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 ``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.

Ex Output:
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.


Ex Input:
SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Graduation Really Achieves Dreams 
Act'' or the ``GRAD Act''.

SEC. 2. FINDINGS.

    The Congress makes the following findings:
            (1) The national high school graduation rate is only 70 
        percent, and in urban districts that percentage drops further 
        to only 50 percent.
            (2) The national graduation rate for the class of 2001 was 
        only 51 percent for African Americans and 52 percent for Latino 
        students.
            (3) Each school day, approximately 3,000 secondary school 
        students drop out of school.
            (4) Six million secondary students who make up the lowest 
        25 percent in terms of achievement scores are 3.5 times more 
        likely to drop out than students in the next highest quarter of 
        academic achievement, and are 20 times more likely to drop out 
        than high achieving students.
            (5) Approximately 25 percent of secondary school students 
        are reading at ``below basic'' levels. The problem is even more 
        severe for poor students of color. The average minority or low-
        income ninth grader performs at only the fifth or sixth grade 
        level in reading.
            (6) Low graduation rates are evidence that, in the earlier 
        grades, schools are not meeting the fundamental achievement 
        needs of low-income students.
            (7) Even those students who do graduate from secondary 
        schools and go on to college are struggling because they lack 
        the basic skills to succeed. Approximately 40 percent of all 4-
        year college students take a remedial course and 63 percent of 
        all community college students are assigned to at least one 
        remedial course.
            (8) A small percentage of low-income students who manage to 
        enter college are able to complete a degree. Of students from 
        families in the bottom 20 percent in terms of income who enter 
        college, only 27 percent go on to complete a two- or four-year 
        college degree within eight years.
            (9) Graduation rates impact early drop-out rates in the 
        military. The attrition rates of both non-high school graduates 
        and GED recipients are 8 percentage points higher than the 
        rates of graduates. As a result, the Armed Services no longer 
        accepts high school drop-outs and put less value on alternative 
        certificates.
            (10) Students who fail to graduate from high school are 
        more likely to engage in criminal activity than students who 
        graduate. A one percent increase in high school graduation 
        rates would save approximately $1.4 billion in costs associated 
        with incarceration, or about $2,100 for each male high school 
        graduate.
            (11) In today's workplace, nearly 8 in 10 adults with 
        bachelors degrees are employed, but for those who completed 
        high school only, the figure falls to about 6 in 10. And for 
        students who dropped out, the figure drops further to 4 in 10.
            (12) Employment projections indicate that jobs requiring 
        only a high school degree will grow by just 9 percent by the 
        year 2008, while those requiring a bachelor's degree will grow 
        by 25 percent and those requiring an associate's degree will 
        grow by 31 percent.
            (13) Personalization of the school environment has been 
        proven to increase success rates for low-performing secondary 
        school students. Nearly 50 percent of middle school youth and 
        40 percent of high school youth report feelings of 
        disengagement from school. Rates are even higher for teens and 
        minorities in urban schools. These feelings result in failure 
        to work hard, to seek assistance, or to take appropriate 
        courses.
            (14) Effective research-based education programs that 
        improve high school graduation rates are comprehensive in 
        nature and include interventions that begin in kindergarten and 
        span all the grades through 12th.

SEC. 3. PROJECT GRAD.

    (a) Purpose.--The purpose of the program authorized under this Act 
is--
            (1) to provide support and assistance to programs 
        implementing integrated education reform services to improve 
        high school graduation and college going rates for 
        disadvantaged students; and
            (2) to promote the establishment of new programs to 
        implement such integrated education reform services.
    (b) Grant Authorized.--The Secretary is authorized to award a grant 
to Project GRAD USA, a nonprofit educational organization that has as 
its primary purpose the improvement of high school graduation and 
college going rates for disadvantaged students (hereinafter in this 
section referred to as the ``grantee''), to provide support and 
technical assistance to existing programs implementing the set of 
integrated education reform services described in subsection (d)(2) and 
to promote the expansion of such programs.
    (c) Requirements of Grant Agreement.--The Secretary shall enter 
into an agreement with the grantee that requires that--
            (1) the grantee will enter into subcontracts with nonprofit 
        educational organizations (hereinafter in this section referred 
        to as ``subgrantees'') under which the subgrantees will agree 
        to establish, operate, and provide the non-Federal share of the 
        cost of implementing Project GRAD programs;
            (2) the grantee will provide such technical assistance to 
        the subgrantees as may be necessary to carry out the provisions 
        of this section;
            (3) funds made available under the grant can be used to pay 
        the Federal share of the cost of establishing and operating 
        programs as provided in paragraph (1) and costs associated with 
        the provision of technical assistance as provided in paragraph 
        (2); and
            (4) the grantee will select only subgrantees that serve a 
        substantial number or percentage of low-income students.
    (d) Supported Programs.--
            (1) Designation; feeder patterns.--The programs supported 
        with funds available under this section shall be known as 
        ``Project GRAD programs''. Such programs shall, with the 
        agreement of the grantee, identify one or more groups of public 
        schools at which services will be provided through establishing 
        a ``feeder pattern'' through which elementary and secondary 
        schools channel students having participated in Project GRAD 
        services into an identified high school.
            (2) Integrated education reform services.--The services 
        provided through project GRAD programs shall include--
                    (A) research-based programs in reading, 
                mathematics, and classroom management;
                    (B) campus-based social services programs including 
                a systematic approach to increase family and community 
                involvement in the schools served;
                    (C) a college access program, which includes the 
                provision of a college scholarship for students that 
                meet established criteria, proven approaches to 
                increasing student and family college awareness, and 
                assistance for those students in applying to college 
                for financial aid; and
                    (D) such other services identified by the grantee 
                as necessary to increase high school graduation and 
                college going rates.
    (e) Use of Funds.--Not less than 75 percent of the funds received 
by the grantee under this section shall be used to fund awards to 
subgrantees to carry out the requirements of subsection (d)(1). The 
balance of such funds shall be used by grantee to carry out the 
requirements of subsection (d)(2), as well as other such activities to 
promote greater public awareness of integrated education reform 
services to improve high school graduation and college going rates for 
disadvantaged students as described in subsection (d)(2).
    (f) Federal Share.--
            (1) In general.--For purposes of subsection (c), the term 
        ``Federal share'' means, with respect to the costs of Project 
        GRAD programs authorized in subsection (c), subgrants provided 
        by the grantee averaging $200 per pupil, adjusted to take into 
        consideration the resources available to the school at which 
        the subgrantee will implement the program, and the need for 
        Project GRAD USA services to improve student outcomes.
            (2) Exception.--Nothing in this subsection shall preclude 
        the awarding of subgrants reflecting a per student cost of more 
        than $200 if the grantee determines that additional resources 
        were not available consistent with the requirements placed on 
        the grantee in subsection (c)(4).
            (3) More may be required.--If funds or resources are 
        available to a subgrantee, the grantee may elect to award the 
        subgrantee less than the Federal share of the cost associated 
        with the program.
    (g) Evaluation.--
            (1) Evaluation by the secretary.--The Secretary shall 
        select an independent entity to evaluate every 3 years the 
        performance of students who participate in a program under this 
        section. The evaluation shall be contracted using the strongest 
        possible research design for determining the effectiveness of 
        programs funded under this section. The evaluation shall 
        include a comparison of reading and mathematics achievement 
        and, where applicable, high school graduation, college going, 
        and college completion rates of students who participate in the 
        programs funded under this section with those indicators for 
        students of similar backgrounds who do not participate in such 
        programs.
            (2) Evaluation by grantee and subgrantees.--The grantee 
        shall require each subgrantee to prepare an in-depth report of 
        the results of the programs supported with funds, and the use 
        of funds, made available under this section. Such review shall 
        include data on the reading and math achievement of students 
        involved in the programs and statistics on high school 
        graduation, college going, and college completion rates, and 
        such financial reporting as deemed relevant to review the 
        effectiveness and efficiency of the program. The report shall 
        be in a form and include such content as shall be determined by 
        the grantee in consultation with the Secretary or the entity 
        selected by the Secretary to evaluate the Project GRAD program.
            (3) Availability of evaluations.--Copies of any evaluation 
        or report prepared pursuant to this section shall be available 
        to the Secretary and the Chairman and ranking member of the 
        Committee on Education and the Workforce of the House of 
        Representatives and the Committee on Health, Education, Labor 
        and Pensions of the Senate.
    (h) Authorization of Appropriations.--There are authorized to be 
appropriated to make grants under this section $27,000,000 for fiscal 
year 2005 and such sums as may be necessary for each of the 5 
succeeding fiscal years.
    (i) Low-Income Student.--For purposes of this section, the term 
``low-income student'' means a student who is determined by a local 
educational agency to be from a low-income family using the measures 
described in section 1113(c) of the Elementary and Secondary Education 
Act of 1965.

Ex Output:
Graduation Really Achieves Dreams Act - GRAD Act - Authorizes a grant to Project GRAD USA, a nonprofit educational organization for improving high school graduation and college-going rates for disadvantaged students, to provide technical assistance and support through subgrants to existing and new programs that implement a set of integrated education reform services.

Requires the grantee to select only subgrantees that serve a substantial number or percentage of low-income students. Requires the programs to identify one or more groups of public schools at which services will be provided through a feeder pattern through which elementary and secondary schools channel students having participated in program services into an identified high school. Requires program services to include: (1) research-based programs in reading, mathematics, and classroom management; (2) campus-based social services programs, including increasing family and community involvement in schools; (3) a college access program, including providing college scholarships for students who meet established criteria, increasing student and family college awareness, and assisting students to apply for college financial aid; and (4) other services the grantee identifies as necessary.


Ex Input:
SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Empowering Jobs Act of 2015''.

SEC. 2. MODIFICATION OF RULES FOR TAX-EXEMPT ENTERPRISE ZONE FACILITY 
              BONDS.

    (a) In General.--Clause (i) of section 1394(b)(3)(B) of the 
Internal Revenue Code of 1986 is amended--
            (1) by striking ``References'' and inserting the following:
                                    ``(I) In general.--Except as 
                                provided in subclause (II), 
                                references'', and
            (2) by adding at the end the following new subclause:
                                    ``(II) Special rule for employee 
                                residence test.--For purposes of 
                                subsection (b)(6) and (c)(5) of section 
                                1397C, an employee shall be treated as 
                                a resident of an empowerment zone if 
                                such employee is a resident of an 
                                empowerment zone, an enterprise 
                                community, or a qualified low-income 
                                community within an applicable 
                                nominating jurisdiction.''.
    (b) Definitions.--
            (1) Qualified low-income community.--Paragraph (3) of 
        section 1394(b) of the Internal Revenue Code of 1986 is amended 
        by redesignating subparagraphs (C) and (D) as subparagraphs (D) 
        and (E), respectively, and by inserting after subparagraph (B) 
        the following new subparagraph:
                    ``(C) Qualified low-income community.--For purposes 
                of subparagraph (B)--
                            ``(i) In general.--The term `qualified low-
                        income community' means any population census 
                        tract if--
                                    ``(I) the poverty rate for such 
                                tract is at least 20 percent, or
                                    ``(II) the median family income for 
                                such tract does not exceed 80 percent 
                                of statewide median family income (or, 
                                in the case of a tract located within a 
                                metropolitan area, metropolitan area 
                                median family income if greater).
                        Subclause (II) shall be applied using 
                        possessionwide median family income in the case 
                        of census tracts located within a possession of 
                        the United States.
                            ``(ii) Targeted populations.--The Secretary 
                        shall prescribe regulations under which 1 or 
                        more targeted populations (within the meaning 
                        of section 103(20) of the Riegle Community 
                        Development and Regulatory Improvement Act of 
                        1994) may be treated as a qualified low-income 
                        communities.
                            ``(iii) Areas not within census tracts.--In 
                        the case of an area which is not tracted for 
                        population census tracts, the equivalent county 
                        divisions (as defined by the Bureau of the 
                        Census for purposes of defining poverty areas) 
                        shall be used for purposes of determining 
                        poverty rates and median family income.
                            ``(iv) Modification of income requirement 
                        for census tracts within high migration rural 
                        counties.--
                                    ``(I) In general.--In the case of a 
                                population census tract located within 
                                a high migration rural county, clause 
                                (i)(II) shall be applied to areas not 
                                located within a metropolitan area by 
                                substituting `85 percent' for `80 
                                percent'.
                                    ``(II) High migration rural 
                                county.--For purposes of this clause, 
                                the term `high migration rural county' 
                                means any county which, during the 20-
                                year period ending with the year in 
                                which the most recent census was 
                                conducted, has a net out-migration of 
                                inhabitants from the county of at least 
                                10 percent of the population of the 
                                county at the beginning of such 
                                period.''.
            (2) Applicable nominating jurisdiction.--Subparagraph (D) 
        of section 1394(b)(3) of such Code, as redesignated by 
        paragraph (1), is amended by adding at the end the following 
        new clause:
                            ``(iii) Applicable nominating 
                        jurisdiction.--The term `applicable nominating 
                        jurisdiction' means, with respect to any 
                        empowerment zone or enterprise community, any 
                        local government that nominated such community 
                        for designation under section 1391.''.
    (c) Conforming Amendments.--
            (1) Clause (iii) of section 1394(b)(3)(B) of such Code is 
        amended by striking ``or an enterprise community'' and 
        inserting ``, an enterprise community, or a qualified low-
        income community within an applicable nominating 
        jurisdiction''.
            (2) Subparagraph (D) of section 1394(b)(3) of such Code, as 
        redesignated by subsection (b)(1), is amended by striking 
        ``Definitions'' and inserting ``Other definitions''.
    (d) Effective Date.--The amendments made by this section shall 
apply to bonds issued before, on, or after the date of the enactment of 
this Act and not redeemed before the date of the enactment of this Act.

SEC. 3. EXTENSION OF EMPOWERMENT ZONE TAX INCENTIVES.

    (a) In General.--Clause (i) of section 1391(d)(1)(A), as amended by 
the Tax Increase Prevention Act of 2014, is amended by striking 
``December 31, 2014'' and inserting ``December 31, 2016''.
    (b) Treatment of Certain Termination Dates Specified in 
Nominations.--In the case of a designation of an empowerment zone the 
nomination for which included a termination date which is 
contemporaneous with the date specified in subparagraph (A)(i) of 
section 1391(d)(1) of the Internal Revenue Code of 1986 (as in effect 
before the enactment of this Act), subparagraph (B) of such section 
shall not apply with respect to such designation if, after the date of 
the enactment of this section, the entity which made such nomination 
amends the nomination to provide for a new termination date in such 
manner as the Secretary of the Treasury (or the Secretary's designee) 
may provide.
    (c) Effective Dates.--The amendment made by subsection (a) shall 
apply to periods after December 31, 2014.

Ex Output:

Empowering Jobs Act of 2015 Amends the Internal Revenue Code, with respect to tax-exempt enterprise zone facility bonds and empowerment zones, to: (1)&nbsp;include as employees of a qualified business entity employees who are residents of&nbsp;an empowerment zone, an enterprise community, or a qualified low-income community; and (2)&nbsp;extend the period of designation for empowerment zones through December 31, 2016 (thus extending the eligibility of such zones for certain tax benefits).