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 ``Sage-Grouse and Mule Deer Habitat 
Conservation and Restoration Act of 2018''.

SEC. 2. DEFINITIONS.

    In this Act:
            (1) Covered vegetation management activity.--
                    (A) In general.--The term ``covered vegetation 
                management activity'' means any activity described in 
                subparagraph (B) that--
                            (i) is carried out on public land 
                        administered by the Bureau of Land Management;
                            (ii) meets the objectives of the order of 
                        the Secretary numbered 3336 and dated January 
                        5, 2015;
                            (iii) conforms to an applicable land use 
                        plan;
                            (iv) protects, restores, or improves 
                        greater sage-grouse or mule deer habitat in a 
                        sagebrush steppe ecosystem as described in--
                                    (I) Circular 1416 of the United 
                                States Geological Survey entitled 
                                ``Restoration Handbook for Sagebrush 
                                Steppe Ecosystems with Emphasis on 
                                Greater Sage-Grouse Habitat--Part 1. 
                                Concepts for Understanding and Applying 
                                Restoration'' (2015); or
                                    (II) the habitat guidelines for 
                                mule deer published by the Mule Deer 
                                Working Group of the Western 
                                Association of Fish and Wildlife 
                                Agencies;
                            (v) will not permanently impair--
                                    (I) the natural state of the 
                                treated area;
                                    (II) outstanding opportunities for 
                                solitude;
                                    (III) outstanding opportunities for 
                                primitive, unconfined recreation;
                                    (IV) economic opportunities 
                                consistent with multiple-use 
                                management; or
                                    (V) the identified values of a unit 
                                of the National Landscape Conservation 
                                System; and
                            (vi)(I) restores native vegetation 
                        following a natural disturbance;
                            (II) prevents the expansion into greater 
                        sage-grouse or mule deer habitat of--
                                    (aa) juniper, pinyon pine, or other 
                                associated conifers; or
                                    (bb) nonnative or invasive 
                                vegetation;
                            (III) reduces the risk of loss of greater 
                        sage-grouse or mule deer habitat from wildfire 
                        or any other natural disturbance; or
                            (IV) provides emergency stabilization of 
                        soil resources after a natural disturbance.
                    (B) Description of activities.--An activity 
                referred to in subparagraph (A) is--
                            (i) manual cutting and removal of juniper 
                        trees, pinyon pine trees, other associated 
                        conifers, or other nonnative or invasive 
                        vegetation;
                            (ii) mechanical mastication, cutting, or 
                        mowing, mechanical piling and burning, 
                        chaining, broadcast burning, or yarding;
                            (iii) removal of cheat grass, medusa head 
                        rye, or other nonnative, invasive vegetation;
                            (iv) collection and seeding or planting of 
                        native vegetation using a manual, mechanical, 
                        or aerial method;
                            (v) seeding of nonnative, noninvasive, 
                        ruderal vegetation only for the purpose of 
                        emergency stabilization;
                            (vi) targeted use of an herbicide, subject 
                        to the condition that the use shall be in 
                        accordance with applicable legal requirements, 
                        Federal agency procedures, and land use plans;
                            (vii) targeted livestock grazing to 
                        mitigate hazardous fuels and control noxious 
                        and invasive weeds;
                            (viii) temporary removal of wild horses or 
                        burros in the area in which the activity is 
                        being carried out to ensure treatment 
                        objectives are met;
                            (ix) in coordination with the affected 
                        permit holder, modification or adjustment of 
                        permissible usage under an annual plan of use 
                        of a grazing permit issued by the Secretary to 
                        achieve restoration treatment objectives;
                            (x) installation of new, or modification of 
                        existing, fencing or water sources intended to 
                        control use or improve wildlife habitat; or
                            (xi) necessary maintenance of, repairs to, 
                        rehabilitation of, or reconstruction of an 
                        existing permanent road or construction of 
                        temporary roads to accomplish the activities 
                        described in this subparagraph.
                    (C) Exclusions.--The term ``covered vegetation 
                management activity'' does not include--
                            (i) any activity conducted in a wilderness 
                        area or wilderness study area; or
                            (ii) any activity for the construction of a 
                        permanent road or permanent trail.
            (2) Secretary.--The term ``Secretary'' means the Secretary 
        of the Interior.
            (3) Temporary road.--The term ``temporary road'' means a 
        road that is--
                    (A) authorized--
                            (i) by a contract, permit, lease, other 
                        written authorization; or
                            (ii) pursuant to an emergency operation;
                    (B) not intended to be part of the permanent 
                transportation system of a Federal department or 
                agency;
                    (C) not necessary for long-term resource 
                management;
                    (D) designed in accordance with standards 
                appropriate for the intended use of the road, taking 
                into consideration--
                            (i) safety;
                            (ii) the cost of transportation; and
                            (iii) impacts to land and resources; and
                    (E) managed to minimize--
                            (i) erosion; and
                            (ii) the introduction or spread of invasive 
                        species.

SEC. 3. IMPROVEMENT OF HABITAT FOR GREATER SAGE-GROUSE AND MULE DEER.

    (a) Categorical Exclusion.--
            (1) In general.--Not later than 1 year after the date of 
        the enactment of this Act, the Secretary shall develop 1 or 
        more categorical exclusions (as defined in section 1508.4 of 
        title 40, Code of Federal Regulations (or a successor 
        regulation)) for covered vegetation management activities 
        carried out to protect, restore, or improve habitat for greater 
        sage-grouse or mule deer.
            (2) Administration.--In developing and administering a 
        categorical exclusion under paragraph (1), the Secretary 
        shall--
                    (A) comply with the National Environmental Policy 
                Act of 1969 (42 U.S.C. 4321 et seq.);
                    (B) apply the extraordinary circumstances 
                procedures under section 220.6 of title 36, Code of 
                Federal Regulations (or successor regulations), in 
                determining whether to use the categorical exclusion; 
                and
                    (C) consider--
                            (i) the relative efficacy of landscape-
                        scale habitat projects;
                            (ii) the likelihood of continued declines 
                        in the populations of greater sage-grouse and 
                        mule deer in the absence of landscape-scale 
                        vegetation management; and
                            (iii) the need for habitat restoration 
                        activities after wildfire or other natural 
                        disturbances.
    (b) Implementation of Covered Vegetative Management Activities 
Within the Range of Greater Sage-grouse and Mule Deer.--If a 
categorical exclusion developed under subsection (a) is used to 
implement a covered vegetative management activity in an area within 
the range of both greater sage-grouse and mule deer, the covered 
vegetative management activity shall protect, restore, or improve 
habitat concurrently for both greater sage-grouse and mule deer.
    (c) Long-term Monitoring and Maintenance.--Before commencing any 
covered vegetation management activity that is covered by a categorical 
exclusion under subsection (a), the Secretary shall develop a long-term 
monitoring and maintenance plan, covering at least the 20 year-period 
beginning on the date of commencement, to ensure that management of the 
treated area does not degrade the habitat gains secured by the covered 
vegetation management activity.
    (d) Disposal of Vegetative Material.--Subject to applicable local 
restrictions, any vegetative material resulting from a covered 
vegetation management activity that is covered by a categorical 
exclusion under subsection (a) may be--
            (1) used for--
                    (A) fuel wood; or
                    (B) other products; or
            (2) piled or burned, or both.
    (e) Treatment for Temporary Roads.--
            (1) In general.--Notwithstanding section 2(1)(B)(xi), any 
        temporary road constructed in carrying out a covered vegetation 
        management activity that is covered by a categorical exclusion 
        under subsection (a)--
                    (A) shall be used by the Secretary for the covered 
                vegetation management activity for not more than 2 
                years; and
                    (B) shall be decommissioned by the Secretary not 
                later than 3 years after the earlier of the date on 
                which--
                            (i) the temporary road is no longer needed; 
                        and
                            (ii) the project is completed.
            (2) Requirement.--A treatment under paragraph (1) shall 
        include reestablishing native vegetative cover--
                    (A) as soon as practicable; but
                    (B) not later than 10 years after the date of 
                completion of the applicable covered vegetation 
                management activity.

            Passed the Senate September 6, 2018.

            Attest:

                                                JULIE E. ADAMS,

                                                             Secretary.
[A]: Sage-Grouse and Mule Deer Habitat Conservation and Restoration Act of 2017 This bill directs the Department of Interior to categorically exclude vegetative management activities that establish or improve habitat for greater sage-grouse and mule deer from environmental review requirements under the National Environmental Policy Act of 1969 (NEPA). Examples of vegetative management activities include restoring native vegetation following a natural disturbance or preventing the expansion of nonnative or invasive vegetation into such habitat.  A categorical exclusion under NEPA is a category of actions which do not have a significant effect on the human environment and for which neither an Environmental Assessment nor an Environmental Impact Statement is required. The bill prohibits the categorical exclusion from including: (1) activity conducted in a wilderness area or wilderness study area, or (2) activity for the construction of a permanent road or trail. Before commencing a vegetative management activity that is covered by a categorical exclusion, Interior must develop a long-term monitoring and maintenance plan, covering at least 20 years, to ensure that management of the treated area does not degrade the habitat gains secured by the vegetative management activity. Vegetative material resulting from vegetative management activity may be: (1) used for fuel wood or other products; or (2) piled or burned, or both.  Native vegetative cover must be reestablished on a temporary road constructed in connection with a categorically excluded vegetative management activity in order to minimize soil erosion from areas disturbed by the temporary road.


[Q]: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Banking Privacy Act of 1999''.

SEC. 2. PERSONAL INFORMATION SHARING.

    (a) Depository Institutions and Subsidiaries of Depository 
Institutions.--Section 18 of the Federal Deposit Insurance Act (12 
U.S.C. 1828) is amended by adding at the end the following new 
subsection:
    ``(t) Personal Information Sharing Requirements.--
            ``(1) Information sharing prohibited if customer opts 
        out.--Notwithstanding any other provision of law and except as 
        permitted under paragraph (5), an insured depository 
        institution and a subsidiary of a depository institution may 
        not disclose or transfer customer information relating to any 
        customer to any other person, including an affiliate of the 
        depository institution, unless--
                    ``(A) the customer to whom such information relates 
                has been provided with notice in accordance with 
                paragraph (2); and
                    ``(B) the customer has not provided a written 
                directive (including a transmission by e-mail, 
                facsimile, or other form of electronic communication) 
                to the insured depository institution or subsidiary, at 
                any time before the close of business on the 6th 
                business day before such disclosure or transfer, that 
                such information shall not be disclosed or transferred, 
                except when specifically authorized by the customer in 
                connection with and pertaining to a specific 
                transaction with the depository institution or 
                subsidiary.
            ``(2) Notice.--
                    ``(A) In general.--The notice referred to in 
                paragraph (1)(A) shall fully and fairly disclose, in 
                accordance with regulations which the Federal banking 
                agencies shall jointly prescribe, what information is 
                being disclosed or transferred, the policy of the 
                insured depository institution or subsidiary of an 
                insured depository institution with regard to 
                information sharing, and the right of the customer to 
                prohibit the disclosure or transfer of such 
                information.
                    ``(B) Form of notice.--
                            ``(i) In general.--The regulations 
                        prescribed pursuant to subparagraph (A) shall 
                        require that the notice required under such 
                        subparagraph--
                                    ``(I) be prominently displayed on a 
                                document which is separate from any 
                                other document;
                                    ``(II) have the term `Privacy 
                                Notice' in prominent typeface at the 
                                top of the notice.
                            ``(ii) Notice requirements.--
                                    ``(I) Mailing.--If the notice 
                                required under subparagraph (A) is 
                                mailed to the customer, the notice 
                                shall be mailed separately from any 
                                other statement, document, or notice 
                                mailed to the customer.
                                    ``(II) In person.--If the notice 
                                required under subparagraph (A) is 
                                disclosed to the customer in person by 
                                an officer, director, or agent of the 
                                depository institution or subsidiary 
                                thereof, the officer, employee, or 
                                agent shall obtain the written 
                                acknowledgement of the customer of the 
                                receipt of such notice separately from 
                                any other signature or written 
                                acknowledgment of the customer.
            ``(3) Customer information defined.--For purposes of this 
        subsection, the term `customer information' means any 
        information acquired from a customer of the insured depository 
        institution that is personally identifiable to the customer, 
        including information relating to transactions, balances, 
        maturity dates, payouts, and payout dates, and transaction or 
        experience information.
            ``(4) Reasonable opportunity to respond to notice.--In 
        order to provide any customer of an insured depository 
        institution or any subsidiary of an insured depository 
        institution with reasonable opportunity to respond to any 
        notice referred to in paragraph (1)(A), the prohibition 
        contained in paragraph (1) on the disclosure or transfer of any 
        customer information relating to such customer to any other 
        person, including an affiliate, shall continue during the 30-
        day period beginning on the date the notice referred to in such 
        paragraph was sent or delivered to such customer, unless the 
        customer has authorized such disclosure or transfer.
            ``(5) Exceptions.--Paragraph (1) shall not apply to the 
        disclosure or transfer of customer information--
                    ``(A) in connection with processing a specific 
                financial transaction that the customer to whom the 
                information relates has authorized, if--
                            ``(i) the customer has been informed that 
                        any such transaction will necessarily involve 
                        the disclosure or transfer of such information; 
                        and
                            ``(ii) the person to whom such information 
                        is transferred or disclosed is subject to a 
                        legal or contractual obligation not to use such 
                        information for any purpose other than in 
                        connection with facilitating the transaction;
                    ``(B) in connection with any routine financial 
                transaction which does not involve marketing of 
                services or the sale of customer information, if the 
                person to whom such information is transferred or 
                disclosed is subject to a legal or contractual 
                obligation not to use such information for any purpose 
                other than in connection with effectuating the 
                transaction;
                    ``(C) in connection with clearing checks, 
                processing credit transactions or electronic fund 
                transfers, or providing mailing services, if the person 
                to whom such information is transferred or disclosed is 
                subject to a legal or contractual obligation not to use 
                such information for any purpose other than in 
                connection with clearing or processing the transaction 
                or providing the service;
                    ``(D) to a governmental, regulatory, or self-
                regulatory authority having jurisdiction over the 
                insured depository institution for examination, 
                compliance, or other authorized purposes;
                    ``(E) to a court of competent jurisdiction;
                    ``(F) to a consumer reporting agency, as defined in 
                section 603(f) of the Fair Credit Reporting Act, for 
                use solely in accordance with such Act;
                    ``(G) in the case of a default by the customer on 
                an obligation to the depository institution or 
                subsidiary, to a debt collector, as defined in section 
                803(6) of the Fair Debt Collection Practices Act, 
                counsel, or other entity involved in debt collection, 
                for use solely in accordance with such Act;
                    ``(H) in the case of any claim or litigation 
                between the customer and a depository institution or 
                subsidiary, to a counsel or other person involved in 
                the resolution of the dispute;
                    ``(I) that is not personally identifiable to the 
                customer or is public information; or
                    ``(J) that is necessary to prevent or investigate 
                fraudulent or unlawful acts which the depository 
                institution or subsidiary has a good faith belief may 
                occur or may have occurred.''.
    (b) Bank Holding Companies and Affiliates of Bank Holding 
Companies.--Section 5 of the Bank Holding Company Act of 1956 (12 
U.S.C. 1844) is amended by adding at the end the following new 
subsection:
    ``(g) Personal Information Sharing Requirements.--
            ``(1) Information sharing prohibited if customer opts 
        out.--Notwithstanding any other provision of law and except as 
        permitted under paragraph (5), a bank holding company and an 
        affiliate of a bank holding company (other than a depository 
        institution subsidiary or subsidiary of such depository 
        institution) may not disclose or transfer customer information 
        relating to any customer to any other person, including another 
        affiliate of the bank holding company, unless--
                    ``(A) the customer to whom such information relates 
                has been provided with notice in accordance with 
                paragraph (2); and
                    ``(B) the customer has not provided a written 
                directive (including a transmission by e-mail, 
                facsimile, or other form of electronic communication) 
                to the bank holding company or affiliate, at any time 
                before the close of business on the 6th business day 
                before such disclosure or transfer, that such 
                information shall not be disclosed or transferred, 
                except when specifically authorized by the customer in 
                connection with and pertaining to a specific 
                transaction with the bank holding company or affiliate.
            ``(2) Notice.--
                    ``(A) In general.--The notice referred to in 
                paragraph (1)(A) shall fully and fairly disclose, in 
                accordance with regulations which the Board shall 
                prescribe, what information is being disclosed or 
                transferred, the policy of the bank holding company or 
                affiliate of a bank holding company with regard to 
                information sharing, and the right of the customer to 
                prohibit the disclosure or transfer of such 
                information.
                    ``(B) Form of notice.--
                            ``(i) In general.--The regulations 
                        prescribed pursuant to subparagraph (A) shall 
                        require that the notice required under such 
                        subparagraph--
                                    ``(I) be prominently displayed on a 
                                document which is separate from any 
                                other document:
                                    ``(II) have the term `Privacy 
                                Notice' in prominent typeface at the 
                                top of the notice.
                            ``(ii) Notice requirements.--
                                    ``(I) Mailing.--If the notice 
                                required under subparagraph (A) is 
                                mailed to the customer, the notice 
                                shall be mailed separately from any 
                                other statement, document, or notice 
                                mailed to the customer.
                                    ``(II) In person.--If the notice 
                                required under subparagraph (A) is 
                                disclosed to the customer in person by 
                                an officer, director, or agent of the 
                                bank holding company or affiliate 
                                thereof, the officer, employee, or 
                                agent shall obtain the written 
                                acknowledgement of the customer of the 
                                receipt of such notice separately from 
                                any other signature or written 
acknowledgment of the customer.
            ``(3) Customer information defined.--For purposes of this 
        subsection, the term `customer information' means any 
        information acquired from a customer of the bank holding 
        company or affiliate that is personally identifiable to the 
        customer, including information relating to transactions, 
        balances, maturity dates, payouts, and payout dates, and 
        transaction or experience information.
            ``(4) Reasonable opportunity to respond to notice.--In 
        order to provide any customer of a bank holding company or any 
        affiliate of a bank holding company with reasonable opportunity 
        to respond to any notice referred to in paragraph (1)(A), the 
        prohibition contained in paragraph (1) on the disclosure or 
        transfer of any customer information relating to such customer 
        to any other person, including another affiliate, shall 
        continue during the 30-day period beginning on the date the 
        notice referred to in such paragraph was sent or delivered to 
        such customer, unless the customer has authorized such 
        disclosure or transfer.
            ``(5) Exceptions.--Paragraph (1) shall not apply to the 
        disclosure or transfer of customer information--
                    ``(A) in connection with processing a specific 
                financial transaction that the customer to whom the 
                information relates has authorized, if--
                            ``(i) the customer has been informed that 
                        any such transaction will necessarily involve 
                        the disclosure or transfer of such information; 
                        and
                            ``(ii) the person to whom such information 
                        is transferred or disclosed is subject to a 
                        legal or contractual obligation not to use such 
                        information for any purpose other than in 
                        connection with facilitating the transaction;
                    ``(B) in connection with any routine financial 
                transaction which does not involve marketing of 
                services or the sale of customer information, if the 
                person to whom such information is transferred or 
                disclosed is subject to a legal or contractual 
                obligation not to use such information for any purpose 
                other than in connection with effectuating the 
                transaction;
                    ``(C) in connection with clearing checks, 
                processing financial transactions or electronic fund 
                transfers, or providing mailing services, if the person 
                to whom such information is transferred or disclosed is 
                subject to a legal or contractual obligation not to use 
                such information for any purpose other than in 
                connection with clearing or processing the transaction 
                or providing the service;
                    ``(D) to a governmental, regulatory, or self-
                regulatory authority having jurisdiction over the 
                insured depository institution for examination, 
                compliance, or other authorized purposes;
                    ``(E) to a court of competent jurisdiction;
                    ``(F) to a consumer reporting agency, as defined in 
                section 603(f) of the Fair Credit Reporting Act, for 
                use solely in accordance with such Act;
                    ``(G) in the case of a default by the customer on 
                an obligation to the bank holding company or affiliate, 
                to a debt collector, as defined in section 803(6) of 
                the Fair Debt Collection Practices Act, counsel, or 
                other entity involved in debt collection, for use 
                solely in accordance with such Act;
                    ``(H) in the case of any claim or litigation 
                between the customer and a depository institution or 
                subsidiary, to counsel or any other person involved in 
                the resolution of the dispute;
                    ``(I) that is not personally identifiable to the 
                customer or is public information; or
                    ``(J) that is necessary to prevent or investigate 
                fraudulent or unlawful acts which the bank holding 
                company or affiliate has a good faith belief may occur 
                or may have occurred.''.
[A]: Banking Privacy Act of 1999 - Amends the Federal Deposit Insurance Act and the Bank Holding Company Act of 1956 to mandate customer notice and written consent as a prerequisite to personal information sharing between institutions under their purview (an insured depository institution or bank holding company, respectively) and other persons or affiliates. 
Delineates notice and consent procedures.


[Q]: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Dividend Taxation Elimination Act of 
2003''.

SEC. 2. EXEMPTION OF DIVIDEND INCOME FROM TAX.

    (a) In General.--Part III of subchapter B of chapter 1 of the 
Internal Revenue Code of 1986 (relating to amounts specifically 
excluded from gross income) is amended by inserting after section 115 
the following new section:

``SEC. 116. EXCLUSION OF DIVIDENDS RECEIVED BY INDIVIDUALS.

    ``(a) Exclusion From Gross Income.--Gross income does not include 
dividends which are otherwise includible in gross income and which are 
received during the taxable year by an individual.
    ``(b) Limitation Before 2007.--In the case of a taxable year 
beginning before January 1, 2007, the aggregate amount excluded under 
subsection (a) for any taxable year shall not exceed--
            ``(1) $25,000 in the case of taxable years beginning during 
        2003,
            ``(2) $50,000 in the case of taxable years beginning during 
        2004,
            ``(3) $75,000 in the case of taxable years beginning during 
        2005, and
            ``(4) $100,000 in the case of taxable years beginning 
        during 2006.
In the case of a joint return, the preceding sentence shall be applied 
by doubling each amount contained therein.
    ``(c) Special Rules.--For purposes of this section--
            ``(1) Exclusion not to apply to capital gain dividends from 
        regulated investment companies and real estate investment 
        trusts.--

                                ``For treatment of capital gain 
dividends, see sections 854(a) and 857(c).
            ``(2) Certain nonresident aliens ineligible for 
        exclusion.--In the case of a nonresident alien individual, 
        subsection (a) shall apply only in determining the taxes 
        imposed for the taxable year pursuant to sections 871(b)(1) and 
        877(b).
            ``(3) Dividends from employee stock ownership plans.--
        Subsection (a) shall not apply to any dividend described in 
        section 404(k).
            ``(4) Certain dividends excluded.--Subsection (a) shall not 
        apply to any dividend from a corporation which for the taxable 
        year of the corporation in which the distribution is made is a 
        corporation exempt from tax under section 521 (relating to 
        farmers' cooperative associations).''.
    (b) Conforming Amendments.--
            (1) Subparagraph (A) of section 32(i)(2) of such Code is 
        amended by inserting ``(determined without regard to section 
        116)'' before the comma.
            (2) Subparagraph (B) of section 86(b)(2) of such Code is 
        amended to read as follows:
                    ``(B) increased by the sum of--
                            ``(i) the amount of interest received or 
                        accrued by the taxpayer during the taxable year 
                        which is exempt from tax, and
                            ``(ii) the amount of dividends received 
                        during the taxable year which are excluded from 
                        gross income under section 116.''.
            (3) Subsection (d) of section 135 of such Code is amended 
        by redesignating paragraph (4) as paragraph (5) and by 
        inserting after paragraph (3) the following new paragraph:
            ``(4) Coordination with section 116.--This section shall be 
        applied before section 116.''.
            (4) Subsection (c) of section 584 of such Code is amended 
        by adding at the end the following new flush sentence:
``The proportionate share of each participant in the amount of 
dividends received by the common trust fund and to which section 116 
applies shall be considered for purposes of such section as having been 
received by such participant.''.
            (5) Subsection (a) of section 643 of such Code is amended 
        by redesignating paragraph (7) as paragraph (8) and by 
        inserting after paragraph (6) the following new paragraph:
            ``(7) Dividends.--There shall be included the amount of any 
        dividends excluded from gross income pursuant to section 
        116.''.
            (6) Section 854(a) of such Code is amended by inserting 
        ``section 116 (relating to exclusion of dividends received by 
        individuals) and'' after ``For purposes of''.
            (7) Section 857(c) of such Code is amended to read as 
        follows:
    ``(c) Restrictions Applicable to Dividends Received From Real 
Estate Investment Trusts.--
            ``(1) Treatment for section 116.--For purposes of section 
        116 (relating to exclusion of dividends received by 
        individuals), a capital gain dividend (as defined in subsection 
        (b)(3)(C)) received from a real estate investment trust which 
        meets the requirements of this part shall not be considered as 
        a dividend.
            ``(2) Treatment for section 243.--For purposes of section 
        243 (relating to deductions for dividends received by 
        corporations), a dividend received from a real estate 
        investment trust which meets the requirements of this part 
        shall not be considered as a dividend.''.
            (8) The table of sections for part III of subchapter B of 
        chapter 1 of such Code is amended by inserting after the item 
        relating to section 115 the following new item:

                              ``Sec. 116. Exclusion of dividends 
                                        received by individuals.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2002.
[A]:
Dividend Taxation Elimination Act of 2003 - Amends the Internal Revenue Code to exclude dividends from gross income, with specified exceptions. Sets forth exclusion limitations prior to 2007.