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 the ``Vaccinate America's Children through 
Complete Information & Education Act of 2015''.

SEC. 2. ENCOURAGING STATES TO STRENGTHEN ADMINISTRATIVE PROCEDURES 
              RELATED TO NONMEDICAL EXEMPTIONS FROM STATE VACCINATION 
              REQUIREMENTS.

    (a) In General.--Section 1928 of the Social Security Act (42 U.S.C. 
1396s) is amended--
            (1) by redesignating subsection (h) as subsection (i); and
            (2) by inserting after subsection (g) the following new 
        subsection:
    ``(h) Administrative Procedures for Granting Nonmedical 
Exemptions.--
            ``(1) Certification of adoption of procedures.--
                    ``(A) In general.--A State program under this 
                section does not comply with the requirements of this 
                section unless the State certifies to the Secretary 
                that the State has established administrative 
                procedures for granting nonmedical exemptions from 
                State immunization requirements (as defined in 
                subparagraph (B)) that include at least 2 of the 
                prerequisites described in paragraph (2).
                    ``(B) Nonmedical exemption from state immunization 
                requirement.--For purposes of this subsection, the term 
                `nonmedical exemption from State immunization 
                requirements' means any exemption from a State law that 
                requires a child to receive a pediatric vaccine 
                (including school immunization requirements) that is 
                not based on a medical reason.
            ``(2) Nonmedical exemption prerequisites.--The 
        prerequisites for granting a nonmedical exemption from State 
        immunization requirements described in this paragraph are the 
        following:
                    ``(A) The State requires that prior to the 
                exemption being granted, a parent or guardian seeking a 
                nonmedical exemption from State immunization 
                requirements for a child shall discuss the consequences 
                of nonvaccination with the child's pediatrician or 
                other primary care provider and that the discussion is 
                noted in the child's medical record.
                    ``(B) The State requires that prior to the 
                exemption being granted, a parent or guardian seeking a 
                nonmedical exemption from State immunization 
                requirements for a child read and sign a form that 
                discusses the risks of nonvaccination and submits the 
                form to the State.
                    ``(C) The State requires that prior to the 
                exemption being granted, a parent or guardian seeking a 
                nonmedical exemption from State immunization 
                requirements for a child submits to the State a 
                notarized letter describing the parent's or guardian's 
                reasons for seeking the exemption.
                    ``(D) The State requires that all nonmedical 
                exemptions from State immunization requirements shall 
                only be granted for a 1-year period and shall be 
                required to be renewed annually if a parent or guardian 
                of a child wants the exemption to continue for another 
                year.
            ``(3) Penalty.--
                    ``(A) In general.--With respect to a fiscal year, 
                if a State fails to submit the certification required 
                under paragraph (1) or if the administrative procedures 
                established by the State for granting nonmedical 
                exemptions from State immunization requirements do not 
                include at least 2 of the prerequisites described in 
                paragraph (2), the State shall pay the Secretary an 
                amount equal to--
                            ``(i) in the case of a State that is not a 
                        manufacturer of pediatric vaccines, 5 percent 
                        of the value (as determined by the Secretary) 
                        of the vaccines provided to the State under 
                        subsection (b)(2)(A) for that fiscal year; and
                            ``(ii) in the case of a State that is a 
                        manufacturer of pediatric vaccines, 5 percent 
                        of the sum of--
                                    ``(I) the value (as determined by 
                                the Secretary) of any vaccines provided 
                                to the State under subsection (b)(2)(A) 
                                for that fiscal year; and
                                    ``(II) the amount paid to the State 
                                for the fiscal year under subsection 
                                (b)(2)(C).
                    ``(B) Treatment as an overpayment.--A State payment 
                required to be made to the Secretary under subparagraph 
                (A) shall be deemed an overpayment to the State under 
                this title to be disallowed against the State's regular 
                quarterly draw for all spending under section 
                1903(d)(2). Such a disallowance is not subject to a 
                reconsideration under section 1116(e).''.
    (b) Conforming Amendments.--
            (1) Section 1928 of the Social Security Act (42 U.S.C. 
        1396s), as amended by subsection (a), is further amended--
                    (A) in subsection (a)(1)(A), by striking 
                ``subsection (h)(8)'' and inserting ``subsection 
                (i)(8)''; and
                    (B) in subsection (b)(2)(A)(iv), by striking 
                ``subsection (h)(3)'' and inserting ``subsection 
                (i)(3)''.
            (2) Section 609(d) of the Employee Retirement Income 
        Security Act of 1974 (42 U.S.C. 1169(d)) is amended by striking 
        ``section 1928(h)(6)'' and inserting ``section 1928(i)(6)''.
    (c) Effective Date.--The amendments made by this Act shall take 
effect on the date that is 1 year after the date of the enactment of 
this Act.
[EX A]: Vaccinate America's Children through Complete Information &amp; Education Act of 2015 This bill amends title XIX (Medicaid) of the Social Security Act to require a state to certify that it has established, in its pediatric vaccine distribution program, administrative procedures regarding nonmedical exemptions from state immunization requirements. These procedures must include at least two of the following prerequisites for granting a nonmedical exemption:  the child's parent or guardian shall discuss the consequences of nonvaccination with the child's primary care provider, as noted in the child's medical record;  the child's parent or guardian shall read, sign, and submit to the state a form discussing the risks of nonvaccination;  the child's parent of guardian shall submit to the state a notarized letter describing why the exemption is being sought; or  all medical exemptions shall be granted for only a one-year period and shall be required to be renewed annually only if the child's parent or guardian wants the exemption to continue for another year.  A state that does not comply with these requirements is subject to a monetary penalty.

[EX Q]: OF CONFLICTS.

    To the extent permitted by law, disagreements or conflicts between 
or among agency heads or between OMB and any agency that cannot be 
resolved by the Administrator of OIRA shall be resolved by the 
President or a designee of the President.

SEC. 8. PUBLICATION.

    Except to the extent required by law, an agency shall not publish 
in the Federal Register or otherwise issue to the public any regulatory 
action that is subject to review under section 6 until--
            (1) the Administrator of OIRA notifies the agency that OIRA 
        has waived its review of the action or has completed its review 
        without any requests for further consideration, or
            (2) the applicable time period in section 6(b)(2) expires 
        without OIRA having notified the agency that it is returning 
        the regulatory action for further consideration under section 
        6(b)(3),
whichever occurs first. If the terms of the preceding sentence have not 
been satisfied and an agency wants to publish or otherwise issue a 
regulatory action, the head of that agency may request Presidential 
consideration through the Administrator of OIRA, as provided under 
section 8. Upon receipt of this request, the Administrator of OIRA 
shall notify the Advisers. The guidelines and time period set forth in 
section 8 shall apply to the publication of regulatory actions for 
which Presidential consideration has been sought.

SEC. 9. AGENCY AUTHORITY.

    Nothing in this Act shall be construed as displacing the agencies' 
authority or responsibilities, as authorized by law.

SEC. 10. JUDICIAL REVIEW.

    Nothing in this Act shall affect any otherwise available judicial 
review of agency action. This Act is intended only to improve the 
internal management of the Federal Government and does not create any 
right or benefit, substantive or procedural, enforceable at law or 
equity by a party against the United States, its agencies or 
instrumentalities, its officers or employees, or any other person.

SEC. 11. DEFINITIONS.

    For purposes of this Act:
            (1) The term ``Advisers'' refers to such regulatory policy 
        advisers to the President as the President and the 
        Administrator of OIRA may from time to time consult, including, 
        among others--
                    (A) the Director of OMB;
                    (B) the Chair (or another member) of the Council of 
                Economic Advisers;
                    (C) the Assistant to the President for Economic 
                Policy;
                    (D) the Assistant to the President for Domestic 
                Policy;
                    (E) the Assistant to the President for National 
                Security Affairs;
                    (F) the Assistant to the President for Science and 
                Technology;
                    (G) the Assistant to the President for 
                Intergovernmental Affairs;
                    (H) the Assistant to the President and Staff 
                Secretary;
                    (I) the Assistant to the President and Chief of 
                Staff to the Administrator of OIRA;
                    (J) the Assistant to the President and Counsel to 
                the President; and
                    (K) the Deputy Assistant to the President and 
                Director of the White House Office on Environmental 
                Policy.
            (2) Except as provided in section 4(f), the term ``agency'' 
        means any authority of the United States that is an ``agency'' 
        under section 3502(1) of title 44, United States Code, other 
        than those considered to be independent regulatory agencies, as 
        defined in section 3502(10) of title 44, United States Code.
            (3) The term ``Director'' means the Director of OMB.
            (4) The term ``regulation'' or ``rule'' means an agency 
        statement of general applicability and future effect, which the 
        agency intends to have the force and effect of law, that is 
        designed to implement, interpret, or prescribe law or policy or 
        to describe the procedure or practice requirements of an 
        agency. It does not, however, include--
                    (A) regulations or rules issued in accordance with 
                the formal rulemaking provisions of sections 556 and 
                557 of title 5, United States Code;
                    (B) regulations or rules that pertain to a military 
                or foreign affairs function of the United States, other 
                than procurement regulations and regulations involving 
                the import or export of non-defense articles and 
                services;
                    (C) regulations or rules that are limited to agency 
                organization, management, or personnel matters; or
                    (D) any other category of regulations exempted by 
                the Administrator of OIRA.
            (5) The term ``regulatory action'' means any substantive 
        action by an agency (normally published in the Federal 
        Register) that promulgates or is expected to lead to the 
        promulgation of a final rule or regulation, including notices 
        of inquiry, advance notices of proposed rulemaking, and notices 
        of proposed rulemaking.
            (6) The term ``significant regulatory action'' means any 
        regulatory action that is likely to result in a rule that may--
                    (A) have an annual effect on the economy of $100 
                million or more or adversely affect in a material way 
                the economy, a sector of the economy, productivity, 
                competition, jobs, the environment, public health or 
                safety, or State, local, or tribal governments or 
                communities;
                    (B) create a serious inconsistency or otherwise 
                interfere with an action taken or planned by another 
                agency;
                    (C) materially alter the budgetary impact of 
                entitlements, grants, user fees, or loan programs or 
                the rights and obligations of recipients thereof; or
                    (D) raise novel legal or policy issues arising out 
                of legal mandates, the President's priorities, or the 
                principles set forth in this Act.
[EX A]: Government Regulatory Improvement and Performance Act of 1998 - Declares that:  (1) Federal agencies should promulgate only such regulations as are required by law, necessary to interpret the law, or necessary to protect and promote or improve the health and safety of the public, the environment, or the well-being of the American people; and (2) in deciding whether and how to regulate, agencies should assess all costs and benefits of available regulatory alternatives, including the alternative of not regulating. 
Sets forth principles of regulation to ensure that the agencies' regulatory programs are consistent with such philosophy, including that each agency:  (1) identify the problem that it intends to address by regulation, assess its significance, and if possible conduct a risk analysis; (2) identify and assess available alternatives to direct regulation; (3) wherever feasible, seek views of appropriate State, local, and tribal officials before imposing requirements that might significantly or uniquely affect those governmental entities. 
(Sec. 3) Directs the Office of Management and Budget to carry out coordinated review of agency rulemaking.  Designates its Office of Information and Regulatory Affairs (OIRA) as the repository of expertise concerning regulatory issues. 
(Sec. 4) Directs the OIRA Administrator, early in each year's planning cycle, to convene a meeting of the regulatory policy advisers to the President and agency heads to seek a common understanding of priorities and to coordinate regulatory efforts for the upcoming year. 
Requires each agency to prepare:  (1) a unified regulatory agenda of all regulations under development or review; and (2) a regulatory plan of the most important significant regulatory actions that the agency reasonably expects to issue in that fiscal year or thereafter. 
Directs the Administrator to:  (1) convene and chair a regulatory working group, which shall meet at least quarterly, to assist agencies in identifying and analyzing important regulatory issues; (2) meet quarterly, along with agency heads, with representatives of State, local, and tribal governments to identify exiting and proposed regulations that may uniquely or significantly affect those governmental entities; and (3) convene periodic conferences with representatives of businesses, nongovernmental organizations, and the public to discuss regulatory issues. 
(Sec. 5) Requires that:  (1) each agency submit to OIRA a program under which the agency will periodically review its existing significant regulations; and (2) any significant regulations selected for review be included in the agency's annual plan, and the agency identify any legislative mandates that require the agency to promulgate or continue to impose unnecessary or outdated regulations. 
(Sec. 5) Requires each agency to:  (1) submit to the OIRA a program under which the agency will periodically review its existing significant regulations for possible modification or elimination; (2) provide the public with meaningful participation in the regulatory process and a meaningful opportunity to comment on any proposed regulation, generally including a comment period of not less than 60 days; and (2) explore and, where appropriate, use consensual mechanisms for developing regulations, including negotiated rulemaking. 
Directs:  (1) each agency head to designate a Regulatory Policy Office; (2) each agency to develop its regulatory actions in a timely fashion and adhere to specified procedures; (3) each agency to provide the OIRA with a list of its planned regulatory actions, including significant regulatory actions; and (4)  the Administrator to provide meaningful guidance and oversight. 
(Sec. 8) Prohibits an agency from publishing a regulation until the Administrator has waived review of the action, completed such review, or the review period has passed, whichever occurs first.

[EX Q]: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Personal Holding Company Tax Repeal 
Act of 2004''.

SEC. 2. REPEAL OF PERSONAL HOLDING COMPANY TAX.

    (a) In General.--Part II of subchapter G of chapter 1 of the 
Internal Revenue Code of 1986 (relating to personal holding companies) 
is hereby repealed.
    (b) Conforming Amendments.--
            (1) Section 12(2) of such Code is amended to read as 
        follows:
            ``(2) For accumulated earnings tax, see part I of 
        subchapter G (sec. 531 and following).''.
            (2) Section 26(b)(2) of such Code is amended by striking 
        subparagraph (G) and by redesignating the succeeding 
        subparagraphs accordingly.
            (3) Section 30A(c) of such Code is amended by striking 
        paragraph (3), by inserting ``or'' at the end of paragraph (2), 
        and by redesignating paragraph (4) as paragraph (3).
            (4) Section 41(e)(7)(E) of such Code is amended by adding 
        ``and'' at the end of clause (i), by striking clause (ii), and 
        by redesignating clause (iii) as clause (ii).
            (5) Section 56(b)(2) of such Code is amended by striking 
        subparagraph (C) and by redesignating subparagraph (D) as 
        subparagraph (C).
            (6) Section 170(e)(4)(D) of such Code is amended by adding 
        ``and'' at the end of clause (i), by striking clause (ii), and 
        by redesignating clause (iii) as clause (ii).
            (7) Section 111(d) of such Code is amended to read as 
        follows:
    ``(d) Special Rules for Accumulated Earnings Tax.--In applying 
subsection (a) for the purpose of determining the accumulated earnings 
tax under section 531--
            ``(1) any excluded amount under subsection (a) allowed for 
        purposes of this subtitle (other than section 531) shall be 
        allowed whether or not such amount resulted in a reduction of 
        the tax under section 531 for the prior taxable year, and
            ``(2) where any excluded amount under subsection (a) was 
        not allowed as a deduction for the prior taxable year for 
        purposes of this subtitle other than section 531 but was 
        allowable for the same taxable year under section 531, then 
        such excluded amount shall be allowable if it did not result in 
        a reduction of the tax under section 531.''.
            (8)(A) Section 316(b) of such Code is amended by striking 
        paragraph (2) and by redesignating paragraph (3) as paragraph 
        (2).
            (B) Section 331(b) of such Code is amended by striking 
        ``(other than a distribution referred to in paragraph (2)(B) of 
        section 316(b))''.
            (9) Section 341(d) of such Code is amended--
                    (A) by striking ``section 544(a)'' and inserting 
                ``section 465(f)'', and
                    (B) by inserting before the period at the end of 
                the next to the last sentence ``and such paragraph (2) 
                shall be applied by inserting `by or for his partner' 
                after `his family'''.
            (10) Section 381(c) of such Code is amended by striking 
        paragraphs (14) and (17).
            (11) Section 443(e) of such Code is amended by striking 
        paragraph (2) and by redesignating paragraphs (3), (4), and (5) 
        as paragraphs (2), (3), and (4), respectively.
            (12) Section 447(g)(4)(A) of such Code is amended by 
        striking ``other than--'' and all that follows and inserting 
        ``other than an S corporation.''
            (13)(A) Section 465(a)(1)(B) of such Code is amended to 
        read as follows:
                    ``(B) a C corporation which is closely held,''.
            (B) Section 465(a)(3) of such Code is amended to read as 
        follows:
            ``(3) Closely held determination.--For purposes of 
        paragraph (1), a corporation is closely held if, at any time 
        during the last half of the taxable year, more than 50 percent 
        in value of its outstanding stock is owned, directly or 
        indirectly, by or for not more than 5 individuals. For purposes 
        of this paragraph, an organization described in section 401(a), 
        501(c)(17), or 509(a) or a portion of a trust permanently set 
        aside or to be used exclusively for the purposes described in 
        section 642(c) shall be considered an individual.''
            (C) Section 465 of such Code is amended by adding at the 
        end the following new subsection:
    ``(f) Constructive Ownership Rules.--For purposes of subsection 
(a)(3)--
            ``(1) Stock not owned by individual.--Stock owned, directly 
        or indirectly, by or for a corporation, partnership, estate, or 
        trust shall be considered as being owned proportionately by its 
        shareholders, partners, or beneficiaries.
            ``(2) Family ownership.--An individual shall be considered 
        as owning the stock owned, directly or indirectly, by or for 
        his family. For purposes of this paragraph, the family of an 
        individual includes only his brothers and sisters (whether by 
        the whole or half blood), spouse, ancestors, and lineal 
        descendants.
            ``(3) Options.--If any person has an option to acquire 
        stock, such stock shall be considered as owned by such person. 
        For purposes of this paragraph, an option to acquire such an 
        option, and each one of a series of such options, shall be 
        considered as an option to acquire such stock.
            ``(4) Application of family and option rules.--Paragraphs 
        (2) and (3) shall be applied if, but only if, the effect is to 
        make the corporation closely held under subsection (a)(3).
            ``(5) Constructive ownership as actual ownership.--Stock 
        constructively owned by a person by reason of the application 
        of paragraph (1) or (3), shall, for purposes of applying 
        paragraph (1) or (2), be treated as actually owned by such 
        person; but stock constructively owned by an individual by 
        reason of the application of paragraph (2) shall not be treated 
        as owned by him for purposes of again applying such paragraph 
        in order to make another the constructive owner of such stock.
            ``(6) Option rule in lieu of family rule.--If stock may be 
        considered as owned by an individual under either paragraph (2) 
        or (3) it shall be considered as owned by him under paragraph 
        (3).
            ``(7) Convertible securities.--Outstanding securities 
        convertible into stock (whether or not convertible during the 
        taxable year) shall be considered as outstanding stock if the 
        effect of the inclusion of all such securities is to make the 
        corporation closely held under subsection (a)(3). The 
        requirement under the preceding sentence that all convertible 
        securities must be included if any are to be included shall be 
        subject to the exception that, where some of the outstanding 
        securities are convertible only after a later date than in the 
        case of others, the class having the earlier conversion date 
        may be included although the others are not included, but no 
        convertible securities shall be included unless all outstanding 
        securities having a prior conversion date are also included.''
            (D) Section 465(c)(7)(B) of such Code is amended by 
        striking clause (i) and by redesignating clauses (ii) and (iii) 
        as clauses (i) and (ii), respectively.
            (E) Section 465(c)(7)(G) of such Code is amended to read as 
        follows:
                    ``(G) Loss of 1 member of affiliated group may not 
                offset income of personal service corporation.--Nothing 
                in this paragraph shall permit any loss of a member of 
                an affiliated group to be used as an offset against the 
                income of any other member of such group which is a 
                personal service corporation (as defined in section 
                269A(b) but determined by substituting `5 percent' for 
                `10 percent' in section 269A(b)(2)).''
            (14) Sections 508(d), 4947, and 4948(c)(4) of such Code are 
        each amended by striking ``545(b)(2),'' each place it appears.
            (15) Section 532(b) of such Code is amended by striking 
        paragraph (1) and by redesignating paragraphs (2), (3), and (4) 
        as paragraphs (1), (2), and (3), respectively.
            (16) Sections 535(b)(1) and 556(b)(1) of such Code are each 
        amended by striking ``section 541'' and inserting ``section 541 
        (as in effect before its repeal)''.
            (17)(A) Section 553(a)(1) of such Code is amended by 
        striking ``section 543(d)'' and inserting ``subsection (c)''.
            (B) Section 553 of such Code is amended by adding at the 
        end the following new subsection:
    ``(c) Active Business Computer Software Royalties.--
            ``(1) In general.--For purposes of subsection (a), the term 
        `active business computer software royalties' means any 
        royalties--
                    ``(A) received by any corporation during the 
                taxable year in connection with the licensing of 
                computer software, and
                    ``(B) with respect to which the requirements of 
                paragraphs (2), (3), (4), and (5) are met.
            ``(2) Royalties must be received by corporation actively 
        engaged in computer software business.--The requirements of 
        this paragraph are met if the royalties described in paragraph 
        (1)--
                    ``(A) are received by a corporation engaged in the 
                active conduct of the trade or business of developing, 
                manufacturing, or producing computer software, and
                    ``(B) are attributable to computer software which--
                            ``(i) is developed, manufactured, or 
                        produced by such corporation (or its 
                        predecessor) in connection with the trade or 
                        business described in subparagraph (A), or
                            ``(ii) is directly related to such trade or 
                        business.
            ``(3) Royalties must constitute at least 50 percent of 
        income.--The requirements of this paragraph are met if the 
        royalties described in paragraph (1) constitute at least 50 
        percent of the ordinary gross income of the corporation for the 
        taxable year.
            ``(4) Deductions under sections 162 and 174 relating to 
        royalties must equal or exceed 25 percent of ordinary gross 
        income.--
                    ``(A) In general.--The requirements of this 
                paragraph are met if--
                            ``(i) the sum of the deductions allowable 
                        to the corporation under sections 162, 174, and 
                        195 for the taxable year which are properly 
                        allocable to the trade or business described in 
                        paragraph (2) equals or exceeds 25 percent of 
                        the ordinary gross income of such corporation 
                        for such taxable year, or
                            ``(ii) the average of such deductions for 
                        the 5-taxable year period ending with such 
                        taxable year equals or exceeds 25 percent of 
                        the average ordinary gross income of such 
                        corporation for such period.
                If a corporation has not been in existence during the 
                5-taxable year period described in clause (ii), then 
                the period of existence of such corporation shall be 
                substituted for such 5-taxable year period.
                    ``(B) Deductions allowable under section 162.--For 
                purposes of subparagraph (A), a deduction shall not be 
                treated as allowable under section 162 if it is 
                specifically allowable under another section.
                    ``(C) Limitation on allowable deductions.--For 
                purposes of subparagraph (A), no deduction shall be 
                taken into account with respect to compensation for 
                personal services rendered by the 5 individual 
                shareholders holding the largest percentage (by value) 
                of the outstanding stock of the corporation. For 
                purposes of the preceding sentence individuals holding 
                less than 5 percent (by value) of the stock of such 
                corporation shall not be taken into account.''
            (18) Section 561(a) of such Code is amended by striking 
        paragraph (3), by inserting ``and'' at the end of paragraph 
        (1), and by striking '', and'' at the end of paragraph (2) and 
        inserting a period.
            (19) Section 562(b) of such Code is amended to read as 
        follows:
    ``(b) Distributions in Liquidation.--Except in the case of a 
foreign personal holding company described in section 552--
            ``(1) in the case of amounts distributed in liquidation, 
        the part of such distribution which is properly chargeable to 
        earnings and profits accumulated after February 28, 1913, shall 
        be treated as a dividend for purposes of computing the 
        dividends paid deduction, and
            ``(2) in the case of a complete liquidation occurring 
        within 24 months after the adoption of a plan of liquidation, 
        any distribution within such period pursuant to such plan 
        shall, to the extent of the earnings and profits (computed 
        without regard to capital losses) of the corporation for the 
        taxable year in which such distribution is made, be treated as 
        a dividend for purposes of computing the dividends paid 
        deduction.
For purposes of paragraph (1), a liquidation includes a redemption of 
stock to which section 302 applies. Except to the extent provided in 
regulations, the preceding sentence shall not apply in the case of any 
mere holding or investment company which is not a regulated investment 
company.''
            (20) Section 563 of such Code is amended by striking 
        subsection (b).
            (21) Section 564 of such Code is hereby repealed.
            (22) Section 631(c) of such Code is amended by striking 
        ``or section 545(b)(5)''.
            (23) Section 852(b)(1) of such Code is amended by striking 
        ``which is a personal holding company (as defined in section 
        542) or''.
            (24)(A) Section 856(h)(1) of such Code is amended to read 
        as follows:
            ``(1) In general.--For purposes of subsection (a)(6), a 
        corporation, trust, or association is closely held if the stock 
        ownership requirement of section 465(a)(3) is met.''
            (B) Section 856(h)(3)(A)(i) of such Code is amended by 
        striking ``section 542(a)(2)'' and inserting ``section 
        465(a)(3)''.
            (C) Paragraph (3) of section 856(h) of such Code is amended 
        by striking subparagraph (B) and by redesignating subparagraphs 
        (C) and (D) as subparagraphs (B) and (C), respectively.
            (D) Subparagraph (C) of section 856(h)(3) of such Code, as 
        redesignating by the preceding subparagraph, is amended by 
        striking ``subparagraph (C)'' and inserting ``subparagraph 
        (B)''.
            (25) The last sentence of section 882(c)(2) of such Code is 
        amended to read as follows: ``The preceding sentence shall not 
        be construed to deny the credit provided by section 33 for tax 
        withheld at source or the credit provided by section 34 for 
        certain uses of gasoline.''.
            (26) Section 936(a)(3) of such Code is amended by striking 
        subparagraph (C), by inserting ``or'' at the end of 
        subparagraph (B), and by redesignating subparagraph (D) as 
        subparagraph (C).
            (27) Section 992(d) of such Code is amended by striking 
        paragraph (2) and by redesignating succeeding paragraphs 
        accordingly.
            (28) Section 992(e) of such Code is amended by striking 
        ``and section 541 (relating to personal holding company tax)''.
            (29) Section 1202(e)(8) of such Code is amended by striking 
        ``section 543(d)(1)'' and inserting ``section 553(c)(1)''.
            (30) Section 1362(d)(3)(C)(iii) of such Code is amended by 
        adding at the end the following new sentence: ``References to 
        section 542 in the preceding sentence shall be treated as 
        references to such section as in effect on the day before its 
        repeal.''
            (31) Section 1504(c)(2)(B) of such Code is amended by 
        adding ``and'' at the end of clause (i), by striking clause 
        (ii), and by redesignating clause (iii) as clause (ii).
            (32) Section 2057(e)(2)(C) of such Code is amended by 
        adding at the end the following new sentence: ``References to 
        sections 542 and 543 in the preceding sentence shall be treated 
        as references to such sections as in effect on the day before 
        their repeal.''
            (33) Sections 6422 of such Code is amended by striking 
        paragraph (3) and by redesignating paragraphs (4) through (12) 
        and paragraphs (3) through (11), respectively.
            (34) Section 6501 of such Code is amended by striking 
        subsection (f).
            (35) Section 6503(k) of such Code is amended by striking 
        paragraph (1) and by redesignating paragraphs (2) through (5) 
        as paragraphs (1) through (4), respectively.
            (36) Section 6515 of such Code is amended by striking 
        paragraph (1) and by redesignating paragraphs (2) through (6) 
        as paragraphs (1) through (5), respectively.
            (37) Subsections (d)(1)(B) and (e)(2) of section 6662 of 
        such Code are each amended by striking ``or a personal holding 
        company (as defined in section 542)''.
            (38) Section 6683 of such Code is hereby repealed.
    (c) Clerical Amendments.--
            (1) The table of parts for subchapter G of chapter 1 of 
        such Code is amended by striking the item relating to part II.
            (2) The table of sections for part IV of such subchapter G 
        of such Code is amended by striking the item relating to 
        section 564.
            (3) The table of sections for part I of subchapter B of 
        chapter 68 of such Code is amended by striking the item 
        relating to section 6683.
    (d) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2004.
[EX A]:
Personal Holding Company Tax Repeal Act of 2004 - Amends the Internal Revenue Code to repeal the tax on personal holding companies.