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

Q: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``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.

A: 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.
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Q: SECTION 1. SHORT TITLE.

    This Act may be cited as ``State Business Law Conformity Act of 
2004''.

SEC. 2. REFERENCES TO GENERAL PARTNERS.

    (a) Exclusion of Certain Active Businesses From at Risk Rules.--
Subclause (I) of section 465(c)(7)(D)(ii) of the Internal Revenue Code 
of 1986 (defining qualified corporate partner) is amended to read as 
follows:
                                    ``(I) such corporation is not 
                                prohibited or limited under State law 
                                from participation in the management or 
                                business of the partnership.''.
    (b) Payments to Retiring Partners.--Subparagraph (B) of section 
736(b)(3) of such Code (relating to limitation on application of 
paragraph (2)) is amended to read as follows:
                    ``(B) any portion of the retiring or deceased 
                partner's distributive share of partnership income was 
                subject to tax under section 1401.''.
    (c) Foreign Currency Transactions.--Subclause (I) of section 
988(c)(1)(E)(v) of such Code is amended to read as follows:
                                    ``(I) Certain general partners.--
                                The interest of a partner in the 
                                partnership shall not be treated as 
                                failing to meet the 20-percent 
                                ownership requirements of clause 
                                (iii)(I) for any taxable year of the 
                                partnership if for the taxable year of 
                                the partner in which such partnership 
                                taxable year ends--
                                            ``(aa) the partner is not 
                                        limited as to participation in 
                                        the management or activity of 
                                        the qualified fund, and
                                            ``(bb) such partner (and 
                                        each corporation filing a 
                                        consolidated return with such 
                                        partner) had no ordinary income 
                                        or loss from a section 988 
                                        transaction which is foreign 
                                        currency gain or loss (as the 
                                        case may be).''.
    (d) Special Valuation Rules for Generation-Skipping Tax.--Clause 
(ii) of section 2701(b)(2)(B) of such Code (relating to partnerships) 
is amended to read as follows:
                            ``(ii) in the case of a limited 
                        partnership, the holding of any interest as a 
                        partner who is not limited as to participation 
                        in management or activity of the 
                        partnership.''.
    (e) Tax Matters Partner.--Paragraph (7) of section 6231(a) of such 
Code (defining tax matters partner) is amended to read as follows:
            ``(7) Tax matters partner.--
                    ``(A) In general.--The tax matters partner of any 
                partnership is--
                            ``(i) the partner designated as the tax 
                        matters partner as provided in regulations, or
                            ``(ii) if there is no partner who has been 
                        so designated, the partner having the largest 
                        profits interest in the partnership at the 
                        close of the taxable year involved (or, where 
                        there is more than 1 such partner, the 1 of 
                        such partners whose name would appear first in 
                        an alphabetical listing).
                    ``(B) Selection by secretary.--If there is no 
                partner designated under subparagraph (A)(i) and the 
                Secretary determines that it is impracticable to apply 
                subparagraph (A)(ii), the partner selected by the 
                Secretary shall be treated as the tax matters partner. 
                The Secretary shall, within 30 days of selecting a tax 
                matters partner under the preceding sentence, notify 
                all partners required to receive notice under section 
                6223(a) of the name and address of the person selected.
                    ``(C) Restriction on designation of partner.--A 
                partner may not be designated as a tax matters partner 
                under subparagraph (A)(i) unless such partner is not 
                limited as to participation in management or activity 
                of the partnership.''.
    (f) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2004.

SEC. 3. REFERENCES TO LIMITED PARTNERS.

    (a) Limited Entrepreneur.--
            (1) In general.--Subparagraph (A) of section 464(e)(2) of 
        the Internal Revenue Code of 1986 (defining limited 
        entrepreneur) is amended by striking ``other than as a limited 
        partner''.
            (2) Conforming amendments.--
                    (A) Section 464(c) of such Code is amended--
                            (i) by striking ``limited partners or'' in 
                        paragraph (1)(B),
                            (ii) by striking ``a limited partner or'' 
                        in paragraph (2).
                    (B) Section 1256 of such Code is amended--
                            (i) by striking ``limited partners or'' 
                        each place it appears in subsections (e)(3)(B) 
                        and (f)(4),
                            (ii) by striking ``a limited partner or'' 
                        in subsection (e)(3)(C), and
                            (iii) by striking ``limited partner or'' 
                        both places it appears in the heading and text 
                        of subsection (e)(4)(A)(i).
                    (C) Section 1258(d)(5)(C) of such Code is amended--
                            (i) by striking ``limited partner or'' in 
                        the matter preceding subclause (i),
                            (ii) by striking ``limited partner's (or 
                        limited entrepreneur's) in subclause (i) and 
                        inserting ``limited entrepreneur's'', and
                            (iii) by striking ``partners and limited'' 
                        in the heading.
    (b) Passive Loss Rules.--
            (1) Subsection (h) of section 469 of such Code is amended 
        by striking paragraph (2) and by redesignating paragraphs (3), 
        (4), and (5) as paragraphs (2), (3), and (4), respectively.
            (2) Subparagraph (A) of section 469(c)(7) of such Code is 
        amended by striking the last sentence.
            (3) Paragraph (6) of section 469(i) of such Code is amended 
        by striking subparagraph (C) and by redesignating subparagraph 
        (D) as subparagraph (C).
            (4) Subsection (f) of section 772 of such Code (relating to 
        special rules for applying passive loss limitations) is amended 
        to read as follows:
    ``(f) Special Rules for Applying Passive Loss Limitations.--
            ``(1) In general.--If any person holds an interest in an 
        electing large partnership other than as a partner described in 
        paragraph (3)--
                    ``(A) paragraph (2) of subsection (c) shall not 
                apply to such partner, and
                    ``(B) such partner's distributive share of the 
                partnership items allocable to passive loss limitation 
                activities shall be taken into account separately to 
                the extent necessary to comply with the provisions of 
                section 469.
            ``(2) Exception.--Paragraph (1) shall not apply to any 
        items allocable to an interest held as a partner described in 
        paragraph (3).
            ``(3) Partner described.--For purposes of this subsection, 
        a partner is described in this paragraph if the partner is a 
        person whose participation in the management or business 
        activity of the partnership is limited under applicable State 
        law.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2004.

SEC. 4. PARTNERSHIP INCOME ATTRIBUTABLE TO CAPITAL EXCLUDED FROM NET 
              EARNINGS FROM SELF-EMPLOYMENT.

    (a) In General.--Paragraph (13) of section 1402(a) of the Internal 
Revenue Code of 1986 is amended to read as follows:
            ``(13) there shall be excluded the distributive share of 
        net income of a partner attributable to capital;''.
    (b) Partnership Income Attributable to Capital.--Section 1402 of 
such Code is amended by adding at the end the following new subsection:
    ``(l) Partnership Income Attributable to Capital.--
            ``(1) In general.--For purposes of subsection (a)(13), the 
        following amounts shall be treated as income attributable to 
        capital--
                    ``(A) the amount, if any, in excess of what would 
                constitute reasonable compensation for services 
                rendered by such partner to the partnership, and
                    ``(B) an amount equal to a reasonable rate of 
                return on unreturned capital of the partner determined 
                as of the beginning of the taxable year.
            ``(2) Definitions.--For purposes of paragraph (1)--
                    ``(A) Unreturned capital.--The term `unreturned 
                capital' means the excess of the aggregate amount of 
                money and the fair market value as of the date of 
                contribution of other consideration (net of 
                liabilities) contributed by the partner over the 
                aggregate amount of money and the fair market value as 
                of the date of distribution of other consideration (net 
                of liabilities) distributed by the partnership to the 
                partner, increased or decreased for the partner's 
                distributive share of all reportable items as 
                determined in section 702. If the partner acquires a 
                partnership interest and the partnership makes an 
                election under section 754, the partner's unreturned 
                capital shall take into account appropriate adjustments 
                under section 743.
                    ``(B) Reasonable rate of return.--A reasonable rate 
                of return on unreturned capital shall equal 150 percent 
                (or such higher rate as is established in regulations) 
                of the highest applicable Federal rate, as determined 
                under section 1274(d)(1), at the beginning of the 
                partnership's taxable year.
            ``(3) Regulations.--The Secretary shall prescribe such 
        regulations as may be necessary to carry out the purposes of 
        this subsection.''.
    (c) Effective Date.--The amendments made by this section shall 
apply with respect to services performed in taxable years beginning 
after December 31, 2004.

SEC. 5. REPEAL OF ABILITY TO ELECT LARGE PARTNERSHIP REPORTING RULES.

    (a) In General.--Paragraph (2) of section 775(a) of the Internal 
Revenue Code of 1986 (relating to election) is amended by adding at the 
end the following: ``No election under this subsection shall be made 
after December 31, 2004.''.
    (b) Effective Date.--The amendment made by this section shall apply 
to partnership taxable years beginning after December 31, 2004.

A: State Business Law Conformity Act of 2004 - Amends the Internal Revenue Code to: (1) revise certain partnership tax definitions and rules relating to general and limited partners; (2) exclude from net earnings from self-employment partnership income attributable to capital; and (3) repeal, after 2004, the election to apply large partnership (100 partners or more) tax rules.
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Q: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Geothermal Production Expansion 
Act''.

SEC. 2. FINDINGS.

    The Congress finds the following:
            (1) It is in the best interest of the United States to 
        develop clean renewable geothermal energy.
            (2) Development of such energy should be promoted on 
        appropriate Federal lands.
            (3) Under the Energy Policy Act of 2005, the Bureau of Land 
        Management is authorized to issue three different types of non-
        competitive leases for production of geothermal energy on 
        Federal lands, including non-competitive geothermal leases to 
        mining claim holders that have a valid operating plan, direct 
        use leases, and leases on parcels that do not sell at a 
        competitive auction.
            (4) Federal geothermal energy leasing activity should be 
        directed towards those seeking to develop the land as opposed 
        to those seeking to speculate on geothermal resources and 
        thereby artificially raising the cost of legitimate geothermal 
        energy development.
            (5) Developers of geothermal energy on Federal lands that 
        have invested substantial capital and made high risk 
        investments should be allowed to secure a discovery of 
        geothermal energy resources.
            (6) Successful geothermal development on Federal lands will 
        provide increased revenue to the Federal Government, with the 
        payment of production royalties over decades.

SEC. 3. NONCOMPETITIVE LEASING OF ADJOINING AREAS FOR DEVELOPMENT OF 
              GEOTHERMAL RESOURCES.

    The Geothermal Steam Act of 1970 is amended--
            (1) in section 2 (30 U.S.C. 1001)--
                    (A) by striking the period at the end of each of 
                paragraphs (e) and (f) and inserting a semicolon;
                    (B) by striking ``, and'' at the end of paragraph 
                (g) and inserting a semicolon; and
                    (C) by adding at the end the following new 
                paragraphs:
            ``(h) `industry standards' means the standards by which a 
        qualified geothermal professional assesses whether downhole or 
        flowing temperature measurements with indications of 
        permeability are sufficient to produce geothermal steam or 
        geothermal resources as determined through flow or injection 
        testing or measurement of lost circulation while drilling;
            ``(i) `qualified geothermal professional' means an 
        individual who is an engineer or geoscientist in good 
        professional standing with at least five years of experience in 
        geothermal exploration, development, project assessment, or any 
        combination of the forgoing;
            ``(j) the term `qualified lessee' means a person that may 
        hold a geothermal lease under part 3202.10 of title 43, Code of 
        Federal Regulations, as in effect on the date of enactment of 
        the Geothermal Production Expansion Act; and
            ``(k) `valid discovery' means a discovery of a geothermal 
        resource by a new or existing slim hole or production well, 
        that exhibits downhole or flowing temperature measurements with 
        indications of permeability sufficient to meet industry 
        standards.''; and
            (2) in section 4(b) (30 U.S.C. 1003(b)), by adding at the 
        end the following:
            ``(4) Adjoining lands.--
                    ``(A) In general.--Areas that adjoin Federal lands 
                for which a qualified lessee holds a legal right to 
                develop geothermal resources may be available for 
                noncompetitive lease under this section to the 
                qualified lessee at the fair market value per acre, 
                if--
                            ``(i) the adjoining areas--
                                    ``(I) consist of an area of not 
                                more than a total of 640 acres;
                                    ``(II) each consist of not less 
                                than one acre;
                                    ``(III) are not already leased 
                                under this Act or nominated to be 
                                leased under subsection (a);
                            ``(ii) the qualified lessee has not 
                        previously received a noncompetitive lease 
                        under this paragraph in connection with the 
                        valid discovery for which data has been 
                        submitted under subclause (I) of clause (iii); 
                        and
                            ``(iii) sufficient geological and other 
                        technical data prepared by a qualified 
                        geothermal professional has been submitted by 
                        the qualified lessee to the relevant Federal 
                        land management agency that would engender a 
                        belief in individuals who are experienced in 
                        the subject matter that--
                                    ``(I) there is a valid discovery of 
                                geothermal steam or geothermal 
                                resources on the lands for which the 
                                qualified lesseeholds the legal right 
                                to develop geothermal resources; and
                                    ``(II) such thermal feature extends 
                                into the adjoining areas.
                    ``(B) Fair market value per acre defined.--As used 
                in this paragraph, the term `fair market value per 
                acre' means a dollar amount per acre that--
                            ``(i) except as provided in this 
                        subparagraph, shall be equal to the market 
                        value per acre, as determined by the Secretary;
                            ``(ii) shall be determined by the Secretary 
                        with respect to a lease under this paragraph, 
                        by not later than the end of the 90-day period 
                        beginning on the date the Secretary receives an 
                        application for the lease;
                            ``(iii) if the Secretary does not determine 
                        the fair market value per acre for a lease 
                        before the end of the period referred to in 
                        clause (ii), shall be $100 per acre (adjusted 
                        by the Secretary for inflation annually 
                        beginning with fiscal year 2011) until the 
                        Secretary establishes such fair market value; 
                        and
                            ``(iv) for any lease for which an 
                        application is received before the end of the 
                        15-year period beginning on the date of the 
                        enactment of this clause, shall not exceed $200 
                        per acre (adjusted by the Secretary for 
                        inflation annually beginning with fiscal year 
                        2011).''.

A:
Geothermal Production Expansion Act - Amends competitive lease provisions of the Geothermal Steam Act of 1970 to set forth conditions under which areas that adjoin federal lands for which a qualified lessee holds a legal right to develop geothermal resources may be made available to the lessee for noncompetitive lease at the fair market value per acre.

Includes as such conditions that sufficient data has been submitted by a qualified geothermal professional to the relevant federal land management agency to engender a belief that: (1) there is a valid discovery of geothermal or geothermal steam resources on the lands for which the lessee holds the right to develop the resources; and (2) the thermal feature extends into the adjoining areas.
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