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

[EX Q]: SECTION 1. SHORT TITLE.

    This Act may be cited as ``Medicaid/SCHIP Optional Coverage for 
Young Adults Act of 2003''.

SEC. 2. PROVIDING STATE OPTION FOR SCHIP AND MEDICAID COVERAGE OF YOUNG 
              ADULTS UP TO AGE 23.

    (a) In General.--
            (1) Medicaid.--(A) Section 1902(l)(1)(D) of the Social 
        Security Act (42 U.S.C. 1396a(l)(1)(D)) is amended by inserting 
        ``(or, at the option of the State, who have not attained 20, 
        21, or 22 years of age, as the State may elect)'' after ``have 
        not attained 19 years of age''.
            (B) Clause (i) of section 1905(a) of the Social Security 
        Act (42 U.S.C. 1396d(a)) is amended by striking ``under the age 
        of 21, or, at the option of the State, under the age of 20, 19, 
        or 18 as the State may choose'' and inserting ``under the age 
        of 23, or, at the option of the State, under the age of 22, 21, 
        20, 19, or 18 as the State may elect''.
            (2) SCHIP.--Section 2110(c)(1) of such Act (42 U.S.C. 
        1397jj(c)(1)) is amended by inserting after ``19 years of age'' 
        the following: ``(or, at the option of the State and subject to 
        the availability of additional allotments under section 
        2104(d), 20, 21, 22, or 23 years of age)''.
    (b) Availability of Enhanced Matching Funds.--
            (1) Under medicaid.--Section 1905 of the Social Security 
        Act (42 U.S.C. 1396d) is amended--
                    (A) in the fourth sentence of subsection (b), by 
                striking ``or subsection (u)(3)'' and inserting ``, 
                (u)(3), or (u)(4)(A)''; and
                    (B) in subsection (u)--
                            (i) by adding at the end of paragraph (1) 
                        the following new subparagraph:
            ``(C) Only with respect to expenditures described in 
        paragraph (4)(A), if the State is providing for benefits under 
        its State child health plan under title XXI for children under 
        19 years of age exclusively through benefits under its State 
        plan under this title, the State is also providing under such 
        plan the benefits for individuals over 18 years of age who are 
        eligible for such benefits only because of an election referred 
        to in such paragraph.'';
                            (ii) by redesignating paragraph (4) as 
                        paragraph (5); and
                            (iii) by inserting after paragraph (3) the 
                        following new paragraph:
    ``(4) For purposes of the fourth sentence of subsection (b) and 
section 2105(a), the expenditures described in this paragraph are 
expenditures for medical assistance for individuals who are over 18 
(and less than 23) years of age and who are eligible for such medical 
assistance because of an election by the State under section 
1902(l)(1)(D) or clause (i) of section 1905(a).''.
            (2) Additional allotments for providing coverage of 
        optional young adults.--
                    (A) In general.--Section 2104 of such Act (42 
                U.S.C. 1397dd) is amended by inserting after subsection 
                (c) the following:
    ``(d) Additional Allotments for the Provision of Coverage to 
Optional Young Adults.--
            ``(1) Appropriation; total allotment.--For the purpose of 
        providing additional allotments to States under this title, 
        there is appropriated, out of any money in the Treasury not 
        otherwise appropriated, for each of fiscal years 2004 through 
        2007, $200,000,000.
            ``(2) State and territorial allotments.--In addition to the 
        allotments provided under subsections (b) and (c), subject to 
        paragraph (3), of the amount available for the additional 
        allotments under paragraph (1) for a fiscal year, the Secretary 
        shall allot to each State with a State child health plan 
        approved under this title--
                    ``(A) in the case of such a State other than a 
                commonwealth or territory described in subparagraph 
                (B), the same proportion as the proportion of the 
                State's allotment under subsection (b) (determined 
                without regard to subsection (f)) to the total amount 
                of the allotments under subsection (b) for such States 
                eligible for an allotment under this paragraph for such 
                fiscal year; and
                    ``(B) in the case of a commonwealth or territory 
                described in subsection (c)(3), the same proportion as 
                the proportion of the commonwealth's or territory's 
                allotment under subsection (c) (determined without 
                regard to subsection (f)) to the total amount of the 
                allotments under subsection (c) for commonwealths and 
                territories eligible for an allotment under this 
                paragraph for such fiscal year.
            ``(3) Use of additional allotment.--Additional allotments 
        provided under this subsection are not available for amounts 
        expended before October 1, 2003. Such amounts are available for 
        amounts expended on or after such date only for--
                    ``(A) expenditures described in section 
                1905(u)(4)(A); and
                    ``(B) child health assistance for individuals who 
                are targeted low-income children and over 18 years of 
                age and who are low-income children only because of an 
                election by the State under section 2110(c)(1).''.
                    (B) Conforming amendments.--Section 2104 of the 
                Social Security Act (42 U.S.C. 1397dd) is amended--
                            (i) in subsection (a), in the matter 
                        preceding paragraph (1), by inserting ``subject 
                        to subsection (d),'' after ``under this 
                        section,'';
                            (ii) in subsection (b)(1), by inserting 
                        ``and subsection (d)'' after ``Subject to 
                        paragraph (4)''; and
                            (iii) in subsection (c)(1), by inserting 
                        ``subject to subsection (d),'' after ``for a 
                        fiscal year,''.
    (c) Effective Date.--The amendments made by this section apply to 
items and services furnished on or after October 1, 2003, without 
regard to whether regulations implementing such amendments have been 
promulgated.

SEC. 3. GRANTS TO IMPLEMENT MEDICAID AND SCHIP EXPANSIONS.

    (a) In General.--The Secretary of Health and Human Services shall 
provide for grants to small and rural States (as defined by the 
Secretary) in order to enable such States to implement expansions of 
eligibility for children and young adults their State medicaid plans 
under title XIX of the Social Security Act and State child health plans 
under title XXI of such Act. Such grants shall be available for 
planning, implementation, and outreach with respect to such expanded 
eligibility populations.
    (b) Terms and Conditions.--Grants under this section shall be made 
available under such terms and conditions, including the approval of a 
grant application, as the Secretary shall specify.
    (c) Authorization of Appropriations.--There are authorized to be 
appropriated such sums as may be necessary to provide for grants under 
this section.
[EX A]: Medicaid/SCHIP Optional Coverage for Young Adults Act of 2003 - Amends titles XIX (Medicaid) and XXI (State Children's Health Insurance) (SCHIP) of the Social Security Act to give States the option of providing SCHIP and Medicaid coverage, with an enhanced matching rate, to low-income youth up to age 23.

Directs the Secretary to provide for grants to small and rural States in order to enable them to implement expansions of eligibility for children and young adults under SSA titles XIX and XXI.

[EX Q]: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``End-User Protection Act of 2014''.

SEC. 2. DEFINITIONS.

    (a) In General.--Section 1a of the Commodity Exchange Act (7 U.S.C. 
1a) is amended--
            (1) by redesignating paragraphs (8) through (51) as 
        paragraphs (9) through (52), respectively;
            (2) by inserting after paragraph (7) the following:
            ``(8) Commercial market participant.--The term `commercial 
        market participant' means any producer, processor, merchant, or 
        commercial user of an exempt or agricultural commodity, or the 
        products or by-products of an exempt or agricultural 
        commodity.'';
            (3) in subparagraph (B) of paragraph (48) (as so 
        redesignated), by striking clause (ii) and inserting the 
        following:
                            ``(ii) any purchase or sale of a 
                        nonfinancial commodity or security for deferred 
                        shipment or delivery, so long as the 
                        transaction is intended to be physically 
                        settled, including any stand-alone or embedded 
                        option for which exercise would result in a 
                        physical delivery obligation;''; and
            (4) in paragraph (50) (as redesignated by paragraph (1)), 
        by striking subparagraph (D) and inserting the following:
                    ``(D) De minimis exception.--
                            ``(i) In general.--The Commission shall 
                        exempt from designation as a swap dealer an 
                        entity that engages in a de minimis quantity of 
                        swap dealing (which shall not be less than 
                        $8,000,000,000) in connection with transactions 
                        with or on behalf of its customers.
                            ``(ii) Regulations.--The Commission shall 
                        promulgate regulations to establish the factors 
                        to be used in a determination under clause (i) 
                        to exempt, including any monetary or other 
                        levels established by the Commission, and those 
                        levels shall only be amended or changed through 
                        an affirmative action of the Commission 
                        undertaken by rule or regulation.''.
    (b) Financial Entity.--Section 2(h)(7)(C) of the Commodity Exchange 
Act (7 U.S.C. 2(h)(7)(C)) is amended--
            (1) in clause (iii)--
                    (A) by striking ``an entity whose'' and inserting 
                the following: ``an entity--
                                    ``(I) whose'';
                    (B) by striking the period at the end and inserting 
                a semicolon; and
                    (C) by adding at the end the following:
                                    ``(II) that is--
                                            ``(aa) a commercial market 
                                        participant;
                                            ``(bb) included in clause 
                                        (i)(VIII); and
                                            ``(cc) not supervised by a 
                                        prudential regulator; or
                                    ``(III) that is included in clause 
                                (i)(VIII) because--
                                            ``(aa) the entity regularly 
                                        enters into foreign exchange or 
                                        derivatives transactions on 
                                        behalf of, or to hedge or 
                                        mitigate, whether directly or 
                                        indirectly, the commercial risk 
                                        of 1 or more entities within 
                                        the same commercial enterprise 
                                        as the entity; or
                                            ``(bb) of the making of 
                                        loans to 1 or more entities 
                                        within the same commercial 
                                        enterprise as the entity.''; 
                                        and
            (2) by adding at the end the following:
                            ``(iv) Same commercial enterprise.--For 
                        purposes of clause (iii)(III), an entity shall 
                        be considered to be within the same commercial 
                        enterprise as another entity if--
                                    ``(I) 1 of the entities owns, 
                                directly or indirectly, at least a 
                                majority ownership interest in the 
                                other entity and reports its financial 
                                statements on a consolidated basis and 
                                the consolidated financial statements 
                                include the financial results of both 
                                entities; or
                                    ``(II) a third party owns at least 
                                a majority ownership interest in both 
                                entities and reports its financial 
                                statements on a consolidated basis and 
                                the financial statements of the third 
                                party include the financial results of 
                                both entities.
                            ``(v) Predominantly engaged.--
                                    ``(I) In general.--Not later than 
                                90 days after the date of enactment of 
                                this clause, the Commission shall 
                                promulgate regulations defining the 
                                term `predominantly engaged' for 
                                purposes of clause (i)(VIII).
                                    ``(II) Minimum revenues.--The 
                                regulations shall provide that an 
                                entity shall not be considered to be 
                                predominantly engaged in activities 
                                that are in the business of banking or 
                                financial in nature if the consolidated 
                                revenues of the entity derived from the 
                                activities constitute less than a 
                                percentage (as specified by the 
                                Commission in the regulations) of the 
                                total consolidated revenues of the 
                                entity.
                                    ``(III) Revenues from banking or 
                                financial activities.--In determining 
                                the percentage of the revenues of an 
                                entity that are derived from activities 
                                that are in the business of banking or 
                                financial in nature, the regulations 
                                shall exclude all revenues that are or 
                                result from foreign exchange or 
                                derivatives transactions used to hedge 
                                or mitigate commercial risk (as defined 
                                by the Commission in the 
                                regulations).''.

SEC. 3. REPORTING OF ILLIQUID SWAPS SO AS TO NOT DISADVANTAGE CERTAIN 
              NON-FINANCIAL END USERS.

    Section 2(a)(13) of the Commodity Exchange Act (7 U.S.C. 2(a)(13)) 
is amended--
            (1) in subparagraph (C), by striking ``The Commission'' and 
        inserting ``Except as provided in subparagraph (D), the 
        Commission'';
            (2) by redesignating subparagraphs (D) through (G) as 
        subparagraphs (E) through (H), respectively; and
            (3) by inserting after subparagraph (C) the following:
                    ``(D) Requirements for swap transactions in 
                illiquid markets.--
                            ``(i) Definition of illiquid markets.--In 
                        this subparagraph, the term `illiquid markets' 
                        means any market in which the volume and 
                        frequency of trading in swaps is at such a 
                        level as to allow identification of individual 
                        market participants.
                            ``(ii) Requirements.--Notwithstanding 
                        subparagraph (C), the Commission shall--
                                    ``(I) provide by rule for the 
                                public reporting of swap transactions, 
                                including price and volume data, in 
                                illiquid markets that are not cleared 
                                and entered into by a nonfinancial 
                                entity that is hedging or mitigating 
                                commercial risk in accordance with 
                                subsection (h)(7)(A); and
                                    ``(II) ensure that the swap 
                                transaction information described in 
                                subclause (I) is available to the 
                                public not sooner than 30 days after 
                                the swap transaction has been executed 
                                or at such later date as the Commission 
                                determines appropriate to protect the 
                                identity of participants and positions 
                                in illiquid markets and to prevent the 
                                elimination or reduction of market 
                                liquidity.''.

SEC. 4. TREATMENT OF AFFILIATES.

    Section 2(h)(7)(D)(i) of the Commodity Exchange Act (7 U.S.C. 
2(h)(7)(D)(i)) is amended--
            (1) by striking ``An affiliate'' and inserting ``A person 
        that is a financial entity and is an affiliate'';
            (2) by striking ``(including affiliate entities 
        predominantly engaged in providing financing for the purchase 
        of the merchandise or manufactured goods of the person)''; and
            (3) by striking ``and as an agent''.

SEC. 5. APPLICABILITY TO BONA FIDE HEDGE TRANSACTIONS OR POSITIONS.

    Section 4a(c) of the Commodity Exchange Act (7 U.S.C. 6a(c)) is 
amended--
            (1) in the second sentence of paragraph (1), by striking 
        ``into the future for which'' and inserting ``in the future, to 
        be determined by the Commission, for which either an 
        appropriate swap is available or''; and
            (2) in paragraph (2)--
                    (A) in the matter preceding subparagraph (A), by 
                striking ``subsection (a)(2)'' and all that follows 
                through ``position that--'' and inserting ``paragraphs 
                (2) and (5) of subsection (a) for swaps, contracts of 
                sale for future delivery, or options on the contracts 
                or commodities, a bona fide hedging transaction or 
                position is a transaction or position that--''; and
                    (B) in subparagraph (A)(ii), by striking ``of 
                risks'' and inserting ``or management of current or 
                anticipated risks''; and
            (3) by adding at the end the following:
            ``(3) Commission definition.--The Commission may further 
        define, by rule or regulation, what constitutes a bona fide 
        hedging transaction or position so long as the rule or 
        regulation is consistent with the requirements of subparagraphs 
        (A) and (B) of paragraph (2).''.

SEC. 6. REPORTING AND RECORDKEEPING.

    Section 4g(f) of the Commodity Exchange Act (7 U.S.C. 6g(f)) is 
amended--
            (1) by striking ``(f) Nothing contained in this section'' 
        and inserting the following:
    ``(f) Authority of Commission To Make Separate Determinations 
Unimpaired.--
            ``(1) In general.--Except as provided in paragraph (2), 
        nothing in this section''; and
            (2) by adding at the end the following:
            ``(2) Exception.--If the Commission imposes any requirement 
        under this section on any person that is not registered, or 
        required to be registered, with the Commission in any capacity, 
        that person shall satisfy the requirements of any rule, order, 
        or regulation under this section by maintaining a written 
        record of each cash or forward transaction related to a 
        reportable or hedging commodity interest transaction, futures 
        contract, option on a futures contract, or swap.
            ``(3) Sufficiency.--A written record described in paragraph 
        (2) shall be sufficient if the written record--
                    ``(A) memorializes the final agreement between the 
                parties, including the material economic terms of the 
                transaction; and
                    ``(B) is identifiable and searchable by 
                transaction.''.

SEC. 7. MARGIN REQUIREMENTS.

    (a) Commodity Exchange Act Amendment.--Section 4s(e) of the 
Commodity Exchange Act (7 U.S.C. 6s(e)) is amended by adding at the end 
the following:
            ``(4) Applicability with respect to counterparties.--The 
        requirements of paragraphs (2)(A)(ii) and (2)(B)(ii), including 
        the initial and variation margin requirements imposed by rules 
        adopted pursuant to paragraphs (2)(A)(ii) and (2)(B)(ii), shall 
        not apply to a swap in which a counterparty qualifies for an 
        exception under section 2(h)(7)(A) or 2(h)(7)(D), or an 
        exemption issued under section 4(c)(1) from the requirements of 
        section 2(h)(1)(A) for cooperative entities as defined in that 
        exemption.''.
    (b) Securities Exchange Act Amendment.--Section 15F(e) of the 
Securities Exchange Act of 1934 (15 U.S.C. 78o-10(e)) is amended by 
adding at the end the following:
            ``(4) Applicability with respect to counterparties.--The 
        requirements of paragraphs (2)(A)(ii) and (2)(B)(ii) shall not 
        apply to a security-based swap in which a counterparty 
        qualifies for an exception under section 3C(g)(1) or satisfies 
        the criteria in section 3C(g)(4).''.
    (c) Implementation.--The amendments made by this section to the 
Commodity Exchange Act (7 U.S.C. 1 et seq.) shall be implemented--
            (1) without regard to--
                    (A) chapter 35 of title 44, United States Code; and
                    (B) the notice and comment provisions of section 
                553 of title 5, United States Code;
            (2) through the promulgation of an interim final rule, 
        pursuant to which public comment is sought before a final rule 
        is issued; and
            (3) such that paragraph (1) shall apply solely to changes 
        to rules and regulations, or proposed rules and regulations, 
        that are limited to and directly a consequence of the 
        amendments.

SEC. 8. ANALYSIS BY THE COMMODITY FUTURES TRADING COMMISSION OF THE 
              COSTS AND BENEFITS OF REGULATIONS AND ORDERS.

    Section 15(a) of the Commodity Exchange Act (7 U.S.C. 19(a)) is 
amended by striking paragraphs (1) and (2) and inserting the following:
            ``(1) In general.--Before promulgating a regulation under 
        this Act or issuing an order (except as provided in paragraph 
        (3)), the Commission, acting through the Office of the Chief 
        Economist, shall--
                    ``(A) state a justification for the regulation or 
                order;
                    ``(B) state the baseline for the cost-benefit 
                analysis and explain how the regulation or order 
                measures costs against the baseline;
                    ``(C) assess the costs and benefits, both 
                qualitative and quantitative, of the intended 
                regulation or order;
                    ``(D) measure, and seek to improve, the actual 
                results of regulatory requirements; and
                    ``(E) propose or adopt a regulation or order only 
                on a reasoned determination that the benefits of the 
                intended regulation or order justify the costs of the 
                intended regulation or order (recognizing that some 
                benefits and costs are difficult to quantify).
            ``(2) Considerations.--In making a reasoned determination 
        of costs and benefits under paragraph (1), the Commission shall 
        consider--
                    ``(A) the protection of market participants and the 
                public;
                    ``(B) the efficiency, competitiveness, and 
                financial integrity of futures and swaps markets;
                    ``(C) the impact on market liquidity in the futures 
                and swaps markets;
                    ``(D) price discovery;
                    ``(E) sound risk management practices;
                    ``(F) the cost of available alternatives to direct 
                regulation;
                    ``(G) the degree and nature of the risks posed by 
                various activities within the scope of the jurisdiction 
                of the Commission;
                    ``(H) whether, consistent with obtaining regulatory 
                objectives, the regulation or order is tailored to 
                impose the least burden on society, including market 
                participants, individuals, businesses of differing 
                sizes, and other entities (including small communities 
                and governmental entities), taking into account, to the 
                extent practicable, the cumulative costs of regulations 
                and orders;
                    ``(I) whether the regulation or order is 
                inconsistent, incompatible, or duplicative of other 
                Federal regulations and orders; and
                    ``(J) whether, in choosing among alternative 
                regulatory approaches, those approaches maximize net 
                benefits (including potential economic, environmental, 
                and other benefits, distributive impacts, and 
                equity).''.
[EX A]: End-User Protection Act of 2014 - Amends the Commodity Exchange Act with respect to exceptions to the requirement that any swap be cleared by a derivatives clearing organization either registered under that Act, or exempted from registration, if the swap is required to be cleared. Revises the definition of a financial entity subject to such requirement to exclude one that: (1) is a commercial market participant predominantly engaged in activities in the business of banking, or in activities that are financial in nature, but is not supervised by a prudential regulator; or (2) is considered as predominantly engaged in activities in the business of banking or in financial activities because it regularly enters into foreign exchange or derivatives transactions on behalf of, or to hedge or mitigate the commercial risk of, one or more other entities within the entity's same commercial enterprise, or because of making loans to one or more of such other entities. Directs the Commodity Futures Trading Commission (CFTC) to provide by rule for the public reporting of swap transactions, including price and volume data, in illiquid markets that are not cleared and entered into by a nonfinancial entity that is hedging or mitigating commercial risk. Defines &quot;illiquid&quot; as any market in which the volume and frequency of trading in swaps is at such a level as to allow identification of individual market participants. Requires the CFTC to ensure that such swap transaction information is not available to the public until 30 days after the transaction has been executed, or at an appropriate later date, in order to: (1) protect the identity of participants and positions in illiquid markets, and (2) prevent the elimination or reduction of market liquidity. Accords financial entities exempt from swap-clearing requirements the same treatment as exempted affiliates. Revises the exemption of bona fide hedge transactions or positions from certain trading limitations to set criteria for CFTC rules or regulations treating swaps, contracts of sale for future delivery, or options on the contracts or commodities as bona fide hedge transactions or positions also exempt from those limitations. Declares that, if the CFTC imposes any reporting and recordkeeping requirement on any person that is not registered, or required to be registered, with the CFTC, that person shall satisfy the requirements of any pertinent rule, order, or regulation by maintaining a written record of each cash or forward transaction related to a reportable or hedging commodity interest transaction, futures contract, option on a futures contract, or swap. Makes such a written record sufficient if it: (1) memorializes the final agreement between the parties, including the transaction's material economic terms; and (2) is identifiable and searchable by transaction. States that certain requirements for adoption of rules governing capital and margin requirements for swap dealers and major swap participants, including the initial and variation margin requirements imposed by rules adopted according to such requirements, shall not apply to a swap in which a counterparty qualifies for specified exceptions or exemptions. Revises requirements for a CFTC cost-benefit analysis made before an order is issued. Requires the CFTC, acting through the Office of the Chief Economist, among other things to:  state a justification for the regulation or order; state the baseline for the cost-benefit analysis and explain how the regulation or order measures costs against the baseline; assess the costs and benefits, both qualitative and quantitative, of the intended regulation or order; measure, and seek to improve, the actual results of regulatory requirements; and propose or adopt a regulation or order only on a reasoned determination that the benefits of the intended regulation or order justify its costs. 

[EX Q]: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``National Science Education Tax 
Incentive for Teachers Act of 2007''.

SEC. 2. REFUNDABLE CREDIT FOR PORTION OF TUITION PAID FOR UNDERGRADUATE 
              EDUCATION OF CERTAIN TEACHERS.

    (a) In General.--Subpart C of part IV of subchapter A of chapter 1 
of the Internal Revenue Code of 1986 (relating to refundable credits) 
is amended by redesignating section 36 as section 37 and by inserting 
after section 35 the following new section:

``SEC. 36. TUITION FOR UNDERGRADUATE EDUCATION OF CERTAIN TEACHERS.

    ``(a) In General.--In the case of an individual who is an eligible 
teacher for the taxable year, there shall be allowed as a credit 
against the tax imposed by this subtitle an amount equal to 10 percent 
of qualified undergraduate tuition paid by such individual.
    ``(b) Limitations.--
            ``(1) Dollar amount.--The credit allowed by this section 
        for any taxable year shall not exceed $1,000.
            ``(2) Teachers in high-needs schools districts.--In the 
        case of one of the first 5 taxable years in which a teacher is 
        an eligible teacher who teaches in an elementary school or a 
        secondary school (as those terms are defined in section 9101 of 
        the Elementary and Secondary Education Act of 1965 (20 U.S.C. 
        7801)) receiving funds under part A of title I of such Act (20 
        U.S.C. 6311 et seq.), subparagraph (A) shall be applied by 
        substituting `$1,500' for `$1,000'.
            ``(3) Credit allowed only for 10 years.--No credit shall be 
        allowed under this section for any taxable year after the 10th 
        taxable year for which credit is allowed under this section.
    ``(c) Eligible Teacher.--For purposes of this section--
            ``(1) In general.--The term `eligible teacher' means, with 
        respect to a taxable year, any individual--
                    ``(A) who is a full-time teacher, including a full-
                time substitute teacher, in any of grades kindergarten 
                through 12th grade for the academic year ending in such 
                taxable year,
                    ``(B)(i) who teaches primarily math, science, 
                engineering, or technology courses in 1 or more of 
                grades 9 through 12 during such academic year, or
                    ``(ii) who teaches math, science, engineering, or 
                technology courses in 1 or more of grades kindergarten 
                through 8 during such academic year,
                    ``(C) who, in the case that such individual is a 
                middle or secondary school teacher, received a 
                baccalaureate or similar degree with a major in 
                mathematics, science, engineering, or technology from 
                an institution of higher education, and
                    ``(D) who is highly qualified (as defined in 
                section 9101(23) of the Elementary and Secondary 
                Education Act of 1965).
            ``(2) Special rule for administrative personnel.--School 
        administrative functions shall be treated as teaching courses 
        referred to in paragraph (1)(B) if such functions primarily 
        relate to such courses or are for a school which focuses 
        primarily on such courses.
    ``(d) Qualified Undergraduate Tuition.--For purposes of this 
section, the term `qualified undergraduate tuition' means qualified 
higher education expenses (as defined in section 529(e)(3)) for 
enrollment or attendance at an institution of higher education, reduced 
as provided in section 25A(g)(2) and by any credit allowed by section 
25A with respect to such expenses.
    ``(e) Institution of Higher Education.--The term `institution of 
higher education' means an institution of higher education as defined 
in section 102 of the Higher Education Act of 1965 (20 U.S.C. 1002).
    ``(f) Regulations.--The Secretary shall prescribe such regulations 
as may be appropriate to carry out the purposes of this section.''.
    (b) Conforming Amendments.--
            (1) Paragraph (2) of section 1324(b) of title 31, United 
        States Code, is amended by inserting ``or 36'' after ``section 
        35''.
            (2) The table of sections for subpart C of part IV of 
        subchapter A of chapter 1 of the Internal Revenue Code of 1986 
        is amended by striking the last item and inserting the 
        following new items:

``Sec. 36. Tuition for undergraduate education of certain teachers.
``Sec. 37. Overpayments of tax.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after the date of the enactment of 
this Act; except that only periods of being an eligible teacher (as 
defined in section 36(c) of the Internal Revenue Code of 1986, as added 
by this section) after such date shall be taken into account under 
section 36(b)(3) of such Code, as so added.
[EX A]:
National Science Education Tax Incentive for Teachers Act of 2007 - Amends the Internal Revenue Code to allow certain full-time elementary and secondary school teachers of math, science, engineering, or technology courses a refundable tax credit for 10% of their undergraduate tuition up to $1,000 in any taxable year. Increases such credit amount to $1,500 for teachers in schools serving children with disabilities.