In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
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Question: SECTION 1. FINDINGS.

    Congress finds the following:
            (1) Twice since 1989, the northwestern coast of Maui, 
        Hawaii, has been plagued with massive blooms of the green alga, 
        Cladorphora sericea. Blooms of the red alga, Hypnea 
        musciformis, have also occurred in the area and in the Kihei 
        area.
            (2) The algal blooms have destroyed corals and other reef-
        building organisms, and have washed up on beaches and severely 
        impeded the recreational use of affected coastal areas.
            (3) The algal blooms are particularly detrimental to the 
        natural ecological balance of the near-shore reef environment.
            (4) Although the specific causes of the algal blooms are 
        uncertain, algal growth is stimulated in a proportional manner 
        by concentrations of chemicals such as fertilizers and 
        insecticides, which enter the ocean through freshwater runoff.
            (5) The Department of Health of the State of Hawaii has 
        indicated that the department does not have the resources at 
        this time to determine the cause of the algal blooms.
            (6) Extensive research will be required to determine the 
        factors that contribute to algal growth.
            (7) Potential sources of nutrients that may contribute to 
        algal growth include the near-shore disposal of sewage in 
        injection wells from the Lahaina Wastewater Treatment Plant, 
        surface runoff from agricultural lands and urban resort areas, 
        and subsurface point sources in the areas.
            (8) The long-term environmental impacts of the algal blooms 
        are unknown, but in the short term, reefs exposed to the algae 
        are being destroyed and the deterioration of the coral has 
        detrimental effects on fish and other wildlife that depend on 
        the reefs for survival.
            (9) The algal blooms are generating negative economic 
        impacts as well as negative biological impacts, as additional 
        reports indicate that the algae are decreasing the intake of 
        fish caught by local fishermen in the affected marine waters.
            (10) The Maui Algae Task Force is comprised of community 
        environmental activists and has been assembled to address the 
        problem of algal blooms.
            (11) The Maui Algae Task Force hopes to work in cooperation 
        with the Department of Health of the State of Hawaii and the 
        Environmental Protection Agency to identify and eradicate the 
        causes of the algal blooms.

SEC. 2. STUDY.

    (a) In General.--The Administrator of the Environmental Protection 
Agency (hereafter in this Act referred to as the ``Administrator'') 
shall conduct a study to--
            (1) determine the causes of recent algal blooms off the 
        northwestern coast of Maui, Hawaii; and
            (2) research alternatives for the improved management of 
        chemicals present in wastewater treatment and fresh water 
        runoff.
    (b) Study Requirements.--In carrying out the study under this 
section, the Administrator shall--
            (1) survey and monitor--
                    (A) seaweed populations and animals for which the 
                seaweed is a food source;
                    (B) surface water runoff sediments in the study 
                area; and
                    (C) inputs into the study area from subsurface 
                point sources, including any such inputs from the 
                Lahaina wastewater treatment plant; and
            (2) study the responses of--
                    (A) the seaweed populations referred to in 
                paragraph (1)(A) to different concentrations of 
                nutrients; and
                    (B) the animals referred to in paragraph (1)(A) to 
                pesticides and other biological toxins.
    (c) Equipment; Grants.--
            (1) Acquisition of equipment.--In carrying out the study 
        under this section, the Administrator is authorized to acquire 
        such monitoring and testing equipment as the Administrator 
        determines necessary.
            (2) Grants.--In carrying out the study under this section, 
        the Administrator is authorized to establish a grant program to 
        provide grants to eligible entities that submit approved 
        applications to the Administrator. The following entities may 
        submit an application to conduct study activities under this 
        section:
                    (A) The Department of Health of the State of 
                Hawaii.
                    (B) The Maui Algae Task Force.
                    (C) Appropriate Federal, State, or county 
                departments or agencies.
                    (D) Any other entity that the Administrator 
                determines to be appropriate.
    (d) Demonstration Projects.--In carrying out the study under this 
section, the Administrator is authorized to establish demonstration 
projects to identify and implement best management practices for the 
control of nonpoint source pollution from erosion and agricultural 
runoff.
    (e) Reports.--
            (1) Interim report.--Not later than 1 year after the date 
        of enactment of this Act, the Administrator shall submit to 
        Congress a report that includes interim results of the study 
        conducted under this section, and such recommendations as the 
        Administrator determines to be appropriate.
            (2) Final report.--Not later than January 31, 1996, the 
        Administrator shall submit to Congress a final report that 
        summarizes the results of the study conducted under this 
        section and includes such recommendations as the Administrator 
        determines to be appropriate.
    (f) Authorization of Appropriations.--There are authorized to be 
appropriated to the Environmental Protection Agency to carry out this 
section $500,000 for each of fiscal years 1994 and 1995.

Answer: Directs the Administrator of the Environmental Protection Agency to study and report to the Congress on the causes of recent algal blooms off the northwestern coast of Maui, Hawaii, and to research alternatives for the improved management of chemicals present in wastewater treatment and fresh water runoff. 
Authorizes the Administrator to establish:  (1) a grant program to enable eligible entities to conduct study activities; and (2) demonstration projects to implement best management practices for the control of nonpoint source pollution from erosion and agricultural runoff. 
Authorizes appropriations.


Question: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Opioid Use Disorder Treatment 
Expansion and Modernization Act''.

SEC. 2. FINDING.

    The Congress finds that opioid use disorder has become a public 
health epidemic that must be addressed by increasing awareness and 
access to all treatment options for opioid use disorder, overdose 
reversal, and relapse prevention.

SEC. 3. OPIOID USE DISORDER TREATMENT MODERNIZATION.

    (a) In General.--Section 303(g)(2) of the Controlled Substances Act 
(21 U.S.C. 823(g)(2)) is amended--
            (1) in subparagraph (B), by striking clauses (i), (ii), and 
        (iii) and inserting the following:
            ``(i) The practitioner is a qualifying practitioner (as 
        defined in subparagraph (G)).
            ``(ii) With respect to patients to whom the practitioner 
        will provide such drugs or combinations of drugs, the 
        practitioner has the capacity to provide directly, by referral, 
        or in such other manner as determined by the Secretary--
                    ``(I) all schedule III, IV, and V drugs, as well as 
                unscheduled medications approved by the Food and Drug 
                Administration, for the treatment of opioid use 
                disorder, including such drugs and medications for 
                maintenance, detoxification, overdose reversal, and 
                relapse prevention, as available; and
                    ``(II) appropriate counseling and other appropriate 
                ancillary services.
            ``(iii)(I) The total number of such patients of the 
        practitioner at any one time will not exceed the applicable 
        number. Except as provided in subclause (II), the applicable 
        number is 30.
            ``(II) The applicable number is 100 if, not sooner than 1 
        year after the date on which the practitioner submitted the 
        initial notification, the practitioner submits a second 
        notification to the Secretary of the need and intent of the 
        practitioner to treat up to 100 patients.
            ``(III) The Secretary may by regulation change such total 
        number.
            ``(IV) The Secretary may exclude from the applicable number 
        patients to whom such drugs or combinations of drugs are 
        directly administered by the qualifying practitioner in the 
        office setting.
            ``(iv) If the Secretary by regulation increases the total 
        number of patients which a qualifying practitioner is permitted 
        to treat pursuant to clause (iii)(II), the Secretary shall 
        require such a practitioner to obtain a written agreement from 
        each patient, including the patient's signature, that the 
        patient--
                    ``(I) will receive an initial assessment and 
                treatment plan and periodic assessments and treatment 
                plans thereafter;
                    ``(II) will be subject to medication adherence and 
                substance use monitoring;
                    ``(III) understands available treatment options, 
                including all drugs approved by the Food and Drug 
                Administration for the treatment of opioid use 
                disorder, including their potential risks and benefits; 
                and
                    ``(IV) understands that receiving regular 
                counseling services is critical to recovery.
            ``(v) The practitioner will comply with the reporting 
        requirements of subparagraph (D)(i)(IV).'';
            (2) in subparagraph (D)--
                    (A) in clause (i), by adding at the end the 
                following:
            ``(IV) The practitioner reports to the Secretary, at such 
        times and in such manner as specified by the Secretary, such 
        information and assurances as the Secretary determines 
        necessary to assess whether the practitioner continues to meet 
        the requirements for a waiver under this paragraph.'';
                    (B) in clause (ii), by striking ``Upon receiving a 
                notification under subparagraph (B)'' and inserting 
                ``Upon receiving a determination from the Secretary 
                under clause (iii) finding that a practitioner meets 
                all requirements for a waiver under subparagraph (B)''; 
                and
                    (C) in clause (iii)--
                            (i) by inserting ``and shall forward such 
                        determination to the Attorney General'' before 
                        the period at the end of the first sentence; 
                        and
                            (ii) by striking ``physician'' and 
                        inserting ``practitioner'';
            (3) in subparagraph (G)--
                    (A) by amending clause (ii)(IV) to read as follows:
                    ``(IV) The physician has, with respect to the 
                treatment and management of opiate-dependent patients, 
                completed not less than 8 hours of training (through 
                classroom situations, seminars at professional society 
                meetings, electronic communications, or otherwise) that 
                is provided by the American Society of Addiction 
                Medicine, the American Academy of Addiction Psychiatry, 
                the American Medical Association, the American 
                Osteopathic Association, the American Psychiatric 
                Association, or any other organization that the 
                Secretary determines is appropriate for purposes of 
                this subclause. Such training shall address--
                            ``(aa) opioid maintenance and 
                        detoxification;
                            ``(bb) appropriate clinical use of all 
                        drugs approved by the Food and Drug 
                        Administration for the treatment of opioid use 
                        disorder;
                            ``(cc) initial and periodic patient 
                        assessments (including substance use 
                        monitoring);
                            ``(dd) individualized treatment planning; 
                        overdose reversal; relapse prevention;
                            ``(ee) counseling and recovery support 
                        services;
                            ``(ff) staffing roles and considerations;
                            ``(gg) diversion control; and
                            ``(hh) other best practices, as identified 
                        by the Secretary.''; and
                    (B) by adding at the end the following:
            ``(iii) The term `qualifying practitioner' means--
                    ``(I) a qualifying physician, as defined in clause 
                (ii); or
                    ``(II) during the period beginning on the date of 
                the enactment of the Opioid Use Disorder Treatment 
                Expansion and Modernization Act and ending on the date 
                that is 3 years after such date of enactment, a 
                qualifying other practitioner, as defined in clause 
                (iv).
            ``(iv) The term `qualifying other practitioner' means a 
        nurse practitioner or physician assistant who satisfies each of 
        the following:
                    ``(I) The nurse practitioner or physician assistant 
                is licensed under State law to prescribe schedule III, 
                IV, or V medications for the treatment of pain.
                    ``(II) The nurse practitioner or physician 
                assistant satisfies one or more of the following:
                            ``(aa) Has completed not fewer than 24 
                        hours of initial training addressing each of 
                        the topics listed in clause (ii)(IV) (through 
                        classroom situations, seminars at professional 
                        society meetings, electronic communications, or 
                        otherwise) provided by the American Society of 
                        Addiction Medicine, the American Academy of 
                        Addiction Psychiatry, the American Medical 
                        Association, the American Osteopathic 
                        Association, the American Nurses Credentialing 
                        Center, the American Psychiatric Association, 
                        the American Association of Nurse 
                        Practitioners, the American Academy of 
                        Physician Assistants, or any other organization 
                        that the Secretary determines is appropriate 
                        for purposes of this subclause.
                            ``(bb) Has such other training or 
                        experience as the Secretary determines will 
                        demonstrate the ability of the nurse 
                        practitioner or physician assistant to treat 
                        and manage opiate-dependent patients.
                    ``(III) The nurse practitioner or physician 
                assistant is supervised by or works in collaboration 
                with a qualifying physician, if the nurse practitioner 
                or physician assistant is required by State law to 
                prescribe medications for the treatment of opioid use 
                disorder in collaboration with or under the supervision 
                of a physician.
        The Secretary may review and update the requirements for being 
        a qualifying other practitioner under this clause.''; and
            (4) in subparagraph (H)--
                    (A) in clause (i), by inserting after subclause 
                (II) the following:
            ``(III) Such other elements of the requirements under this 
        paragraph as the Secretary determines necessary for purposes of 
        implementing such requirements.''; and
                    (B) by amending clause (ii) to read as follows:
    ``(ii) Not later than 1 year after the date of enactment of the 
Opioid Use Disorder Treatment Expansion and Modernization Act, the 
Secretary shall update the treatment improvement protocol containing 
best practice guidelines for the treatment of opioid-dependent patients 
in office-based settings. The Secretary shall update such protocol in 
consultation with experts in opioid use disorder research and 
treatment.''.
    (b) Recommendation of Revocation or Suspension of Registration in 
Case of Substantial Noncompliance.--The Secretary of Health and Human 
Services may recommend to the Attorney General that the registration of 
a practitioner be revoked or suspended if the Secretary determines, 
according to such criteria as the Secretary establishes by regulation, 
that a practitioner who is registered under section 303(g)(2) of the 
Controlled Substances Act (21 U.S.C. 823(g)(2)) is not in substantial 
compliance with the requirements of such section, as amended by this 
Act.
    (c) Opioid Defined.--Section 102(18) of the Controlled Substances 
Act (21 U.S.C. 802(18)) is amended by inserting ``or `opioid''' after 
``The term `opiate'''.
    (d) Reports to Congress.--
            (1) In general.--Not later than 2 years after the date of 
        enactment of this Act and not less than over every 5 years 
        thereafter, the Secretary of Health and Human Services, in 
        consultation with the Drug Enforcement Administration and 
        experts in opioid use disorder research and treatment, shall--
                    (A) perform a thorough review of the provision of 
                opioid use disorder treatment services in the United 
                States, including services provided in opioid treatment 
                programs and other specialty and nonspecialty settings; 
                and
                    (B) submit a report to the Congress on the findings 
                and conclusions of such review.
            (2) Contents.--Each report under paragraph (1) shall 
        include an assessment of--
                    (A) compliance with the requirements of section 
                303(g)(2) of the Controlled Substances Act (21 U.S.C. 
                823(g)(2)), as amended by this Act;
                    (B) the measures taken by the Secretary of Health 
                and Human Services to ensure such compliance;
                    (C) whether there is further need to increase or 
                decrease the number of patients a waivered practitioner 
                is permitted to treat, as provided for by the amendment 
                made by subsection (a)(1);
                    (D) the extent to which, and proportions with 
                which, the full range of Food and Drug Administration-
                approved treatments for opioid use disorder are used in 
                routine health care settings and specialty substance 
                use disorder treatment settings;
                    (E) access to, and use of, counseling and recovery 
                support services, including the percentage of patients 
                receiving such services;
                    (F) changes in State or local policies and 
                legislation relating to opioid use disorder treatment;
                    (G) the use of prescription drug monitoring 
                programs by practitioners who are permitted to dispense 
                narcotic drugs to individuals pursuant to a waiver 
                under section 303(g)(2) of the Controlled Substances 
                Act (21 U.S.C. 823(g)(2));
                    (H) the findings resulting from inspections by the 
                Drug Enforcement Administration of practitioners 
                described in subparagraph (G); and
                    (I) the effectiveness of cross-agency collaboration 
                between Department of Health and Human Services and the 
                Drug Enforcement Administration for expanding effective 
                opioid use disorder treatment.

SEC. 4. SENSE OF CONGRESS.

    It is the Sense of Congress that, with respect to the total number 
of patients that a qualifying physician (as defined in subparagraph 
(G)(iii) of section 303(g)(2) of the Controlled Substances Act (21 
U.S.C. 823(g)(2)) can treat at any one time pursuant to such section, 
the Secretary of Health and Human Services should consider raising such 
total number to 250 patients following a third notification to the 
Secretary of the need and intent of the physician to treat up to 250 
patients that is submitted to the Secretary not sooner than 1 year 
after the date on which the physician submitted to the Secretary a 
second notification to treat up to 100 patients.

SEC. 5. PARTIAL FILLS OF SCHEDULE II CONTROLLED SUBSTANCES.

    (a) In General.--Section 309 of the Controlled Substances Act (21 
U.S.C. 829) is amended by adding at the end the following:
    ``(f) Partial Fills of Schedule II Controlled Substances.--
            ``(1) Partial fills.--
                    ``(A) In general.--A prescription for a controlled 
                substance in schedule II may be partially filled if--
                            ``(i) it is not prohibited by State law;
                            ``(ii) the prescription is written and 
                        filled in accordance with the Controlled 
                        Substances Act (21 U.S.C. 801 et seq.), 
                        regulations prescribed by the Attorney General, 
                        and State law;
                            ``(iii) the partial fill is requested by 
                        the patient or the practitioner that wrote the 
                        prescription; and
                            ``(iv) the total quantity dispensed in all 
                        partial fillings does not exceed the total 
                        quantity prescribed.
                    ``(B) Other circumstances.--A prescription for a 
                controlled substance in schedule II may be partially 
                filled in accordance with section 1306.13 of title 21, 
                Code of Federal Regulations (as in effect on the date 
                of enactment of the Reducing Unused Medications Act of 
                2016).
            ``(2) Remaining portions.--
                    ``(A) In general.--Except as provided in 
                subparagraph (B), remaining portions of a partially 
                filled prescription for a controlled substance in 
                schedule II--
                            ``(i) may be filled; and
                            ``(ii) shall be filled not later than 30 
                        days after the date on which the prescription 
                        is written.
                    ``(B) Emergency situations.--In emergency 
                situations, as described in subsection (a), the 
                remaining portions of a partially filled prescription 
                for a controlled substance in schedule II--
                            ``(i) may be filled; and
                            ``(ii) shall be filled not later than 72 
                        hours after the prescription is issued.''.
    (b) Rule of Construction.--Nothing in this section shall be 
construed to affect the authority of the Attorney General to allow a 
prescription for a controlled substance in schedule III, IV, or V of 
section 202(c) of the Controlled Substances Act (21 U.S.C. 812(c)) to 
be partially filled.

            Passed the House of Representatives May 11, 2016.

            Attest:

                                                 KAREN L. HAAS,

                                                                 Clerk.

Answer: Opioid Use Disorder Treatment Expansion and Modernization Act (Sec. 3) This bill amends the Controlled Substances Act to revise the requirements for a practitioner to administer, dispense, or prescribe narcotic drugs for maintenance or detoxification treatment in an office-based opioid treatment program. Currently, a practitioner must notify the Department of Health and Human Services (HHS) and certify that he or she is a qualifying physician (i.e., a state-licensed physician with certain expertise), has the capacity to refer patients for appropriate counseling and ancillary services, and will comply with a patient limit. The patient limit is how many patients the practitioner can treat under the office-based treatment program at one time. This legislation expands qualifying practitioners to include nurse practitioners and physician assistants who are licensed in a state, have expertise (such as relevant training or expertise), and prescribe medications for opioid use disorder in collaboration with or under the supervision of a qualifying physician if state law requires physician oversight of prescribing authority. Additionally, it requires a qualifying practitioner to also certify that he or she will comply with reporting requirements and has the capacity to provide directly or by referral, or in another manner prescribed by HHS, all drugs approved by the Food and Drug Administration to treat opioid use disorder. HHS may issue regulations to change the maximum patient limit for a qualifying practitioner. If HHS increases the limit, then a qualifying practitioner must additionally certify that he or she will obtain written consent from each patient regarding available treatment options. HHS must update the treatment improvement protocol containing best practice guidelines for the treatment of opioid-dependent patients in office-based settings. HHS may recommend revoking or suspending the registration of a practitioner who fails to comply with the requirements of this Act. (Sec. 4) The bill expresses the sense of Congress that HHS should consider raising from 100 to 250 the maximum patient limit for a qualifying physician. (Sec. 5) It amends the Controlled Substances Act to allow a pharmacist to partially fill a prescription for a schedule II controlled substance (such as a prescription opioid painkiller) if: (1) it is not prohibited by state law, (2) it is prescribed in accordance with existing laws and regulations, (3) it is requested by the patient or prescribing practitioner, and (4) the total quantity dispensed in partial fillings does not exceed the total quantity prescribed. Additionally, a pharmacist may partially fill a prescription for a schedule II controlled substance in other circumstances in accordance with existing Drug Enforcement Administration (DEA) regulations. (Current DEA regulations permit partial fills when a pharmacist cannot supply a full quantity, a patient resides in a long-term care facility, or a patient is terminally ill.) The remaining of a partially filled prescription may be filled within 30 days or, in the case of an emergency situation, within 72 hours.


Question: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Invest in Small Business Act of 
2008''.

SEC. 2. INCREASED EXCLUSION AND OTHER MODIFICATIONS APPLICABLE TO 
              QUALIFIED SMALL BUSINESS STOCK.

    (a) Increased Exclusion.--
            (1) In general.--Subsection (a) of section 1202 of the 
        Internal Revenue Code of 1986 (relating to exclusion) is 
        amended to read as follows:
    ``(a) Exclusion.--Gross income shall not include any gain from the 
sale or exchange of qualified small business stock held for more than 3 
years.''.
            (2) Rule relating to stock held among members of controlled 
        group.--Subsection (c) of section 1202 of such Code is amended 
        by adding at the end the following new paragraph:
            ``(4) Stock held among members of 25-percent controlled 
        group not eligible.--
                    ``(A) In general.--Stock of a member of a 25-
                percent controlled group shall not be treated as 
                qualified small business stock while held by another 
                member of such group.
                    ``(B) 25-percent controlled group.--For purposes of 
                subparagraph (A), the term `25-percent controlled 
                group' means any controlled group of corporations as 
                defined in section 1563(a)(1), except that--
                            ``(i) `more than 25 percent' shall be 
                        substituted for `at least 80 percent' each 
                        place it appears in section 1563(a)(1), and
                            ``(ii) section 1563(a)(4) shall not 
                        apply.''.
            (3) Conforming amendments.--
                    (A) Subsections (b)(2), (g)(2)(A), and (j)(1)(A) of 
                section 1202 of such Code are each amended by striking 
                ``5 years'' and inserting ``3 years''.
                    (B) Section 1223(13) of such Code is amended by 
                striking ``1202(a)(2)''.
                    (C) The heading for section 1202 of such Code is 
                amended by striking ``partial''.
                    (D) The item relating to section 1202 in the table 
                of sections for part I of subchapter P of chapter 1 of 
                such Code is amended to read as follows:

``Sec. 1202. Exclusion for gain from certain small business stock.''.
    (b) Repeal of Minimum Tax Preference.--
            (1) In general.--Subsection (a) of section 57 of the 
        Internal Revenue Code of 1986 (relating to items of tax 
        preference) is amended by striking paragraph (7).
            (2) Technical amendment.--Subclause (II) of section 
        53(d)(1)(B)(ii) of such Code is amended by striking ``, (5), 
        and (7)'' and inserting ``and (5)''.
    (c) Repeal of 28 Percent Capital Gains Rate on Qualified Small 
Business Stock.--
            (1) In general.--Subparagraph (A) of section 1(h)(4) of the 
        Internal Revenue Code of 1986 is amended to read as follows:
                    ``(A) collectibles gain, over''.
            (2) Conforming amendments.--
                    (A) Section 1(h) of such Code is amended by 
                striking paragraph (7).
                    (B)(i) Section 1(h) of such Code is amended by 
                redesignating paragraphs (8), (9), (10), (11), (12), 
                and (13) as paragraphs (7), (8), (9), (10), (11), and 
                (12), respectively.
                    (ii) Sections 163(d)(4)(B), 854(b)(5), 857(c)(2)(D) 
                of such Code are each amended by striking ``section 
                1(h)(11)(B)'' and inserting ``section 1(h)(10)(B)''.
                    (iii) The following sections of such Code are each 
                amended by striking ``section 1(h)(11)'' and inserting 
                ``section 1(h)(10)'':
                            (I) Section 301(f)(4).
                            (II) Section 306(a)(1)(D).
                            (III) Section 584(c).
                            (IV) Section702(a)(5).
                            (V) Section 854(a).
                            (VI) Section 854(b)(2).
                    (iv) The heading of section 857(c)(2) is amended by 
                striking ``1(h)(11)'' and inserting ``1(h)(10)''.
    (d) Increase Aggregate Asset Limitation for Qualified Small 
Businesses.--
            (1) In general.--Paragraph (1) of section 1202(d) of the 
        Internal Revenue Code of 1986 (relating to qualified small 
        business) is amended by striking ``$50,000,000'' each place it 
        appears and inserting ``$100,000,000''.
            (2) Inflation adjustment.--Section 1202(d) of such Code is 
        amended by adding at the end the following new paragraph:
            ``(4) Inflation adjustment.--
                    ``(A) In general.--In the case of any taxable year 
                beginning in a calendar year after 2009, each of the 
                $100,000,000 dollar amounts in paragraph (1) shall be 
                increased by an amount equal to--
                            ``(i) such dollar amount, multiplied by
                            ``(ii) the cost-of-living adjustment 
                        determined under section 1(f)(3) for the 
                        calendar year in which the taxable year begins, 
                        determined by substituting `calendar year 2008' 
                        for `calendar year 1992' in subparagraph (B) 
                        thereof.
                    ``(B) Rounding.--If any amount as adjusted under 
                subparagraph (A) is not a multiple of $1,000, such 
                amount shall be rounded to the next lowest multiple of 
                $100.''.
    (e) Effective Date.--
            (1) In general.--The amendments made by this section apply 
        to stock issued after December 31, 2008.
            (2) Special rule for stock issued before january 1, 2009.--
        The amendments made by subsections (a), (b), and (c) shall 
        apply to sales or exchanges--
                    (A) made after December 31, 2008,
                    (B) of stock issued on or before such date, and
                    (C) by a taxpayer other than a corporation.

Answer:
Invest in Small Business Act of 2008 - Amends the Internal Revenue Code to: (1) increase the exclusion from gross income of the gain from the sale or exchange of qualified small business stock from 50 to 100% of such gain and reduce the holding period for such stock from five to three years; (2) disqualify stock held by members of a 25% controlled group of corporations for such tax exclusion; (3) repeal gain from the sale or exchange of qualified small business stock as an item of tax preference for purposes of the alternative minimum tax; (4) repeal the maximum 28% tax rate on gain from the sale or exchange of qualified small business stock; and (5) increase to $100 million (adjusted for inflation after 2009) the aggregate asset limitation for determining eligibility of the stock of corporations for qualified small business stock tax treatment.