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

Ex Input:
SECTION 1. SHORT TITLE.

This Act may be cited as the ''Reservist Opportunities and
Protection of Education Act of 2003''.

SEC. 2. REFUNDS AND LEAVE OF ABSENCE FOR MILITARY SERVICE.

(a) Leave of Absence for Military Service.--Part G of title IV of
the Higher Education Act of 1965 is amended by inserting after section
484B (20 U.S.C. 1094) the following new section:

''SEC. 484C. REFUNDS AND LEAVE OF ABSENCE FOR MILITARY SERVICE.

''(a) Leave of Absence Required.--Whenever a student who is an
affected individual is unable to complete a period of instruction or to
receive academic credit because he or she was called up for active duty
or active service, the institution of higher education in which the
student is enrolled shall--
''(1) grant the student a military leave of absence from
the institution while such student is serving on active duty or
active service, and for one year after the conclusion of such
duty or service, in accordance with subsection (b); and
''(2) provide the student with a refund or credit in
accordance with subsection (c).
''(b) Consequences of Military Leave of Absence.--A student who is
an affected individual and who is on a military leave of absence from
an institution of higher education shall be entitled, upon release from
serving on active duty or active service, to be restored to the
educational status such student had attained prior to being ordered to
such duty without loss of academic credits earned, scholarships or
grants awarded by the institution, or, subject to subsection (c),
tuition and other fees paid prior to the commencement of the active
duty or active service.
''(c) Refunds.--An institution of higher education shall refund
tuition or fees paid prior to the commencement of the active duty or
active service of an affected individual. If a student taking a
military leave of absence for active duty or active service requests a
refund during a period of enrollment, the percentage of the tuition and
fees that shall be refunded shall be equal 100 percent minus the
percentage of the period of enrollment (for which the tuition and fees
were paid) that was completed (as determined in accordance with section
484B(d)) as of the day the student withdrew.
''(d) Leave of Absence Not Treated as Withdrawal.--Notwithstanding
the 180-day limitation in section 484B(a)(2), a student on a military
leave of absence under this section shall not be treated as having
withdrawn for purposes of section 484B unless the student fails to
return at the end of the military leave of absence (as determined under
subsection (a) of this section).
''(e) Definitions.--As used in this section:
''(1) Active duty.--The term 'active duty' has the meaning
given such term in section 101(d)(1) of title 10, United States
Code, except that such term does not include active duty for
training or attendance at a service school.
''(2) Affected individual.--The term 'affected individual'
means an individual who--
''(A) is serving on active duty during a war or
other military operation or national emergency; or
''(B) is performing qualifying National Guard duty
during a war or other military operation or national
emergency.
''(3) Military operation.--The term 'military operation'
means a contingency operation as such term is defined in
section 101(a)(13) of title 10, United States Code.
''(4) National emergency.--The term 'national emergency'
means a national emergency declared by the President of the
United States.
''(5) Serving on active duty.--The term 'serving on active
duty during a war or other military operation or national
emergency' means service by an individual who is--
''(A) a Reserve of an Armed Force ordered to active
duty under section 12301(a), 12301(g), 12302, 12304, or
12306 of title 10, United States Code, or any retired
member of an Armed Force ordered to active duty under
section 688 of such title, for service in connection
with a war or other military operation or national
emergency, regardless of the location at which such
active duty service is performed; and
''(B) any other member of an Armed Force on active
duty in connection with such war, operation, or
emergency or subsequent actions or conditions who has
been assigned to a duty station at a location other
than the location at which such member is normally
assigned.
''(6) Qualifying national guard duty.--The term 'qualifying
National Guard duty during a war or other military operation or
national emergency' means service as a member of the National
Guard on full-time National Guard duty (as defined in section
101(d)(5) of title 10, United States Code) under a call to
active service authorized by the President or the Secretary of
Defense for a period of more than 30 consecutive days under
section 502(f) of title 32, United States Code, in connection
with a war, another military operation, or a national emergency
declared by the President and supported by Federal funds.''.
(b) Obligation as Part of Program Participation Requirements.--
Section 487(a)(22) of the Higher Education Act of 1965 (20 U.S.C.
1094(a)(22)) is amended by inserting ''and with the policy on leave of
absence for military service established pursuant to section 484C''
after ''section 484B''.

Ex Output:
Amends the Higher Education Act of 1965 (HEA) to require institutions of higher education that participate in HEA title IV student assistance programs to grant military leaves of absence, and provide refunds of or credits for tuition and fees paid, to individuals who are unable to complete a period of instruction or receive academic credit because they were called to serve on active duty in the Armed Forces, or to perform qualifying National Guard duty, during a war or other military operation or national emergency.Requires the leave of absence to be for the period of active duty or service and for one year after completion of such duty or service. Requires the refund or credit to be prorated to cover the period when the student had to leave. Provides that such leave of absence shall not be treated as a withdrawal for certain student assistance purposes.

Ex Input:
SECTION 1. MODIFICATIONS AND INCREASED VOLUME CAP WITH RESPECT TO
QUALIFIED MORTGAGE BONDS.

(a) Use of Qualified Mortgage Bonds Proceeds for Subprime
Refinancing Loans.--Section 143(k) of the Internal Revenue Code of 1986
(relating to other definitions and special rules) is amended by adding
at the end the following new paragraph:
''(12) Special rules for subprime refinancings.--
''(A) In general.--In the case of a residence which
was originally financed by the mortgagor through a
qualified subprime loan, this section shall be applied
with the following modifications:
''(i) Subsection (i)(1) (relating to
mortgages must be new mortgages) shall not
apply.
''(ii) Subsection (a)(2)(D)(i) shall be
applied by substituting '12-month period' for
'42-month period' each place it appears.
''(iii) Subsection (d) (relating to 3-year
requirement) shall not apply.
''(iv) Subsection (e) (relating to purchase
price requirement) shall be applied by using
the market value of the residence at the time
of refinancing in lieu of the acquisition cost.
''(B) Qualified subprime loan.--
''(i) In general.--The term 'qualified
subprime loan' means an adjustable rate single-
family residential mortgage loan originated
after December 31, 2001, and before January 1,
2008, that the bond issuer determines has
characteristics that suggest both a reasonably
foreseeable risk of default and a reasonable
potential to avoid default with the benefit of
a lower cost refinancing.
''(ii) Considerations.--In making the
determination under clause (i), the bond issuer
may consider the following characteristics:
''(I) Loan payments which are
scheduled to increase by more than 10
percent after December 31, 2007, and
before January 1, 2011.
''(II) A loan-to-value ratio of 97
percent or greater at the time of the
original mortgage loan or at the time
of the refinancing of such loan after
adjustment for any decline in the fair
market value of the residence.
''(III) A borrower whose
creditworthiness is relatively low in
comparison to a prime borrower, based
on a lower credit score, such as a Fair
Isaac Credit Organization credit score
at the time of the original subprime
loan of less than 660 and the absence
of an increase in such score by more
than 10 percent since the time of the
original loan.
''(IV) Whether loan payments on the
original mortgage loan generally have
been made in a current, timely manner,
subject only to isolated late payments.
''(C) Termination.--This paragraph shall not apply
to any bonds issued after December 31, 2010.''.
(b) Increased Volume Cap for Qualified Mortgage Bonds.--
(1) In general.--Subsection (d) of section 146 of the
Internal Revenue Code of 1986 is amended by adding at the end
the following new paragraph:
''(5) Increase and set aside for qualified mortgage bonds
for 2008.--
''(A) In general.--The State ceiling for calendar
year 2008 shall be increased by $15,000,000,000.
''(B) Set aside.--
''(i) In general.--Not less than an amount
equal to each State's allocable share of the
increase in the State ceiling under
subparagraph (A) shall be allocated solely for
the purpose of a qualified mortgage issue which
meets the requirement clause (ii).
''(ii) Requirement.--A qualified mortgage
issue meets the requirement of this clause if
such issue meets the requirement of section
143(a)(2)(D)(i) (determined by substituting
'12-month period' for '42-month period' each
place it appears).''.
(2) Carryforward of unused limitations.--Subsection (f) of
section 146 of such Code is amended by adding at the end the
following new paragraph:
''(6) Special rules for increased volume cap under
subsection (d)(5).--No amount which is attributable to the
increase under subsection (d)(5) may be used--
''(A) for a carryforward purpose other than issuing
qualified mortgage bonds, and
''(B) to issue any bond after calendar year
2010.''.
(c) Alternative Minimum Tax.--
(1) In general.--Clause (ii) of section 57(a)(5)(C) of the
Internal Revenue Code of 1986 is amended by striking ''shall
not include'' and all that follows and inserting ''shall not
include--
''(I) any qualified 501(c)(3) bond
(as defined in section 145), or
''(II) any qualified mortgage bond
(as defined in section 143(a)) or
qualified veterans' mortgage bond (as
defined in section 143(b)) issued after
December 31, 2007, and before January
1, 2011.''.
(2) Conforming amendment.--The heading for section
57(a)(5)(C)(ii) is amended by striking ''qualified 501(c)(3)
bonds'' and inserting ''certain bonds''.
(d) Effective Date.--The amendments made by this section shall
apply to bonds issued after December 31, 2007.

Ex Output:
Amends the Internal Revenue Code to: (1) allow proceeds of qualified mortgage bonds to be used to refinance certain residential subprime loans issued between 2002 and 2008; (2) increase in 2008 limitations on issuance amounts for qualified mortgage bonds; and (3) exempt tax-exempt interest on qualified mortgage or veterans' mortgage bonds issued before 2011 from the alternative minimum tax.

Ex Input:
SECTION 1. DEPOSIT OF CERTAIN CONTRIBUTIONS AND DONATIONS IN TREASURY
ACCOUNT.

(a) In General.--Title III of the Federal Election Campaign Act of
1971 (2 U.S.C. 431 et seq.) is amended by adding at the end the
following new section:

''treatment of certain contributions and donations to be returned to
donors

''Sec. 323. (a) Transfer to Commission.--
''(1) In general.--Notwithstanding any other provision of
this Act, if a political committee intends to return any
contribution or donation given to the political committee, the
committee shall transfer the contribution or donation to the
Commission if--
''(A) the contribution or donation is in an amount
equal to or greater than $500 (other than a
contribution or donation returned within 60 days of
receipt by the committee); or
''(B) the contribution or donation was made in
violation of section 315, 316, 317, 319, or 320 (other
than a contribution or donation returned within 30 days
of receipt by the committee).
''(2) Information included with transferred contribution or
donation.--A political committee shall include with any
contribution or donation transferred under paragraph (1)--
''(A) a request that the Commission return the
contribution or donation to the person making the
contribution or donation; and
''(B) information regarding the circumstances
surrounding the making of the contribution or donation
and any opinion of the political committee concerning
whether the contribution or donation may have been made
in violation of this Act.
''(3) Establishment of escrow account.--
''(A) In general.--The Commission shall establish a
single interest-bearing escrow account for deposit of
amounts transferred under paragraph (1).
''(B) Disposition of amounts received.--On
receiving an amount from a political committee under
paragraph (1), the Commission shall--
''(i) deposit the amount in the escrow
account established under subparagraph (A); and
''(ii) notify the Attorney General and the
Commissioner of the Internal Revenue Service of
the receipt of the amount from the political
committee.
''(C) Use of interest.--Interest earned on amounts
in the escrow account established under subparagraph
(A) shall be applied or used for the same purposes as
the donation or contribution on which it is earned.
''(4) Treatment of returned contribution or donation as a
complaint.--The transfer of any contribution or donation to the
Commission under this section shall be treated as the filing of
a complaint under section 309(a).
''(b) Use of Amounts Placed in Escrow To Cover Fines and
Penalties.--The Commission or the Attorney General may require any
amount deposited in the escrow account under subsection (a)(3) to be
applied toward the payment of any fine or penalty imposed under this
Act or title 18, United States Code, against the person making the
contribution or donation.
''(c) Return of Contribution or Donation After Deposit in Escrow.--
''(1) In general.--The Commission shall return a
contribution or donation deposited in the escrow account under
subsection (a)(3) to the person making the contribution or
donation if--
''(A) within 180 days after the date the
contribution or donation is transferred, the Commission
has not made a determination under section 309(a)(2)
that the Commission has reason to believe whether that
the making of the contribution or donation was made in
violation of this Act; or
''(B)(i) the contribution or donation will not be
used to cover fines, penalties, or costs pursuant to
subsection (b); or
''(ii) if the contribution or donation will be used
for those purposes, that the amounts required for those
purposes have been withdrawn from the escrow account
and subtracted from the returnable contribution or
donation.
''(2) No effect on status of investigation.--The return of
a contribution or donation by the Commission under this
subsection shall not be construed as having an effect on the
status of an investigation by the Commission or the Attorney
General of the contribution or donation or the circumstances
surrounding the contribution or donation, or on the ability of
the Commission or the Attorney General to take future actions
with respect to the contribution or donation.''.
(b) Amounts Used to Determine Amount of Penalty for Violation.--
Section 309(a) of such Act (2 U.S.C. 437g(a)) is amended by inserting
after paragraph (9) the following new paragraph:
''(10) For purposes of determining the amount of a civil penalty
imposed under this subsection for violations of section 323, the amount
of the donation involved shall be treated as the amount of the
contribution involved.''.
(c) Donation Defined.--Section 301 of such Act (2 U.S.C. 431) is
amended by adding at the end the following:
''(20) Donation.--The term 'donation' means a gift, subscription,
loan, advance, or deposit of money or anything else of value made by
any person to a national committee of a political party or a Senatorial
or Congressional Campaign Committee of a national political party for
any purpose, but does not include a contribution (as defined in
paragraph (8)).''.
(d) Disgorgement Authority.--Section 309 of such Act (2 U.S.C.
437g) is amended by adding at the end the following new subsection:
''(e) Any conciliation agreement, civil action, or criminal action
entered into or instituted under this section may require a person to
forfeit to the Treasury any contribution, donation, or expenditure that
is the subject of the agreement or action for transfer to the
Commission for deposit in accordance with section 323.''.
(e) Effective Date.--The amendments made by subsections (a), (b),
and (c) shall apply to contributions or donations refunded on or after
the date of the enactment of this Act, without regard to whether the
Federal Election Commission or Attorney General has issued regulations
to carry out section 323 of the Federal Election Campaign Act of 1971
(as added by subsection (a)) by such date.

Ex Output:
Amends the Federal Election Campaign Act of 1971 to establish guidelines for the transfer to the Federal Election Commission (FEC) and deposit into a special account of any contribution or donation given to a political committee that the committee intends to return, as well as for the return of such contribution or donation after it is deposited to the person who made it. Requires: (1) the political committee to include certain information along with the transferred contribution or donation, such as a request that the FEC return the contribution or donation to the person making it; and (2) the FEC to notify the Attorney General and the Commissioner of the Internal Revenue Service of the receipt of such contribution or donation. Allows amounts in the special account to be applied toward the payment of any applicable fines or penalties.