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 Input:
SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Municipal Bond Market Support Act of 
2008''.

SEC. 2. MODIFICATION OF SMALL ISSUER EXCEPTION TO TAX-EXEMPT INTEREST 
              EXPENSE ALLOCATION RULES FOR FINANCIAL INSTITUTIONS.

    (a) Increase in Limitation.--Subparagraphs (C)(i), (D)(i), and 
(D)(iii)(II) of section 265(b)(3) of the Internal Revenue Code of 1986 
are each amended by striking ``$10,000,000'' and inserting 
``$30,000,000''.
    (b) Repeal of Aggregation Rules Applicable to Small Issuer 
Determination.--Paragraph (3) of section 265(b) of such Code is amended 
by striking subparagraphs (E) and (F).
    (c) Election To Apply Limitation at Borrower Level.--Paragraph (3) 
of section 265(b) of such Code, as amended by subsection (b), is 
amended by adding at the end the following new subparagraph:
                    ``(E) Election to apply limitation on amount of 
                obligations at borrower level.--
                            ``(i) In general.--An issuer, the proceeds 
                        of the obligations of which are to be used to 
                        make or finance eligible loans, may elect to 
                        apply subparagraphs (C) and (D) by treating 
                        each borrower as the issuer of a separate 
                        issue.
                            ``(ii) Eligible loan.--For purposes of this 
                        subparagraph--
                                    ``(I) In general.--The term 
                                `eligible loan' means one or more loans 
                                to a qualified borrower the proceeds of 
                                which are used by the borrower and the 
                                outstanding balance of which in the 
                                aggregate does not exceed $30,000,000.
                                    ``(II) Qualified borrower.--The 
                                term `qualified borrower' means a 
                                borrower which is an organization 
                                described in section 501(c)(3) and 
                                exempt from taxation under section 
                                501(a) or a State or political 
                                subdivision thereof.
                            ``(iii) Manner of election.--The election 
                        described in clause (i) may be made by an 
                        issuer for any calendar year at any time prior 
                        to its first issuance during such year of 
                        obligations the proceeds of which will be used 
                        to make or finance one or more eligible 
                        loans.''.
    (d) Inflation Adjustment.--Paragraph (3) of section 265(b) of such 
Code, as amended by subsections (b) and (c), is amended by adding at 
the end the following new subparagraph:
                    ``(F) Inflation adjustment.--In the case of any 
                calendar year after 2009, the $30,000,000 amounts 
                contained in subparagraphs (C)(i), (D)(i), 
                (D)(iii)(II), and (E)(ii)(I) shall each 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 such 
                        calendar year, determined by substituting 
                        `calendar year 2008' `for calendar year 1992' 
                        in subparagraph (B) thereof.
                Any increase determined under the preceding sentence 
                shall be rounded to the nearest multiple of 
                $100,000.''.
    (e) Effective Date.--The amendments made by this section shall 
apply to obligations issued after December 31, 2008.

SEC. 3. DE MINIMIS SAFE HARBOR EXCEPTION FOR TAX-EXEMPT INTEREST 
              EXPENSE OF FINANCIAL INSTITUTIONS AND BROKERS.

    (a) Financial Institutions.--Subsection (b) of section 265 of the 
Internal Revenue Code of 1986 is amended by adding at the end the 
following new paragraph:
            ``(7) De minimis exception.--Paragraph (1) shall not apply 
        to any financial institution if the portion of the taxpayer's 
        holdings of tax-exempt securities is less than 2 percent of the 
        taxpayer's assets.''.
    (b) Brokers.--Subsection (a) of section 265 of the Internal Revenue 
Code of 1986 is amended by adding at the end the following new 
paragraph:
            ``(7) De minimis exception.--Paragraph (2) shall not apply 
        to any broker (as defined in section 6045(c)(1)) if the portion 
        of the taxpayer's holdings of tax-exempt securities is less 
        than 2 percent of the taxpayer's assets.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after the date of the enactment of 
this Act.

Ex Output:
Municipal Bond Market Support Act of 2008 - Amends Internal Revenue Code provisions relating to the small issuer exemption from interest expense allocation rules for financial institutions to: (1) increase from $10 to $30 million the annual limit on small issuers of tax-exempt municipal bonds; (2) allow an inflation adjustment to such increased limit amount after 2009; (3) repeal aggregation rules relating to the determination of small issuer eligibility; (4) allow small issuers an election to treat borrowers separately for purposes of issuance limitations; and (5) allow financial institutions and brokers to hold up to 2% of their assets in tax-exempt securities without affecting their interest expense tax deduction.


Ex Input:
SECTION 1. KOREA VISA WAIVER PILOT PROGRAM.

    (a) Congressional Findings.--The Congress finds that--
            (1) travel and tourism play a major role in reducing the 
        United States unfavorable balance of trade;
            (2) the characteristics of the Korean travel market do not 
        permit long-term planning for longer trips;
            (3) applications for United States visas cannot now be 
        processed in a reasonable period of time;
            (4) the Secretary of State has attempted to solve the 
        problem by adding additional staff to the consular section at 
        the United States Embassy in Seoul;
            (5) unfortunately, these additions have not resulted in any 
        discernable improvement in reducing visa processing delays;
            (6) further, it is unlikely, given the current fiscal 
        environment, to expect funding to be available for further 
        staff additions in sufficient numbers to effect any significant 
        improvement in the time required to process visa applications;
            (7) most of the nations of the South Pacific, Europe, and 
        Canada do not currently require Koreans entering their 
        countries to have a visa, thus providing them with a serious 
        competitive advantage in the tourism industry;
            (8) the United States territory of Guam has been permitted 
        by the United States Government to eliminate visa requirements 
        for Koreans visiting Guam, with resultant impressive increases 
        in travel and tourism from citizens of the Republic of Korea;
            (9) any application under existing procedures to add the 
        Republic of Korea, or any other nation to the group of favored 
        nations exempted from United States visa regulations, would 
        require many years during which time the United States could 
        well lose its competitive advantages in attracting travel and 
        tourism from the Republic of Korea;
            (10) the Republic of Korea, as a gesture of goodwill, has 
        already unilaterally exempted United States tourists who seek 
        to enter the Republic of Korea from the requirement of 
        obtaining a visa; and
            (11) growth in Korean travel to the United States has not 
        kept pace with growth in travel to non-United States 
        destinations, and cumbersome and time-consuming visa processing 
        procedures are widely recognized as the cause of this loss of 
        market share and competitiveness with alternative destinations.
    (b) Pilot Program.--The Secretary of State and the Attorney General 
jointly shall establish a pilot project (in this section referred to as 
the ``pilot program'') within six months of the date of the enactment 
of this Act under which the requirement of paragraph (7)(B)(i)(II) of 
section 212(a) of the Immigration and Nationality Act (8 U.S.C. 
1182(a)(7)(B)(i)(II)) is waived during the pilot program period in the 
case of any alien who meets the following requirements:
            (1) National of pilot program country.--The alien is a 
        national of, and presents a passport issued by, the Republic of 
        Korea. The Republic of Korea is urged to provide machine 
        readable passports to its citizens in the near future.
            (2) Seeking entry as tourist.--The alien is applying for 
        admission to the United States during the pilot program period 
        as a nonimmigrant visitor for pleasure (as described in section 
        101(a)(15)(B) of the Immigration and Nationality Act (8 U.S.C. 
        1101(a)(15)(B))), as part of a group tour to the United States.
            (3) Period of stay.--The alien seeks to stay in the United 
        States for a period of not more than 15 days.
            (4) Executes immigration forms.--The alien before the time 
        of such admission completes such immigration form as the 
        Attorney General shall establish.
            (5) Entry into the united states.--If arriving by sea or 
        air, the alien arrives at the port of entry into the United 
States on a carrier which has entered into an agreement with the 
Immigration and Naturalization Service to guarantee transport of the 
alien out of the United States if the alien is found inadmissible or 
deportable by an immigration officer.
            (6) Not a safety threat.--The alien has been determined not 
        to represent a threat to the welfare, health, safety, or 
        security of the United States.
            (7) No previous violation.--If the alien previously was 
        admitted without a visa under this section, the alien must not 
        have failed to comply with the conditions of any previous 
        admission as such a nonimmigrant.
            (8) Round-trip ticket.--The alien is in possession of a 
        round-trip transportation ticket (unless this requirement is 
        waived by the Attorney General under regulations).
    (c) Waiver of Rights.--An alien may not be provided a waiver under 
the pilot program unless the alien has waived any right--
            (1) to review or appeal under this Act of an immigration 
        officer's determination as to the admissibility of the alien at 
        the port of entry into the United States, or
            (2) to contest, other than on the basis of an application 
        for asylum, any action for deportation against the alien.
    (d) Termination of Authority.--Notwithstanding any other provision 
of this section, the Attorney General and the Secretary of State, 
acting jointly, may terminate the pilot program under this section on 
or after a date which is one year after the date of the establishment 
of the pilot program if--
            (1) during the preceding fiscal year, the overstay rate for 
        nationals of the Republic of Korea entering the United States 
        under the pilot program exceeds the overstay rate of such 
        nationals entering the United States with valid visas; and
            (2) the Attorney General and the Secretary of State have 
        jointly determined that the pilot program is leading to a 
        significant increase in the number of overstays by such 
        nationals.
    (e) Special Bond and Notification Requirements for Tour 
Operators.--
            (1) In general.--Nationals of the Republic of Korea may not 
        enter the United States under the terms of this section unless 
        they are accompanied for the duration of their authorized 
        admission period by a tour operator who has fulfilled the 
        following requirements:
                    (A) The tour operator has posted a bond of $200,000 
                with the Secretary of State.
                    (B) The Secretary of State, under such regulations 
                as the Secretary may prescribe, has approved an 
                application by the tour operator to escort tour groups 
                to the United States.
                    (C) The tour operator provides the name, address, 
                birthdate, passport number, and citizenship of all 
                prospective tour group members to the Secretary of 
                State no less than one business day prior to the 
                departure date of the group, under such regulations as 
                he may prescribe, in order to determine that the 
                prospective travelers do not represent a threat to the 
                welfare, health, safety, and security of the United 
                States.
                    (D) The tour operator excludes from the tour group 
                any person whom the Secretary of State denies 
                permission to travel to the United States.
                    (E) The tour operator provides written 
                certification or other such evidence prescribed by the 
                Secretary of State and Attorney General which documents 
the return to Korea of each tour group member.
            (2) Forfeiture of bonds.--Bonds posted in accordance with 
        this subsection shall be forfeited in whole or in part and a 
        tour operator's authorization to escort tours to the United 
        States may be suspended or revoked if the Secretary of State 
        finds that the tour operator--
                    (A) has failed to disclose a material fact in 
                connection with the application required under 
                paragraph (1)(B);
                    (B) fails to comply with the advance notification 
                and refusal requirements of paragraphs (1)(C) and 
                (1)(D);
                    (C) has failed to take adequate steps to ensure 
                that visitors who are being escorted to the United 
                States under the terms of an approved application 
                return to their country of residence; or
                    (D) is found at any time to have committed a felony 
                or any offense under the immigration laws of the United 
                States.
    (f) Participation by Tour Agents.--The Secretary of State shall 
periodically review the overstay rate of nationals of the Republic of 
Korea that corresponds to each tour agent participating in the program 
under this section. The Secretary may terminate the participation in 
the program of any tour agent if the Secretary determines that the 
corresponding overstay rate is excessive.
    (g) Definitions.--For purposes of this section--
            (1) Group tour.--The term ``group tour'' means travelers 
        who take advantage of group-purchased hotel or airfare 
        packages, as guided, supervised, and arranged by a tour agent 
        in the Republic of Korea approved or licensed by the Department 
        of State.
            (2) Overstay rate.--The term ``overstay rate'' means, 
        during a specified period of time, the proportion that the 
        number of aliens remaining in the United States after the 
        expiration of their visas bears to the total number of aliens 
        entering the United States during that period of time.
            (3) Pilot program period.--The term ``pilot program 
        period'' means the three-year period immediately following the 
        establishment of the pilot program.

Ex Output:
Directs the Secretary of State and the Attorney General to jointly establish a visa waiver pilot program for Korean nationals traveling in tour groups to the United States.  Specifies requirements for such waiver.


Ex Input:
SECTION 1. SHORT TITLE; TABLE OF CONTENTS; PURPOSE; DEFINITIONS.

    (a) Short Title.--This Act may be cited as the ``Academic 
Partnerships Lead Us to Success Act'' or the ``A PLUS Act''.
    (b) Table of Contents.--The table of contents for this Act is as 
follows:

Sec. 1. Short title; table of contents; purpose; definitions.
Sec. 2. Declaration of intent.
Sec. 3. Transparency for results of public education.
Sec. 4. Maintenance of funding levels spent by States on education.
Sec. 5. Administrative expenses.
Sec. 6. Equitable participation of private schools.
    (c) Purpose.--The purposes of this Act are as follows:
            (1) To give States and local communities maximum 
        flexibility to determine how to improve academic achievement 
        and implement education reforms.
            (2) To reduce the administrative costs and compliance 
        burden of Federal education programs in order to focus Federal 
        resources on improving academic achievement.
            (3) To ensure that States and communities are accountable 
        to the public for advancing the academic achievement of all 
        students, especially disadvantaged children.
    (d) Definitions.--
            (1) In general.--Except as otherwise provided, the terms 
        used in this Act have the meanings given the terms in section 
        9101 of the Elementary and Secondary Education Act of 1965 (20 
        U.S.C. 7801 et seq.).
            (2) Other terms.--In this Act:
                    (A) Accountability.--The term ``accountability'' 
                means that public schools are answerable to parents and 
                other taxpayers for the use of public funds and shall 
                report student progress to parents and taxpayers 
                regularly.
                    (B) Declaration of intent.--The term ``declaration 
                of intent'' means a decision by a State, as determined 
                by State Authorizing Officials or by referendum, to 
                assume full management responsibility for the 
                expenditure of Federal funds for certain eligible 
                programs for the purpose of advancing, on a more 
                comprehensive and effective basis, the educational 
                policy of such State.
                    (C) State.--The term ``State'' has the meaning 
                given such term in section 1122(e) of the Elementary 
                and Secondary Education Act of 1965 (20 U.S.C. 
                6332(e)).
                    (D) State authorizing officials.--The term ``State 
                Authorizing Officials'' means the State officials who 
                shall authorize the submission of a declaration of 
                intent, and any amendments thereto, on behalf of the 
                State. Such officials shall include not less than 2 of 
                the following:
                            (i) The governor of the State.
                            (ii) The highest elected education official 
                        of the State, if any.
                            (iii) The legislature of the State.
                    (E) State designated officer.--The term ``State 
                Designated Officer'' means the person designated by the 
                State Authorizing Officials to submit to the Secretary, 
                on behalf of the State, a declaration of intent, and 
                any amendments thereto, and to function as the point-
                of-contact for the State for the Secretary and others 
                relating to any responsibilities arising under this 
                Act.

SEC. 2. DECLARATION OF INTENT.

    (a) In General.--Each State is authorized to submit to the 
Secretary a declaration of intent permitting the State to receive 
Federal funds on a consolidated basis to manage the expenditure of such 
funds to advance the educational policy of the State.
    (b) Programs Eligible for Consolidation and Permissible Use of 
Funds.--
            (1) Scope.--A State may choose to include within the scope 
        of the State's declaration of intent any program for which 
        Congress makes funds available to the State if the program is 
        for a purpose described in the Elementary and Education 
        Secondary Act of 1965 (20 U.S.C. 6301). A State may not include 
        any program funded pursuant to the Individuals with 
        Disabilities Education Act (20 U.S.C. 1400 et seq.).
            (2) Uses of funds.--Funds made available to a State 
        pursuant to a declaration of intent under this Act shall be 
        used for any educational purpose permitted by State law of the 
        State submitting a declaration of intent.
    (c) Contents of Declaration.--Each declaration of intent shall 
contain--
            (1) a list of eligible programs that are subject to the 
        declaration of intent;
            (2) an assurance that the submission of the declaration of 
        intent has been authorized by the State Authorizing Officials, 
        specifying the identity of the State Designated Officer;
            (3) the duration of the declaration of intent;
            (4) an assurance that the State will use fiscal control and 
        fund accounting procedures;
            (5) an assurance that the State will meet the requirements 
        of applicable Federal civil rights laws in carrying out the 
        declaration of intent and in consolidating and using the funds 
        under the declaration of intent;
            (6) an assurance that in implementing the declaration of 
        intent the State will seek to advance educational opportunities 
        for the disadvantaged; and
            (7) a description of the plan for maintaining direct 
        accountability to parents and other citizens of the State.
    (d) Duration.--The duration of the declaration of intent shall not 
exceed 5 years.
    (e) Review and Recognition by the Secretary.--
            (1) In general.--The Secretary shall review the declaration 
        of intent received from the State Designated Officer not more 
        than 60 days after the date of receipt of such declaration, and 
        shall recognize such declaration of intent unless the 
        declaration of intent fails to meet the requirements under 
        subsection (c).
            (2) Recognition by operation of law.--If the Secretary 
        fails to take action within the time specified in paragraph 
        (1), the declaration of intent, as submitted, shall be deemed 
        to be approved.
    (f) Amendment to Declaration of Intent.--
            (1) In general.--The State Authorizing Officials may direct 
        the State Designated Officer to submit amendments to a 
        declaration of intent that is in effect. Such amendments shall 
        be submitted to the Secretary and considered by the Secretary 
        in accordance with subsection (e).
            (2) Amendments authorized.--A declaration of intent that is 
        in effect may be amended to--
                    (A) expand the scope of such declaration of intent 
                to encompass additional eligible programs;
                    (B) reduce the scope of such declaration of intent 
                by excluding coverage of a Federal program included in 
                the original declaration of intent;
                    (C) modify the duration of such declaration of 
                intent; or
                    (D) such other modifications that the State 
                Authorizing Officials deem appropriate.
            (3) Effective date.--The amendment shall specify an 
        effective date. Such effective date shall provide adequate time 
        to assure full compliance with Federal program requirements 
        relating to an eligible program that has been removed from the 
        coverage of the declaration of intent by the proposed 
        amendment.
            (4) Treatment of program funds withdrawn from declaration 
        of intent.--Beginning on the effective date of an amendment 
        executed under paragraph (2)(B), each program requirement of 
        each program removed from the declaration of intent shall apply 
        to the State's use of funds made available under the program.

SEC. 3. TRANSPARENCY FOR RESULTS OF PUBLIC EDUCATION.

    (a) In General.--
            (1) Informing the public about assessment and 
        proficiency.--Each State operating under a declaration of 
        intent under this Act shall inform parents and the general 
        public regarding the student achievement assessment system, 
        demonstrating student progress relative to the State's 
        determination of student proficiency, as described in paragraph 
        (2), for the purpose of accountability.
            (2) Assessment and standards.--Each State operating under a 
        declaration of intent under this Act shall establish and 
        implement a single system of academic standards and academic 
        assessments, including the development of student proficiency 
        goals. Such State may apply the academic assessments and 
        standards described under section 1111 of the Elementary and 
        Secondary Education Act of 1965 (20 U.S.C. 6311) or establish 
        and implement different academic assessments and standards.
    (b) Accountability System.--The State shall determine and establish 
an accountability system to ensure accountability under this Act.
    (c) Report on Student Progress.--Not later than 1 year after the 
effective date of the declaration of intent, and annually thereafter, a 
State shall disseminate widely to parents and the general public a 
report that describes student progress. The report shall include--
            (1) student performance data disaggregated in the same 
        manner as data are disaggregated under section 
        1111(b)(3)(C)(xiii) of the Elementary and Secondary Education 
        Act of 1965 (20 U.S.C. 6311(b)(3)(C)(xiii)); and
            (2) a description of how the State has used Federal funds 
        to improve academic achievement, reduce achievement disparities 
        between various student groups, and improve educational 
        opportunities for the disadvantaged.

SEC. 4. MAINTENANCE OF FUNDING LEVELS SPENT BY STATES ON EDUCATION.

    (a) In General.--For each State consolidating and using funds 
pursuant to a declaration of intent under this Act, for each school 
year of the declaration of intent, the aggregate amount of funds spent 
by the State on elementary and secondary education shall be not less 
than 90 percent of the aggregate amount of funds spent by the State on 
elementary and secondary education for the school year that coincides 
with the date of enactment of this Act.
    (b) Exception.--
            (1) State waiver claim.--The requirement of subsection (a) 
        may be waived by the State Authorizing Officials if the State 
        having a declaration of intent in effect makes a determination, 
        supported by specific findings, that uncontrollable or 
        exceptional circumstances, such as a natural disaster or 
        extreme contraction of economic activity, preclude compliance 
        for a specified period, which may be extended. Such 
        determination shall be presented to the Secretary by the State 
        Designated Officer.
            (2) Action by the secretary.--The Secretary shall accept 
        the State's waiver, as described in paragraph (1), if the State 
        has presented evidence to support such waiver. The Secretary 
        shall review the waiver received from the State Designated 
        Officer not more than 60 days after the date of receipt. If the 
        Secretary fails to take action within that time frame, the 
        waiver, as submitted, shall be deemed to be approved.

SEC. 5. ADMINISTRATIVE EXPENSES.

    (a) In General.--Except as provided in subsection (b), the amount 
that a State with a declaration of intent may expend for administrative 
expenses shall be limited to 1 percent of the aggregate amount of 
Federal funds made available to the State through the eligible programs 
included within the scope of such declaration of intent.
    (b) States Not Consolidating Funds Under Part A of Title I.--If the 
declaration of intent does not include within its scope part A of title 
I of the Elementary and Secondary Education Act of 1965 (20 U.S.C. 6311 
et seq.), the amount spent by the State on administrative expenses 
shall be limited to 3 percent of the aggregate amount of Federal funds 
made available to the State pursuant to such declaration of intent.

SEC. 6. EQUITABLE PARTICIPATION OF PRIVATE SCHOOLS.

    Each State consolidating and using funds pursuant to a declaration 
of intent under this Act shall provide for the participation of private 
school children and teachers in the activities assisted under the 
declaration of intent in the same manner as participation is provided 
to private school children and teachers under section 9501 of the 
Elementary and Secondary Education Act of 1965 (20 U.S.C. 7881).

Ex Output:

Academic Partnerships Lead Us to Success Act or the A PLUS Act - Allows each state to submit to the Secretary of Education a declaration of intent, applicable for up to five years, permitting it to receive federal funds on a consolidated basis that would otherwise be directed toward specific programs furthering the stated purpose of title I (Improving the Academic Achievement of the Disadvantaged) of the Elementary and Secondary Education Act of 1965.  Requires each declaration to be formulated by a combination of specified State Authorizing Officials or by referendum and to list the programs for which consolidated funding is requested. Allows states to use such funds for any educational purpose permitted by state law, but requires them to make certain assurances that they will use fiscal control and fund accounting procedures, abide by federal civil rights laws, and advance educational opportunities for the disadvantaged. Allows states to amend their declarations.  Allows each declaration state to adopt new academic assessments and standards or apply those described under the Elementary and Secondary Education Act of 1965, but requires each state to have a single system of assessments and standards that includes student proficiency goals. Requires each declaration state to: (1) inform the public about its student achievement assessment system; (2) report annually on student progress toward the state's proficiency standards, disaggregating performance data by specified student groups; and (3) keep aggregate spending on elementary and secondary education at no less than 90% of such spending for the school year coinciding with this Act's enactment.  Limits administrative expenses. Requires each declaration state to provide for the equitable participation of private school children and teachers in the activities assisted under its declaration of intent.