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

Example Input: SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

    (a) Short Title.--This Act may be cited as the ``National Parks 
Capital Improvements Act of 1999''.
    (b) Table of Contents.--The table of contents of this Act is as 
follows:

Sec. 1. Short title; table of contents.
Sec. 2. Definitions.
Sec. 3. Fundraising organization.
Sec. 4. Memorandum of agreement.
Sec. 5. National park surcharge or set-aside.
Sec. 6. Use of bond proceeds.
Sec. 7. Administration.

SEC. 2. DEFINITIONS.

    In this Act:
            (1) Fundraising organization.--The term ``fundraising 
        organization'' means an entity authorized to act as a 
        fundraising organization under section 3(a).
            (2) Memorandum of agreement.--The term ``memorandum of 
        agreement'' means a memorandum of agreement entered into by the 
        Secretary under section 3(a) that contains the terms specified 
        in section 4.
            (3) National park foundation.--The term ``National Park 
        Foundation'' means the foundation established under the Act 
        entitled ``An Act to establish the National Park Foundation'', 
        approved December 18, 1967 (16 U.S.C. 19e et seq.).
            (4) National park.--The term ``national park'' means--
                    (A) the Grand Canyon National Park; and
                    (B) any other national park designated by the 
                Secretary that has an approved general management plan 
                with capital needs in excess of $5,000,000.
            (5) Secretary.--The term ``Secretary'' means the Secretary 
        of the Interior.

SEC. 3. FUNDRAISING ORGANIZATION.

    (a) In General.--The Secretary may enter into a memorandum of 
agreement under section 4 with an entity to act as an authorized 
fundraising organization for the benefit of a national park.
    (b) Bonds.--The fundraising organization for a national park shall 
issue taxable bonds in return for the surcharge or set-aside for that 
national park collected under section 5.
    (c) Professional Standards.--The fundraising organization shall 
abide by all relevant professional standards regarding the issuance of 
securities and shall comply with all applicable Federal and State law.
    (d) Audit.--The fundraising organization shall be subject to an 
audit by the Secretary.
    (e) No Liability for Bonds.--
            (1) In general.--The United States shall not be liable for 
        the security of any bonds issued by the fundraising 
        organization.
            (2) Exception.--If the surcharge or set-aside described in 
        section 5(a) for a national park is not imposed for any reason, 
        or if the surcharge or set-aside is reduced or eliminated, the 
        full faith and credit of the United States is pledged to the 
        payment of--
                    (A) the bonds issued by a fundraising organization 
                under subsection (b) for that national park; and
                    (B) the interest accruing on the bonds.

SEC. 4. MEMORANDUM OF AGREEMENT.

    The fundraising organization shall enter into a memorandum of 
agreement that specifies--
            (1) the amount of the bond issue;
            (2) the maturity of the bonds, not to exceed 20 years;
            (3) the per capita amount required to amortize the bond 
        issue, provide for the reasonable costs of administration, and 
        maintain a sufficient reserve consistent with industry 
        standards;
            (4) the project or projects at the national park that will 
        be funded with the bond proceeds and the specific 
        responsibilities of the Secretary and the fundraising 
        organization with respect to each project; and
            (5) procedures for modifications of the agreement with the 
        consent of both parties based on changes in circumstances, 
        including modifications relating to project priorities.

SEC. 5. NATIONAL PARK SURCHARGE OR SET-ASIDE.

    (a) In General.--Notwithstanding any other provision of law, the 
Secretary may authorize the superintendent of a national park for which 
a memorandum of agreement is in effect--
            (1) to charge and collect a surcharge in an amount not to 
        exceed $2 for each individual otherwise subject to an entrance 
        fee for admission to the national park; or
            (2) to set aside not more than $2 for each individual 
        charged the entrance fee.
    (b) Surcharge in Addition to Entrance Fees.--A surcharge under 
subsection (a) shall be in addition to any entrance fee collected 
under--
            (1) section 4 of the Land and Water Conservation Fund Act 
        of 1965 (16 U.S.C. 460l-6a);
            (2) the recreational fee demonstration program authorized 
        by section 315 of the Department of the Interior and Related 
        Agencies Appropriations Act, 1996 (as contained in Public Law 
        104-134; 110 Stat. 1321-156; 1321-200; 16 U.S.C. 460l-6a note); 
        or
            (3) the national park passport program established under 
        title VI of the National Parks Omnibus Management Act of 1998 
        (Public Law 105-391; 112 Stat. 3518; 16 U.S.C. 5991 et seq.).
    (c) Limitation.--The total amount charged or set aside under 
subsection (a) may not exceed $2 for each individual charged an 
entrance fee.
    (d) Use.--A surcharge or set-aside under subsection (a) shall be 
used by the fundraising organization to--
            (1) amortize the bond issue;
            (2) provide for the reasonable costs of administration; and
            (3) maintain a sufficient reserve consistent with industry 
        standards, as determined by the bond underwriter.
    (e) Excess Funds.--Any funds collected in excess of the amount 
necessary to fund the uses in subsection (d) shall be remitted to the 
National Park Foundation to be used for the benefit of all units of the 
National Park System.

SEC. 6. USE OF BOND PROCEEDS.

    (a) Eligible Projects.--
            (1) In general.--Subject to paragraph (2), bond proceeds 
        under this Act may be used for a project for the design, 
        construction, operation, maintenance, repair, or replacement of 
        a facility in the national park for which the bond was issued.
            (2) Project limitations.--A project referred to in 
        paragraph (1) shall be consistent with--
                    (A) the laws governing the National Park System;
                    (B) any law governing the national park in which 
                the project is to be completed; and
                    (C) the general management plan for the national 
                park.
            (3) Prohibition on use for administration.--Other than 
        interest as provided in subsection (b), no part of the bond 
        proceeds may be used to defray administrative expenses.
    (b) Interest on Bond Proceeds.--
            (1) Authorized uses.--Any interest earned on bond proceeds 
        may be used by the fundraising organization to--
                    (A) meet reserve requirements; and
                    (B) defray reasonable administrative expenses 
                incurred in connection with the management and sale of 
                the bonds.
            (2) Excess interest.--All interest on bond proceeds not 
        used for purposes of paragraph (1) shall be remitted to the 
        National Park Foundation for the benefit of all units of the 
        National Park System.

SEC. 7. ADMINISTRATION.

    The Secretary, in consultation with the Secretary of Treasury, 
shall promulgate regulations to carry out this Act.
Example Output: Exempts the United States from liability for such bonds unless the surcharge is not imposed for any reason or if it is reduced or eliminated in which case the full faith and credit of the United States is pledged to bond payment.
Authorizes the Secretary to: (1) permit the Superintendent of the park to charge and collect, in addition to the entrance fee, a surcharge of not to exceed $2; or (2) set aside not more than $2 for each entrance fee. Requires: (1) the surcharge or set-aside to be used by the organization to amortize the bond issue, to provide for the reasonable costs of administration, and to maintain a sufficient reserve consistent with industry standards; and (2) any excess funds to be remitted to the National Park Foundation (NPF) to be used for the benefit of all National Park System (NPS) units.
Allows bond proceeds to be used for a park facility project that is consistent with: (1) the laws governing the NPS and the park; and (2) the general management plan for the park.
Requires interest earned on bond proceeds to be: (1) used by the organization to meet reserve requirements and defray reasonable administrative expenses; and (2) remitted to the NPF for the benefit of all NPS units, to the extent funds are available in excess of the amount required for projects.

Example Input: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Affordable Mortgage for Homeowners 
Act of 2011''.

SEC. 2. PRINCIPAL REDUCTION OF MORTGAGES OWNED OR GUARANTEED BY FANNIE 
              MAE AND FREDDIE MAC.

    (a) Program Authority.--The Federal National Mortgage Association 
and the Federal Home Loan Mortgage Corporation shall each carry out a 
program under this section to provide for the reduction of the interest 
rates on qualified mortgages on single-family housing owned or 
guaranteed by such enterprises, in accordance with this section and 
policies and procedures that the Director of the Federal Housing 
Finance Agency shall establish.
    (b) Timing.--Each enterprise shall commence the program required 
under subsection (a) upon the expiration of the 90-day period beginning 
upon the date of the enactment of this Act and shall complete all 
reductions of the interest rates of qualified mortgages required under 
the program not later than the expiration of the 12-month period 
beginning upon the commencement of such program.
    (c) Interest Rate Reduction.--In reducing the interest rate on a 
qualified mortgage under a program of an enterprise required under this 
section, the enterprise shall reduce the annual rate of interest 
charged with respect to the outstanding principal obligation of the 
mortgage for the remainder of the term of the mortgage, notwithstanding 
whether the interest rate under the mortgage is otherwise subject to 
adjustment during such mortgage term, to a fixed interest rate that is 
the lesser of--
            (1) 4 percent annually; or
            (2) the rate for a 30-year fixed rate mortgage, as most 
        recently published in the Weekly Primary Mortgage Market Survey 
        of the Federal Home Loan Mortgage Corporation, as of the time 
        of such interest rate reduction for such qualified mortgage.
    (d) Exempt Mortgages.--The Director shall provide that the 
following qualified mortgages shall not be subject to reduction of the 
interest rate under a program under this section:
            (1) Fixed-rate mortgages.--In the case of a qualified 
        mortgage having a rate of interest that is fixed for the entire 
        term of the mortgage, any mortgage having such an interest rate 
        that is a lower than the interest rate determined for the 
        mortgage under subsection (c).
            (2) Adjustable-rate mortgages.--In the case of a mortgage 
        having a rate of interest that is subject to adjustment during 
        the term of the mortgage, any mortgage for which the interest 
        rate cannot, as a result of the terms of the terms and 
        conditions of the mortgage, exceed the interest rate determined 
        for the mortgage under subsection (c) at any time during the 
        term of the mortgage.
    (e) Option to Opt-Out.--Each program of an enterprise required 
under this section shall provide for the enterprise to--
            (1) notify the mortgagor under a qualified mortgage in 
        writing, before the proposed reduction of the interest rate on 
        qualified mortgage of the mortgagor, of--
                    (A) such proposed reduction and the interest rate 
                applicable to the mortgage upon such reduction; and
                    (B) the opportunity, in accordance with paragraph 
                (2), for the mortgagor to request that no such interest 
                rate reduction be applied with respect to such 
                mortgage; and
            (2) forego such interest rate reduction with respect to the 
        qualified mortgage of a mortgagor upon receipt by the 
        enterprise of a request by the mortgagor that no such interest 
        rate reduction be applied with respect to such mortgage.
    (f) Maintenance of Loan Status.--Any reduction of the interest rate 
on a qualified mortgage under a program under this section shall not 
result in the treatment of the modified mortgage as a new mortgage.
    (g) Definitions.--For purposes of this section, the following 
definitions shall apply:
            (1) Director.--The term ``Director'' means the Director of 
        the Federal Housing Finance Agency.
            (2) Enterprise.--The term ``enterprise'' means the Federal 
        National Mortgage Association and the Federal Home Loan 
        Mortgage Corporation.
            (3) Qualified mortgage.--The term ``qualified mortgage'' 
        means a mortgage, without regard to whether the mortgagor is 
        current or in default on payments due under the mortgage, 
        that--
                    (A) is an existing first mortgage that was made for 
                purchase of, or refinancing another first mortgage on, 
                a one- to four-family dwelling, including a condominium 
                or a share in a cooperative ownership housing 
                association, that is occupied by the mortgagor as the 
                principal residence of the mortgagor;
                    (B) is owned or guaranteed by the Federal National 
                Mortgage Association or the Federal Home Loan Mortgage 
                Corporation; and
                    (C) was originated on or before the date of the 
                enactment of this Act.
    (h) Regulations.--The Director shall issue any regulations or 
guidance necessary to carry out the programs required under this 
section not later than the expiration of the 90-day period that begins 
on the date of the enactment of this Act.
Example Output: Affordable Mortgage for Homeowners Act of 2011 - Directs the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) each to carry out a program to provide for the reduction of the interest rates on qualified mortgage mortgages (other than fixed-rate or adjustable-rate mortgages) on single-family housing owned or guaranteed by such enterprises, in accordance with policies and procedures that the Director of the Federal Housing Finance Agency (FHFA) shall establish.

Requires each program to provide a procedure for mortgagors to opt-out of an interest rate reduction.

Example Input: SECTION 1. SHORT TITLE, ETC.

    (a) Short Title.--This Act may be cited as the ``Tax Revision Act 
of 2005''.
    (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.
    (c) Table of Contents.--The table of contents for this Act is as 
follows:

Sec. 1. Short title, etc.
Sec. 2. Election to include combat pay as earned income for purposes of 
                            earned income credit.
Sec. 3. Cover over of tax on distilled spirits.
Sec. 4. Authority for undercover operations.
Sec. 5. Disclosures of certain tax return information.
Sec. 6. Deduction allowable with respect to income attributable to 
                            domestic production activities in Puerto 
                            Rico.
Sec. 7. Technical corrections to regional value-content methods for 
                            rules of origin under Public Law 109-53.

SEC. 2. ELECTION TO INCLUDE COMBAT PAY AS EARNED INCOME FOR PURPOSES OF 
              EARNED INCOME CREDIT.

    (a) In General.--Subclause (II) of section 32(c)(2)(B)(vi) is 
amended by striking ``January 1, 2006'' and inserting ``January 1, 
2007''.
    (b) Effective Date.--The amendment made by subsection (a) shall 
apply to taxable years beginning after December 31, 2005.

SEC. 3. COVER OVER OF TAX ON DISTILLED SPIRITS.

    (a) In General.--Paragraph (1) of section 7652(f) (relating to 
limitation on cover over of tax on distilled spirits) is amended by 
striking ``January 1, 2006'' and inserting ``January 1, 2007''.
    (b) Effective Date.--The amendment made by subsection (a) shall 
apply to articles brought into the United States after December 31, 
2005.

SEC. 4. AUTHORITY FOR UNDERCOVER OPERATIONS.

    Paragraph (6) of section 7608(c) (relating to application of 
section) is amended by striking ``January 1, 2006'' both places is 
appears and inserting ``January 1, 2007''.

SEC. 5. DISCLOSURES OF CERTAIN TAX RETURN INFORMATION.

    (a) Disclosures to Facilitate Combined Employment Tax Reporting.--
            (1) In general.--Subparagraph (B) of section 6103(d)(5) 
        (relating to termination) is amended by striking ``December 31, 
        2005'' and inserting ``December 31, 2006''.
            (2) Effective date.--The amendment made by paragraph (1) 
        shall apply to disclosures after December 31, 2005.
    (b) Disclosures Relating to Terrorist Activities.--
            (1) In general.--Clause (iv) of section 6103(i)(3)(C) and 
        subparagraph (E) of section 6103(i)(7) are each amended by 
        striking ``December 31, 2005'' and inserting ``December 31, 
        2006''.
            (2) Effective date.--The amendments made by paragraph (1) 
        shall apply to disclosures after December 31, 2005.
    (c) Disclosures Relating to Student Loans.--
            (1) In general.--Subparagraph (D) of section 6103(l)(13) 
        (relating to termination) is amended by striking ``December 31, 
        2005'' and inserting ``December 31, 2006''.
            (2) Effective date.--The amendment made by paragraph (1) 
        shall apply to requests made after December 31, 2005.

SEC. 6. DEDUCTION ALLOWABLE WITH RESPECT TO INCOME ATTRIBUTABLE TO 
              DOMESTIC PRODUCTION ACTIVITIES IN PUERTO RICO.

    (a) In General.--Subsection (d) of section 199 (relating to 
definitions and special rules) is amended by redesignating paragraph 
(7) as paragraph (8) and by inserting after paragraph (6) the following 
new paragraph:
            ``(7) Treatment of activities in puerto rico.--
                    ``(A) In general.--In the case of any taxpayer with 
                gross receipts for any taxable year from sources within 
                the Commonwealth of Puerto Rico, if all of such 
                receipts are taxable under section 1 or 11 for such 
                taxable year, then for purposes of determining the 
                domestic production gross receipts of such taxpayer for 
                such taxable year under subsection (c)(4), the term 
                `United States' shall include the Commonwealth of 
                Puerto Rico.
                    ``(B) Termination.--Subparagraph (A) shall not 
                apply to any taxable year beginning after December 31, 
                2006.''.
    (b) Effective Date.--The amendments made by subsection (a) shall 
apply to taxable years beginning after December 31, 2005.

SEC. 7. TECHNICAL CORRECTIONS TO REGIONAL VALUE-CONTENT METHODS FOR 
              RULES OF ORIGIN UNDER PUBLIC LAW 109-53.

    Section 203(c) of the Dominican Republic-Central America-United 
States Free Trade Agreement Implementation Act (Public Law 109-53; 19 
U.S.C. 4033(c)) is amended as follows:
            (1) In paragraph (2)(A), by striking all that follows ``the 
        following build-down method:'' and inserting the following:

                                       av-vnm

                         ``rvc = -------- &lt;greek-e&gt; 100''.

                                         av

            (2) In paragraph (3)(A), by striking all that follows ``the 
        following build-up method:'' and inserting the following:

                                        vom

                          ``rvc = -------- &lt;greek-e&gt; 100''.

                                         av

            (3) In paragraph (4)(A), by striking all that follows ``the 
        following net cost method:'' and inserting the following:

                                       nc-vnm

                         ``rvc = -------- &lt;greek-e&gt; 100''.

                                         nc

            Passed the House of Representatives December 7, 2005.

            Attest:

                                                 KAREN L. HAAS,

                                                                 Clerk.
Example Output:
Tax Revision Act of 2005 - Amends the Internal Revenue Code to extend through 2006: (1) the taxpayer election to include combat zone compensation as earned income for purposes of computing the earned income tax credit; (2) the increased cover over (payment) to the Treasuries of Puerto Rico and the Virgin Islands of distilled spirit excise tax revenues; (3) the authority for certain Internal Revenue Service (IRS) undercover investigative operations; and (4) the authority for disclosure of tax return information for combined employment tax reporting, for combating terrorist activities, and for student loan repayment.

Allows, through 2006, the tax deduction for income attributable to domestic production activities for taxpayers with income from sources in Puerto Rico.

Amends the Dominican Republic-Central America-United States Free Trade Agreement Implementation Act (CAFTA-DR) to revise formulae for determining the regional value-content of certain import/export goods.