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

[EX Q]: SECTION 1. CREDIT FOR CERTAIN HOME PURCHASES.

    (a) Allowance of Credit.--Subpart A of part IV of subchapter A of 
chapter 1 of the Internal Revenue Code of 1986 (relating to refundable 
credits) is amended by inserting after section 25D the following new 
section:

``SEC. 25E. CREDIT FOR CERTAIN HOME PURCHASES.

    ``(a) Allowance of Credit.--In the case of an individual who 
purchases a principal residence in the United States during the 12-
month period beginning on the date of the enactment of this section, 
there shall be allowed to the taxpayer as a credit against the tax 
imposed by this chapter for the taxable year an amount equal to 10 
percent of the purchase price of the residence.
    ``(b) Limitations.--
            ``(1) Dollar limitation.--The credit allowed under 
        subsection (a) shall not exceed $10,000.
            ``(2) Denial of credit for residences acquired with 
        nonconforming loans.--No credit shall be allowed under 
        subsection (a) with respect to the purchase of any residence if 
        the aggregate acquisition indebtedness (as defined in section 
        163(h)(3)(B)) with respect to such residence exceeds the 
        limitation on the maximum original principal obligation of a 
        mortgage that may be purchased by the Federal Home Loan 
        Mortgage Corporation (as such limitation is in effect at the 
        time of such purchase).
            ``(3) Limitation based on amount of tax.--In the case of a 
        taxable year to which section 26(a)(2) does not apply, the 
        credit allowed under subsection (a) for any taxable year shall 
        not exceed the excess of--
                    ``(A) the sum of the regular tax liability (as 
                defined in section 26(b)) plus the tax imposed by 
                section 55, over
                    ``(B) the sum of the credits allowable under this 
                subpart (other than this section) for the taxable year.
            ``(4) One-time only.--
                    ``(A) In general.--If a credit is allowed under 
                this section in the case of any individual (and such 
                individual's spouse, if married) with respect to the 
                purchase of any principal residence, no credit shall be 
                allowed under this section in any taxable year with 
                respect to the purchase of any other principal 
                residence by such individual or a spouse of such 
                individual.
                    ``(B) Joint purchase.--In the case of a purchase of 
                a principal residence by 2 or more unmarried 
                individuals or by 2 married individuals filing 
                separately, no credit shall be allowed under this 
                section if a credit under this section has been allowed 
                to any of such individuals in any taxable year with 
                respect to the purchase of any other principal 
                residence.
    ``(c) Carryforward of Unused Credit.--
            ``(1) Rule for years in which all personal credits allowed 
        against regular and alternative minimum tax.--In the case of a 
        taxable year to which section 26(a)(2) applies, if the credit 
        allowable under subsection (a) exceeds the limitation imposed 
        by section 26(a)(2) for such taxable year reduced by the sum of 
        the credits allowable under this subpart (other than this 
        section), such excess shall be carried to the succeeding 
        taxable year and added to the credit allowable under subsection 
        (a) for such succeeding taxable year.
            ``(2) Rule for other years.--In the case of a taxable year 
        to which section 26(a)(2) does not apply, if the credit 
        allowable under subsection (a) exceeds the limitation imposed 
        by subsection (b)(3) for such taxable year, such excess shall 
        be carried to the succeeding taxable year and added to the 
        credit allowable under subsection (a) for such succeeding 
        taxable year.
            ``(3) Limitation.--No credit may be carried forward under 
        this subsection to any taxable year following the first taxable 
        year after the taxable year in which the credit arose.
    ``(d) Definitions and Special Rules.--For purposes of this 
section--
            ``(1) Allocation of dollar limit.--
                    ``(A) Married individuals filing separately.--In 
                the case of a married individual filing a separate 
                return, subsection (b)(1) shall be applied by 
                substituting `$5,000' for `$10,000'.
                    ``(B) Other individuals.--If two or more 
                individuals who are not married purchase a principal 
                residence, the amount of the credit allowed under 
                subsection (a) shall be allocated among such 
                individuals in such manner as the Secretary may 
                prescribe, except that the total amount of the credits 
                allowed to all such individuals shall not exceed 
                $10,000.
            ``(2) Principal residence.--The term `principal residence' 
        has the same meaning as when used in section 121.
            ``(3) Purchase.--
                    ``(A) In general.--The term `purchase' means any 
                acquisition, but only if--
                            ``(i) the property is not acquired from a 
                        person related to the person acquiring it, and
                            ``(ii) the basis of the property in the 
                        hands of the person acquiring it is not 
                        determined--
                                    ``(I) in whole or in part by 
                                reference to the adjusted basis of such 
                                property in the hands of the person 
                                from whom acquired, or
                                    ``(II) under section 1014(a) 
                                (relating to property acquired from a 
                                decedent).
                    ``(B) Construction.--A residence which is 
                constructed by the taxpayer shall be treated as 
                purchased by the taxpayer on the date the taxpayer 
                first occupies such residence.
            ``(4) Purchase price.--The term `purchase price' means the 
        adjusted basis of the principal residence on the date such 
        residence is purchased.
            ``(5) Related persons.--A person shall be treated as 
        related to another person if the relationship between such 
        persons would result in the disallowance of losses under 
        section 267 or 707(b) (but, in applying section 267(b) and (c) 
        for purposes of this section, paragraph (4) of section 267(c) 
        shall be treated as providing that the family of an individual 
        shall include only his spouse, ancestors, and lineal 
        descendants).
    ``(e) Exceptions.--No credit under subsection (a) shall be allowed 
to any taxpayer for any taxable year with respect to the purchase of a 
residence if--
            ``(1) a credit under section 1400C (relating to first-time 
        homebuyer in the District of Columbia) is allowable to the 
        taxpayer (or the taxpayer's spouse) for such taxable year or 
        any prior taxable year,
            ``(2) the taxpayer is a nonresident alien, or
            ``(3) the taxpayer disposes of such residence (or such 
        residence ceases to be the principal residence of the taxpayer 
        (and, if married, the taxpayer's spouse)) before the close of 
        such taxable year.
    ``(f) Reporting Requirement.--Rules similar to the rules of section 
1400C(f) (as so in effect) shall apply.
    ``(g) Basis Adjustment.--For purposes of this subtitle, if a credit 
is allowed under this section with respect to the purchase of any 
residence, the basis of such residence shall be reduced by the amount 
of the credit so allowed.
    ``(h) Application.--This section shall not apply to any taxable 
year beginning after December 31, 2009.''.
    (b) Conforming Amendments.--
            (1) Section 23(c)(1) of such Code is amended by striking 
        ``25D and 1400C'' and inserting ``25D, 25E, and 1400C''.
            (2) Section 25D(c)(2) of such Code is amended by striking 
        ``and 25B'' and inserting ``25B, and 25E''.
            (3) Section 1400C(d)(1) of such Code is amended by striking 
        ``section 25D'' and inserting ``sections 25D and 25E''.
    (c) Clerical Amendment.--The table of sections for subpart A of 
part IV of subchapter A of chapter 1 of the Internal Revenue Code of 
1986 is amended by inserting after the item relating to section 25D the 
following new item:

``Sec. 25E. Credit for certain home purchases.''.
    (d) Effective Date.--The amendments made by this section shall 
apply with respect to residences purchased after the date of the 
enactment of this Act in taxable years ending after such date.
[EX A]: Amends the Internal Revenue Code to allow individual taxpayers a one-time refundable tax credit for up to 10% of the purchase price of a principal residence purchased in the United States within the 12-month period beginning on the date of enactment of this Act. Limits the dollar amount of such credit to $10,000. Terminates such credit after 2009.

[EX Q]: SECTION 1. AMENDMENTS TO UNITED STATES INSULAR POSSESSION PROGRAM.

    (a) Production Certificates.--The additional U.S. Note 5(h) to 
chapter 91 of the Harmonized Tariff Schedule of the United States is 
amended--
            (1) by amending subparagraphs (i) and (ii) to read as 
        follows:
``(i) In the case of each calendar quarter beginning after January 1, 
        2002, and before January 1, 2016, the Secretaries jointly, 
        shall:
        ``(A) verify for the preceding calendar quarter both the wages 
                paid by each producer to permanent residents of the 
                insular possessions (including the value of any fringe 
                benefits) and the total quantity and value of watches 
                produced in the insular possessions and imported into 
                the customs territory of the United States; and
        ``(B) issue to each producer (not later than 30 days after the 
                end of the calendar quarter) a certificate for the 
                applicable amount.
``(ii) For purposes of subparagraph (i), except as provided in 
        subparagraphs (iii) and (iv), the term `applicable amount' 
        means an amount equal to the sum of:
        ``(A) 90 percent of the producer's creditable wages (including 
                the value of any fringe benefits) on watch assembly 
                during the preceding calendar quarter (but only the 
                first 300,000 units per calendar year); plus
        ``(B) the applicable graduated declining percentage (determined 
                each year by the Secretaries) of the producer's 
                creditable wages (including the value of any fringe 
                benefits) on the assembly during the preceding calendar 
                quarter for units in excess of 300,000 that calendar 
                year, but not in excess of 750,000 that calendar year; 
                plus
        ``(C) the difference between the duties that would have been 
                due on the producer's watches (excluding digital 
                watches) imported into the customs territory of the 
                United States during the preceding quarter if they had 
                been imported from a country eligible for normal trade 
                relations subject to duty at the rates set forth in 
                column 1 under this chapter that were in effect on 
                January 1, 2001, and the duties that would have been 
                due on those watches if they had been imported from the 
                same country under the tariffs in effect for the 
                preceding calendar quarter.''; and
            (2) by amending subparagraph (v) to read as follows:
``(v)(A) Any certificate issued under subparagraph (i) shall entitle 
        the certificate holder to secure the refund of duties equal to 
        the face value of the certificate on watches, watch movements 
        and, with the exception of discrete cases, parts therefor 
        imported into the customs territory of the United States by the 
        certificate holder. Such refunds shall be made under 
        regulations issued by the Treasury Department. Not more than 5 
        percent of such refunds may be retained as a reimbursement to 
        the Customs Service for the administrative costs of making the 
        refunds. If the Secretary of the Treasury determines that there 
        is an insufficient level of duties from watch and watch-related 
        tariffs, the Secretary may authorize refunds of duties 
        collected on jewelry under chapter 71 or any other duties that 
        the Secretary determines are appropriate.
``(B) At the election of the certificate holder and upon making the 
        certification described in this clause, the Secretary of the 
        Treasury shall pay to the holder the face value of the 
        certificate, less the value of (1) any duty refund claimed by 
        the holder under the certificate, plus (2) a discount of not 
        more than 2 percent of the face value of the certificate, as 
        determined by the Secretary of the Treasury. A certificate 
        holder shall not be eligible for direct payment under this 
        clause unless the certificate holder certifies to the 
        Secretaries that the funds received will be reinvested or 
        utilized to support and continue employment in the Virgin 
        Islands.
``(C) The Secretary of the Treasury is authorized to make the payments 
        provided for in clause (B) from duties collected on watches, 
        watch movements and, with the exception of discrete cases, 
        parts therefor. If such duties are insufficient, the Secretary 
        of the Treasury is authorized to make those payments from 
        duties collected on jewelry under chapter 71 or any other 
        duties that the Secretary determines are appropriate.''.
    (b) Jewelry.--Additional U.S. Note to chapter 71 of the Harmonized 
Tariff Schedule of the United States is amended--
            (1) by redesignating paragraphs (b), (c), (d), and (e) as 
        paragraphs (c), (d), (e), and (f), respectively;
            (2) by inserting after paragraph (a) the following new 
        paragraph:
``(b) The 750,000 unit limitation in additional U.S. Note 5(h)(ii)(B) 
        to chapter 91 shall not apply to articles of jewelry subject to 
        this note.''; and
            (3) by striking paragraph (f), as so redesignated, and 
        inserting the following:
``(f) Notwithstanding any other provision of law, prior to February 9, 
        2004, any article of jewelry provided for in heading 7113 that 
        is assembled in the Virgin Islands, Guam, or American Samoa 
        shall be treated as a product of the Virgin Islands, Guam, or 
        American Samoa for purposes of this note and General Note 
        3(a)(iv) of this Schedule.''.

SEC. 2. EFFECTIVE DATE.

    The amendments made by this Act shall take effect on April 1, 2002, 
with respect to goods imported into the customs territory of the United 
States on or after January 1, 2002.
[EX A]: Amends the Harmonized Tariff Schedule of the United States to revise clock and watch provisions to require the Secretary of Commerce and the Secretary of the Interior, jointly, for each calendar quarter beginning after January 1, 2002, and before January 1, 2016, to: (1) verify for the preceding calendar quarter both the wages paid by each producer to permanent residents of the insular possessions (including the value of any fringe benefits) and the total quantity and value of watches produced there and imported into the U.S. customs territory; and (2) issue to each producer a certificate for the applicable amount.Directs the Secretary of the Treasury, at the election of the certificate holder, to pay to the holder the face value of the certificate, less the value of any duty refund claimed by the holder under the certificate, plus a discount of not more than two percent of the face value of the certificate as determined by the Secretary of the Treasury.

[EX Q]: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Hong Kong Human Rights and Democracy 
Act''.

SEC. 2. FINDINGS.

    Congress makes the following findings:
            (1) The Joint Declaration of the Government of the United 
        Kingdom of Great Britain and Northern Ireland and the 
        Government of the People's Republic of China on the Question of 
        Hong Kong, done at Beijing December 19, 1984 (in this Act 
        referred to as the ``Joint Declaration'')--
                    (A) provided that the People's Republic of China 
                resumed sovereignty over Hong Kong on July 1, 1997; and
                    (B) established a ``high degree of autonomy'' for 
                Hong Kong except in matters of foreign affairs and 
                defense.
            (2) The Basic Law of the Hong Kong Special Administrative 
        Region of the People's Republic of China (in this Act referred 
        to as ``Basic Law'')--
                    (A) guarantees Hong Kong a ``high degree of 
                autonomy'' and separate executive, legislative, and 
                independent judicial powers;
                    (B) generally prohibits the central Government of 
                the People's Republic of China from interfering in the 
                affairs that Hong Kong administers on its own according 
                to the Basic Law;
                    (C) protects the rights to free speech, press, 
                assembly, and religion;
                    (D) provides that the socialist system and policies 
                shall not be practiced in Hong Kong and that Hong 
                Kong's capitalist system and way of life shall remain 
                unchanged for 50 years (the principle of ``one country, 
                two systems'');
                    (E) affirms the continuing applicability of the 
                International Covenant on Civil and Political Rights to 
                Hong Kong;
                    (F) provides that the head of the Hong Kong Special 
                Administrative Region shall be the Chief Executive;
                    (G) provides that ``the ultimate aim is the 
                selection of the Chief Executive by universal suffrage 
                upon nomination by a broadly representative nominating 
                committee in accordance with democratic procedures'';
                    (H) provides that the legislature of the Hong Kong 
                Special Administrative Region shall be the Legislative 
                Council; and
                    (I) provides that ``the ultimate aim is the 
                election of all the members of the Legislative Council 
                by universal suffrage''.
            (3) The National People's Congress Standing Committee 
        (NPCSC) determined on December 29, 2007, that Hong Kong could 
        elect the Chief Executive by universal suffrage beginning in 
        2017, and that Hong Kong could thereafter elect the Legislative 
        Council by universal suffrage beginning in 2020.
            (4) The Chief Executive is currently selected by an 
        Election Committee consisting of 1,200 members. In order to 
        run, candidates for Chief Executive must currently receive the 
        support of one-eighth of the members of the Election Committee, 
        the majority of whom reportedly support or have ties to the 
        Chinese Communist Party.
            (5) On August 31, 2014, the NPCSC determined that the 2017 
        election for the Chief Executive could be held by universal 
        suffrage but that Hong Kong voters could only choose from two 
        to three candidates, each of whom is to be chosen by a majority 
        of a nominating committee similar to the current Election 
        Committee that is heavily controlled by pro-Beijing members.
            (6) International standards for elections, including 
        Article 21 of the Universal Declaration of Human Rights and 
        Article 25 of the International Covenant on Civil and Political 
        Rights, guarantee citizens the right to vote and to be elected 
        in genuine periodic elections by universal and equal suffrage 
        without unreasonable restrictions.
            (7) Hundreds of thousands of Hong Kong residents have 
        consistently and peacefully expressed their dissatisfaction 
        with the electoral reform plans of the Hong Kong government and 
        the Government of the People's Republic of China, including the 
        August 2014 NPCSC decision, and have called for a genuine 
        choice in elections that meet international standards. Their 
        peaceful and orderly protests have set an example for other 
        democratic movements around the world, including those in 
        mainland China who continue to fight for their fundamental 
        freedoms.
            (8) Media reports indicate that Hong Kong police used tear 
        gas and pepper spray against demonstrators on September 28, 
        2014, and that police allegedly failed to adequately protect 
        demonstrators from mobs of counter-protestors, some of whom had 
        affiliations with gangs known as ``triads'', who beat students 
        and forcibly tried to remove them from their places of protest. 
        There have also been several accusations of excessive use of 
        force by the Hong Kong Police which are under investigation.
            (9) The United States enjoys close economic, social, and 
        cultural ties with Hong Kong. According to the Department of 
        State, 60,000 United States citizens live in Hong Kong, and 
        1,400 United States businesses have offices there. According to 
        the Office of the United States Trade Representative, Hong Kong 
        is the United States 18th largest trade partner and 9th largest 
        goods export market.
            (10) Hong Kong's unique status as an international finance 
        center where the rule of law and the rights and freedoms of its 
        citizens are protected has served as the foundation for Hong 
        Kong's stability and prosperity.
            (11) Section 301 of the Hong Kong Policy Act of 1992 (22 
        U.S.C. 5731) required the Secretary of State to issue reports 
        on conditions in Hong Kong of interest to the United States, 
        including the development of democratic institutions in Hong 
        Kong, and the last report under section 301 was issued on June 
        30, 2007.
            (12) Failure to establish a genuine democratic option to 
        nominate and elect the Chief Executive of Hong Kong by 2017 and 
        to establish open and direct democratic elections for all 
        members of the Hong Kong Legislative Council by 2020 would 
        reduce confidence in the commitment of the Government of the 
        People's Republic of China to uphold its obligations under 
        international law, and would erode the ability of Hong Kong to 
        retain a high degree of autonomy.
            (13) During an October 2014 session, the United Nations 
        Human Rights Committee, consisting of 18 independent experts, 
        reviewed China's compliance with the International Covenant on 
        Civil and Political Rights with respect to Hong Kong. According 
        to the session's chair, the Committee agreed on ``the need to 
        ensure universal suffrage, which means both the right to be 
        elected as well as the right to vote. The main concerns of 
        Committee members were focused on the right to stand for 
        elections without unreasonable restrictions.''. Another 
        Committee member said that the ``committee doesn't want 
        candidates filtered. The problem is that Beijing wants to vet 
        candidates.''.
            (14) The Congressional-Executive Commission on China's 2014 
        Annual Report found that press freedom in Hong Kong is under 
        threat, including reports of ``violent attacks on individuals 
        associated with the press, self-censorship among journalists, 
        and pressure from the Hong Kong and central governments and 
        mainland Chinese businesses.''.
            (15) The Hong Kong Journalists Association's 2014 Annual 
        Report noted that Hong Kong journalists rated self-censorship 
        at 6.9 on a 10-point scale, which the Association considered a 
        ``low level'' of press freedom.
            (16) Hong Kong ranked 61st among 180 countries in Reporters 
        Without Borders' 2014 World Press Freedom Index, down three 
        places from the previous year and a significant decline from 
        2002 when Hong Kong ranked 18th.
            (17) By providing timely, uncensored, accurate information 
        in their native language, United States international broadcast 
        services, through the Broadcasting Board of Governors, help 
        those living in countries with poor human rights records, such 
        as China, to better defend their human rights and hold their 
        government accountable.

SEC. 3. STATEMENT OF POLICY.

    It is the policy of the United States--
            (1) to reaffirm the principles and objectives set forth in 
        the United States-Hong Kong Policy Act of 1992, namely that--
                    (A) the United States has ``a strong interest in 
                the continued vitality, prosperity, and stability of 
                Hong Kong'';
                    (B) ``support for democratization is a fundamental 
                principle of United States foreign policy'';
                    (C) ``the human rights of the people of Hong Kong 
                are of great importance to the United States and are 
                directly relevant to United States interests in Hong 
                Kong'';
                    (D) human rights ``serve as a basis for Hong Kong's 
                continued economic prosperity''; and
                    (E) Hong Kong must remain sufficiently autonomous 
                from the People's Republic of China to justify a 
                different treatment under a particular law of the 
                United States, or any provision thereof, from that 
                accorded the People's Republic of China;
            (2) to support the democratic aspirations of the people of 
        Hong Kong, as guaranteed to them by the Joint Declaration, the 
        Basic Law, the International Covenant on Civil and Political 
        Rights, and the Universal Declaration of Human Rights;
            (3) to urge the Government of the People's Republic of 
        China to uphold its commitments to Hong Kong, including 
        allowing the people of Hong Kong to rule Hong Kong with a high 
        degree of autonomy and without undue interference, and ensuring 
        that Hong Kong voters freely enjoy the right to elect the Chief 
        Executive and all members of the Hong Kong Legislative Council 
        by universal suffrage;
            (4) to support the establishment by 2017 of a genuine 
        democratic option to freely and fairly nominate and elect the 
        Chief Executive of Hong Kong, and the establishment by 2020 of 
        open and direct democratic elections for all members of the 
        Hong Kong Legislative Council; and
            (5) to support press freedom and journalistic independence, 
        including the continuation of international broadcasting 
        programming in Cantonese that is readily accessible to 
        Cantonese speaking populations in China and in Hong Kong.

SEC. 4. REINSTATEMENT OF REPORTING REQUIREMENTS RELATED TO UNITED 
              STATES-HONG KONG RELATIONS.

    Section 301 of the United States-Hong Kong Policy Act of 1992 (22 
U.S.C. 5731) is amended--
            (1) by striking ``Not later than'' and all that follows 
        through ``the Secretary of State'' and inserting ``Not later 
        than March 31, 2015, and annually thereafter for 10 years or 
        until such earlier date that the Secretary of State certifies 
        that Hong Kong has held free and fair elections for two 
        consecutive Chief Executive and two consecutive Legislative 
        Council periods, the Secretary of State'';
            (2) by striking ``Speaker of the House of Representatives'' 
        and inserting ``chairman of the Committee on Foreign Affairs of 
        the House of Representatives'';
            (3) in paragraph (7), by striking ``; and'' and inserting a 
        semicolon;
            (4) in paragraph (8), by striking the period at the end and 
        inserting ``; and''; and
            (5) by adding at the end the following new paragraph:
            ``(9) matters in which Hong Kong is given separate 
        treatment under the laws of the United States from that 
        accorded to the People's Republic of China and in accordance 
        with this Act.''.

SEC. 5. TREATMENT OF HONG KONG UNDER UNITED STATES LAW.

    Title II of the United States-Hong Kong Policy Act of 1992 (22 
U.S.C. 5721 et seq.) is amended by inserting after section 202 the 
following new section:

``SEC. 202A. TREATMENT OF HONG KONG UNDER UNITED STATES LAW.

    ``(a) Secretary of State Certification Requirement.--
            ``(1) In general.--Not later than 90 days after the date of 
        the enactment of the Hong Kong Human Rights and Democracy Act, 
        and annually thereafter, the Secretary of State shall certify 
        to Congress whether Hong Kong is sufficiently autonomous to 
        justify separate treatment different from that accorded the 
        People's Republic of China in any new laws, agreements, 
        treaties, or arrangements entered into between the United 
        States and Hong Kong after the date of the enactment of such 
        Act.
            ``(2) Factor for consideration.--In making a certification 
        under paragraph (1), the Secretary of State should consider the 
        terms, obligations, and expectations expressed in the Joint 
        Declaration with respect to Hong Kong.
            ``(3) Exception.--The certification under this subsection 
        shall not be required with respect to any new laws, agreements, 
        treaties, or arrangements that support human rights, rule of 
        law, or democracy in Hong Kong.
    ``(b) Waiver Authority.--The Secretary of State may waive the 
application of subsection (a) if the Secretary--
            ``(1) determines that such a waiver is in the national 
        interests of the United States; and
            ``(2) on or before the date on which the waiver takes 
        effect, submits to the Committee on Foreign Relations of the 
        Senate and the Committee on Foreign Affairs of the House of 
        Representatives a notice of and justification for the 
        waiver.''.
[EX A]:
Hong Kong Human Rights and Democracy Act Amends the United States-Hong Kong Policy Act of 1992 to direct the Secretary of State to report to Congress on conditions in Hong Kong that are of U.S. interest by March 31, 2015, and annually thereafter for 10 years or until the Secretary certifies that Hong Kong has held free and fair elections for 2 consecutive Chief Executive and 2 consecutive Legislative Council periods.   Directs the Secretary to certify to Congress annually whether Hong Kong is sufficiently autonomous to justify separate treatment different from that accorded to China in any new laws, agreements, treaties, or arrangements entered into between the United States and Hong Kong.  Authorizes the President to waive this certification requirement if: (1) waiver is in the U.S. national interest, and (2) Congress is given a justification of the waiver on or before the date it takes effect.