the account 
                holder at an eligible educational institution, except 
                that such expenses shall be reduced by--
                            ``(i) the amount excluded from gross income 
                        under section 135 by reason of such expenses, 
                        and
                            ``(ii) the amount of the reduction 
                        described in section 135(d)(1) (other than 
                        subparagraph (E)).
                    ``(B) State tuition plans.--Such term shall include 
                amounts paid or incurred to purchase tuition credits or 
                certificates, or to make contributions to an account, 
                under a qualified State tuition program (as defined in 
                section 529(b)).
            ``(3) Eligible educational institution.--The term `eligible 
        educational institution' has the meaning given such term by 
        section 135(c)(3).
            ``(4) Account holder.--The term `account holder' means the 
        individual for whose benefit the education investment account 
        is established.
            ``(5) Time when contributions deemed made.--A taxpayer 
        shall be deemed to have made a contribution on the last day of 
        the preceding taxable year if the contribution is made on 
        account of such taxable year and is made not later than the 
        time prescribed by law for filing the return for such taxable 
        year (not including extensions thereof).
            ``(6) Account may not be established for benefit of more 
        than 1 individual.--An education investment account may not be 
        established for the benefit of more than 1 individual.
            ``(7) Special rule where more than 1 account.--If, at any 
        time during a calendar year, 2 or more education investment 
        accounts are maintained for the benefit of an individual, only 
        the account first established shall be treated as an education 
        investment account for purposes of this section. This paragraph 
        shall not apply to the extent more than 1 account exists solely 
        by reason of a rollover contribution.
    ``(d) Tax Treatment of Account.--
            ``(1) In general.--An education investment account shall be 
        exempt from taxation under this subtitle. Notwithstanding the 
        preceding sentence, the education investment account shall be 
        subject to the taxes imposed by section 511 (relating to 
        imposition of tax on unrelated business income of charitable 
        organizations).
            ``(2) Special rules.--Rules similar to the rules of 
        paragraphs (2) and (4) of section 408(e) shall apply to any 
        education investment account, and any amount treated as 
        distributed under such rules shall be treated as not used to 
        pay qualified higher education expenses.
    ``(e) Tax Treatment of Distributions.--
            ``(1) In general.--Except as otherwise provided in this 
        subsection, any amount paid or distributed out of an education 
        investment account shall be included in gross income of the 
        payee or distributee for the taxable year in the manner 
        prescribed by section 72. For purposes of the preceding 
        sentence, rules similar to the rules of section 408(d)(2) shall 
        apply.
            ``(2) Distribution used to pay educational expenses.--
        Paragraph (1) shall not apply to any payment or distribution 
        out of an education investment account to the extent such 
        payment or distribution is used exclusively to pay the 
        qualified higher education expenses of the account holder.
            ``(3) Special rule for applying section 2503.--If any 
        payment or distribution from an education investment account is 
        used exclusively for the payment to an eligible educational 
        institution of the qualified higher education expenses of the 
        account holder, such payment shall be treated as a qualified 
        transfer for purposes of section 2503(e).
            ``(4) Additional tax and credit recapture for distributions 
        not used for educational expenses.--
                    ``(A) In general.--
                            ``(i) Additional tax.--The tax imposed by 
                        this chapter for any taxable year on any 
                        taxpayer who receives a payment or distribution 
                        from an education investment account which is 
                        includible in gross income under paragraph (1) 
                        shall be increased by 10 percent of the amount 
                        which is so includible.
                            ``(ii) Credit recapture.--If any payment or 
                        distribution out of an education investment 
                        account is not used exclusively to pay the 
                        qualified higher education expenses of the 
                        account holder, the account holder's tax 
                        imposed by this chapter for the taxable year in 
                        which such payment or distribution is made 
                        shall be increased by the lesser of the amount 
                        of the payment or distribution or the excess 
                        (if any) of--
                                    ``(I) the aggregate credit allowed 
                                under this section for contributions to 
                                such account, over
                                    ``(II) the aggregate increase in 
                                tax under this clause for all prior 
                                taxable years with respect to payments 
                                and distributions out of such account.
                    ``(B) Exception for disability, death, or 
                scholarship.--Subparagraph (A) shall not apply if the 
                payment or distribution is--
                            ``(i) made on account of the death or 
                        disability of the account holder, or
                            ``(ii) made on account of a scholarship (or 
                        allowance or payment described in section 
                        135(d)(1) (B) or (C)) received by the account 
                        holder to the extent the amount of the payment 
                        or distribution does not exceed the amount of 
                        the scholarship, allowance, or payment.
                    ``(C) Excess contributions returned before due date 
                of return.--Subparagraph (A) shall not apply to the 
                distribution to a contributor of any contribution paid 
                during a taxable year to an education investment 
                account to the extent that such contribution, when 
                added to previous contributions to the account during 
                the taxable year, exceeds $1,500 if--
                            ``(i) such distribution is received on or 
                        before the day prescribed by law (including 
                        extensions of time) for filing such 
                        contributor's return for such taxable year, and
                            ``(ii) such distribution is accompanied by 
                        the amount of net income attributable to such 
                        excess contribution.
                Any net income described in clause (ii) shall be 
                included in the gross income of the contributor for the 
                taxable year in which such excess contribution was 
                made.
            ``(5) Rollover contributions.--Paragraph (1) shall not 
        apply to any amount paid or distributed from an education 
        investment account to the extent that the amount received is 
        paid into another education investment account for the benefit 
        of the account holder not later than the 60th day after the day 
        on which the holder receives the payment or distribution. The 
        preceding sentence shall not apply to any payment or 
        distribution if it applied to any prior payment or distribution 
        during the 12-month period ending on the date of the payment or 
        distribution.
            ``(6) Special rules for death and divorce.--Rules similar 
        to the rules of section 220(f) (7) and (8) shall apply.
    ``(f) Community Property Laws.--This section shall be applied 
without regard to any community property laws.
    ``(g) Custodial Accounts.--For purposes of this section, a 
custodial account shall be treated as a trust if the assets of such 
account are held by a bank (as defined in section 408(n)) or another 
person who demonstrates, to the satisfaction of the Secretary, that the 
manner in which he will administer the account will be consistent with 
the requirements of this section, and if the custodial account would, 
except for the fact that it is not a trust, constitute an account 
described in subsection (b)(1). For purposes of this title, in the case 
of a custodial account treated as a trust by reason of the preceding 
sentence, the custodian of such account shall be treated as the trustee 
thereof.
    ``(h) Reports.--The trustee of an education investment account 
shall make such reports regarding such account to the Secretary and to 
the account holder with respect to contributions, distributions, and 
such other matters as the Secretary may require under regulations. The 
reports required by this subsection shall be filed at such time and in 
such manner and furnished to such individuals at such time and in such 
manner as may be required by those regulations.''
    (b) Tax on Prohibited Transactions.--Section 4975 (relating to 
prohibited transactions) is amended--
            (1) by adding at the end of subsection (c) the following 
        new paragraph:
            ``(5) Special rule for education investment accounts.--An 
        individual for whose benefit an education investment account is 
        established and any contributor to such account shall be exempt 
        from the tax imposed by this section with respect to any 
        transaction concerning such account (which would otherwise be 
        taxable under this section) if, with respect to such 
        transaction, the account ceases to be an education investment 
        account by reason of the application of section 24 to such 
        account.''; and
            (2) in subsection (e)(1), by striking ``or'' at the end of 
        subparagraph (D), by redesignating subparagraph (E) as 
        subparagraph (F), and by inserting after subparagraph (D) the 
        following new subparagraph:
                    ``(E) a education investment account described in 
                section 24(c), or''.
    (c) Failure To Provide Reports on Education Investment Accounts.--
Section 6693 (relating to failure to provide reports on individual 
retirement accounts or annuities) is amended--
            (1) by striking ``individual retirement'' and inserting 
        ``certain tax-favored'' in the heading of such section, and
            (2) in subsection (a)(2), by striking ``and'' at the end of 
        subparagraph (A), by striking the period at the end of 
        subparagraph (B) and inserting ``, and'', and by adding at the 
        end the following new subparagraph:
                    ``(C) section 24(h) (relating to education 
                investment accounts).''
    (d) Coordination With Savings Bond Exclusion.--Section 135(d)(1) is 
amended by striking ``or'' at the end of subparagraph (C), by striking 
the period at the end of subparagraph (D) and inserting ``, or'' , and 
by adding at the end the following new subparagraph:
                    ``(E) a payment or distribution from an education 
                investment account (as defined in section 24(c)).''
    (e) Clerical Amendments.--
            (1) The table of sections for subpart A of part IV of 
        subchapter A of chapter 1 is amended by inserting after the 
        item relating to section 23 the following new item:

                              ``Sec. 24. Contributions to education 
                                        investment accounts.''
            (2) The item relating to section 6693 in the table of 
        sections for subchapter B of chapter 68 is amended by striking 
        ``individual retirement'' and inserting ``certain tax-
        favored''.
    (f) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 1997.
[A]:
Higher Education Savings Credit Act of 1997 - Amends the Internal Revenue Code to establish a credit for contributions made by a taxpayer to a qualifying higher education investment account for a dependent not over 18 years old.  Determines such credit upon a maximum annual contribution of $500 per account holder and an age-based percentage. Excludes account distributions from gross income if used to pay the holder's qualified higher education expenses, and provides for an additional tax and credit recapture (with exceptions) if used otherwise. 
Sets forth related reporting requirements.