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

Example Input: SECTION 1. SHORT TITLE.

This Act may be cited as the ''Federal Courts of Appeals
Modernization Act''.

SEC. 2. ESTABLISHMENT.

There is established a Commission on Structural Alternatives for
the Federal Courts of Appeals (in this Act referred to as the
''Commission'').

SEC. 3. MEMBERSHIP.

(a) Composition.--The Commission shall be composed of 5 members who
shall be appointed by the Chief Justice of the United States.
(b) Appointment.--The members of the Commission shall be appointed
not later than 30 days after the date of enactment of this Act.
(c) Vacancy.--Any vacancy in the Commission shall be filled in the
same manner as the original appointment.
(d) Chair.--The Commission shall elect a chair and vice chair from
among its members.
(e) Quorum.--Three members of the Commission shall constitute a
quorum.

SEC. 4. DUTIES.

The Commission shall--
(1) study the present division of the United States courts
of appeals, with particular references to the United States
Court of Appeals for the Ninth Circuit; and
(2) submit to the President and Congress a report on the
recommendations of the Commission with respect to changes in
circuit boundaries or structure as may be appropriate for the
expeditious and effective disposition of the caseload of the
United States courts of appeals, consistent with fundamental
concepts of fairness and due process.

SEC. 5. COMMISSION PERSONNEL MATTERS.

(a) Compensation of Members.--Each member of the Commission who is
not an officer or employee of the Federal Government shall be
compensated at a rate equal to $300 for each day (including travel
time) during which such member is engaged in the performance of the
duties of the Commission. All members of the Commission who are
officers or employees of the United States shall serve without
compensation in addition to that received for their services as
officers or employees of the United States.
(b) Travel Expenses.--Each member of the Commission shall be
allowed travel expenses, including per diem in lieu of subsistence, at
rates not greater than those described in section 456 of title 28,
United States Code.

SEC. 6. STAFF.

(a) Executive Director.--The Commission may appoint an executive
director who shall be compensated at a rate not greater than the daily
equivalent of the annual rate of basic pay prescribed for a position at
GS-15 of the General Schedule for each day (including travel time)
during which the executive director is engaged in the performance of
the duties of the Commission.
(b) Staff.--The Executive Director, with the approval of the
Commission, may appoint and fix the compensation of such additional
personnel as the Executive Director determines necessary, without
regard to the provisions of title 5, United States Code, governing
appointments in the competitive service, and without regard to the
provisions of chapter 51 and subchapter III of chapter 53 of such title
relating to classification and General Schedule pay rates, except that
a rate of pay fixed under this subsection may not exceed the annual
maximum rate of basic pay for a position above GS-15 of the General
Schedule under section 5108 of title 5, United States Code.
(c) Experts and Consultants.--The Executive Director may procure by
contract the temporary or intermittent services of experts or
consultants in accordance with section 3109 of title 5, United States
Code, at rates for individuals that are not greater than the daily
equivalent of the annual rate of basic pay for a comparable position
paid under the General Schedule.
(d) Services.--The Administrative Office of the United States
Courts shall provide administrative services, including financial and
budgeting services, to the Commission on a reimbursable basis. The
Federal Judicial Center shall provide necessary research services to
the Commission on a reimbursable basis.

SEC. 7. INFORMATION.

The Commission is authorized to request from any department,
agency, or independent instrumentality of the United States any
information and assistance the Commission determines necessary to carry
out its functions under this Act. Each such department, agency, and
independent instrumentality is authorized to provide such information
and assistance to the extent permitted by law when requested by the
Chair of the Commission.

SEC. 8. STUDY AND REPORT.

(a) Study.--Not later than the 10-month period beginning on the
date on which a quorum of the Commission is present, the Commission
shall conclude a study on the issues described in section 4(1).
(b) Report.--Not later than 60 days after the date on which the
period described in subsection (a) expires, the Commission shall submit
to the President and Congress the report described in section 4(1).

SEC. 9. TERMINATION.

The Commission shall terminate 90 days after the Commission submits
the report described in section 8(b).

SEC. 10. AUTHORIZATION OF APPROPRIATIONS.

There are authorized to be appropriated such sums as are necessary
not to exceed $1,000,000 to carry out this Act, to remain available
until expended.
Example Output: Federal Courts of Appeals Modernization Act This bill establishes a Commission on Structural Alternatives for the Federal Courts of Appeals to: (1) study the present division of the U.S. courts of appeals, with particular references to the U.S. Court of Appeals for the Ninth Circuit; and (2) submit to the President and Congress recommendations for changes in circuit boundaries or structure for the expeditious and effective disposition of the caseload of such courts. The commission shall be composed of five members appointed by the Chief Justice of the United States.

Example Input: SECTION 1. SHORT TITLE.

This Act may be cited as the ''Protecting Student Athletes From
Concussions Act of 2017''.

SEC. 2. MINIMUM STATE REQUIREMENTS.

Part F of title VIII of the Elementary and Secondary Education Act
of 1965 (20 U.S.C. 7881 et seq.) is amended by adding at the end the
following:

''Subpart 6--State Requirements for the Prevention and Treatment of
Concussions

''SEC. 8581. MINIMUM STATE REQUIREMENTS.

''(a) In General.--Beginning fiscal year 2019, as a condition of
receiving funds under this Act for a fiscal year, a State shall, not
later than July 1 of the preceding fiscal year, certify to the
Secretary in accordance with subsection (b) that the State has in
effect and is enforcing a law or regulation that, at a minimum,
establishes the following requirements:
''(1) Local educational agency concussion safety and
management plan.--Each local educational agency in the State
(including each charter school that is considered a local
educational agency under State law), in consultation with
members of the community in which the local educational agency
is located, shall develop and implement a standard plan for
concussion safety and management for public schools served by
the local educational agency that includes--
''(A) the education of students, parents, and
school personnel about concussions, including--
''(i) the training of school personnel on
evidence-based concussion safety and
management, including on prevention,
recognition, risk, academic consequences, and
response for both initial and any subsequent
concussions; and
''(ii) using, maintaining, and
disseminating to students and parents release
forms, treatment plans, observation,
monitoring, and reporting forms, recordkeeping
forms, and post-injury and prevention fact
sheets about concussions;
''(B) supports for each student recovering from a
concussion, including--
''(i) guiding the student in resuming
participation in school-sponsored athletic
activities and academic activities with the
help of a multidisciplinary concussion
management team, which shall include--
''(I) a health care professional,
the parents of such student, and other
relevant school personnel; and
''(II) an individual who is
assigned by the public school in which
the student is enrolled to oversee and
manage the recovery of the student;
''(ii) providing appropriate academic
accommodations aimed at progressively
reintroducing cognitive demands on such a
student; and
''(iii) if the student's symptoms of
concussion persist for a substantial period of
time--
''(I) evaluating the student in
accordance with section 614 of the
Individuals with Disabilities Education
Act (20 U.S.C. 1414) to determine
whether the student is eligible for
services under part B of such Act (20
U.S.C. 1411 et seq.); or
''(II) evaluating whether the
student is eligible for services under
section 504 of the Rehabilitation Act
of 1973 (29 U.S.C. 794); and
''(C) best practices designed to ensure, with
respect to concussions, the uniformity of safety
standards, treatment, and management, including--
''(i) disseminating information on
concussion safety and management to the public;
and
''(ii) applying best practice and uniform
standards for concussion safety and management
to all students enrolled in the public schools
served by the local educational agency.
''(2) Posting of information on concussions.--Each public
school in the State shall post on school grounds, in a manner
that is visible to students and school personnel, and make
publicly available on the school website, information on
concussions that--
''(A) is based on peer-reviewed scientific evidence
or consensus (such as information made available by the
Centers for Disease Control and Prevention);
''(B) shall include--
''(i) the risks posed by sustaining a
concussion or multiple concussions;
''(ii) the actions a student should take in
response to sustaining a concussion, including
the notification of school personnel; and
''(iii) the signs and symptoms of a
concussion; and
''(C) may include--
''(i) the definition of a concussion under
section 8582(1);
''(ii) the means available to the student
to reduce the incidence or recurrence of a
concussion; and
''(iii) the effects of a concussion on
academic learning and performance.
''(3) Response to a concussion.--If any school personnel of
a public school in the State suspect that a student has
sustained a concussion during a school-sponsored athletic
activity or other school-sponsored activity--
''(A) the student shall be--
''(i) immediately removed from
participation in such activity; and
''(ii) prohibited from resuming
participation in school-sponsored athletic
activities--
''(I) on the day the student
sustained the concussion; and
''(II) until the day the student is
capable of resuming such participation,
according to the student's written
release, as described in paragraph (4);
''(B) the school personnel shall report to the
concussion management team--
''(i) that the student may have sustained a
concussion; and
''(ii) all available information with
respect to the student's injury; and
''(C) the concussion management team shall confirm
and report to the parents of the student--
''(i) the type of injury, and the date and
time of the injury, suffered by the student;
and
''(ii) any actions that have been taken to
treat the student.
''(4) Return to athletics.--If a student enrolled in a
public school in the State sustains a concussion, before the
student resumes participation in school-sponsored athletic
activities, the relevant school personnel shall receive a
written release from a health care professional, that--
''(A) may require the student to follow a plan
designed to aid the student in recovering and resuming
participation in such activities in a manner that--
''(i) is coordinated, as appropriate, with
periods of cognitive and physical rest while
symptoms of a concussion persist; and
''(ii) reintroduces cognitive and physical
demands on the student on a progressive basis
so long as such increases in exertion do not
cause the reemergence or worsening of symptoms
of a concussion; and
''(B) states that the student is capable of
resuming participation in such activities once the
student is asymptomatic.
''(5) Return to academics.--If a student enrolled in a
public school in the State has sustained a concussion, the
concussion management team (as described under paragraph
(1)(B)(i)) of the school shall consult with and make
recommendations to relevant school personnel and the student to
ensure that the student is receiving the appropriate academic
supports, including--
''(A) providing for periods of cognitive rest over
the course of the school day;
''(B) providing modified academic assignments;
''(C) allowing for gradual reintroduction to
cognitive demands; and
''(D) other appropriate academic accommodations or
adjustments.
''(b) Certification Requirement.--The certification required under
subsection (a) shall be in writing and include a description of the law
or regulation that meets the requirements of subsection (a).

''SEC. 8582. DEFINITIONS.

''In this subpart:
''(1) Concussion.--The term 'concussion' means a type of
mild traumatic brain injury that--
''(A) is caused by a blow, jolt, or motion to the
head or body that causes the brain to move rapidly in
the skull;
''(B) disrupts normal brain functioning and alters
the physiological state of the individual, causing the
individual to experience--
''(i) any period of observed or self-
reported--
''(I) transient confusion,
disorientation, or altered
consciousness;
''(II) dysfunction of memory around
the time of injury; or
''(III) disruptions in gait or
balance; and
''(ii) symptoms that may include--
''(I) physical symptoms, such as
headache, fatigue, or dizziness;
''(II) cognitive symptoms, such as
memory disturbance or slowed thinking;
''(III) emotional symptoms, such as
irritability or sadness; or
''(IV) difficulty sleeping; and
''(C) occurs--
''(i) with or without the loss of
consciousness; and
''(ii) during participation--
''(I) in a school-sponsored
athletic activity; or
''(II) in any other activity
without regard to whether the activity
takes place on school property or
during the school day.
''(2) Health care professional.--The term 'health care
professional' means a physician (including a medical doctor or
doctor of osteopathic medicine), nurse, athletic trainer,
physical therapist, neuropsychologist, or other qualified
individual--
''(A) who is registered, licensed, certified, or
otherwise statutorily recognized by the State to
provide medical treatment; and
''(B) whose scope of practice and experience
includes the diagnosis and management of traumatic
brain injury among a pediatric population.
''(3) Public school.--The term 'public school' means a
public elementary school or public secondary school.
''(4) School personnel.--The term 'school personnel'
includes teachers, principals, administrators, counselors,
social workers, psychologists, nurses, librarians, coaches and
athletic trainers, and other support staff who are employed by
a school or who perform services for the school on a
contractual basis.
''(5) School-sponsored athletic activity.--The term
'school-sponsored athletic activity' means--
''(A) any physical education class or program of a
public school;
''(B) any athletic activity authorized by a public
school that takes place during the school day on the
school's property;
''(C) any activity of an extra-curricular sports
team, club, or league organized by a public school; and
''(D) any recess activity of a public school.''.

SEC. 3. CONFORMING AMENDMENTS.

The table of contents in section 2 of the Elementary and Secondary
Education Act of 1965 is amended by inserting after the item relating
to section 8574 the following:

''subpart 6--state requirements for the prevention and treatment of
concussions

''Sec. 8581. Minimum State requirements.
''Sec. 8582. Definitions.''.
Example Output: Protecting Student Athletes from Concussions Act of 2017 This bill amends the Elementary and Secondary Education Act of 1965 (ESEA) to condition each state's receipt of ESEA funds, beginning in FY2019, on the state's enforcement of specifiedminimum requirements for the prevention and treatment of concussions. Each local educational agency must develop and implement a standard plan for concussion safety and management that includes: (1) the education of students, parents, and school personnel about concussions; (2) specified supports for each student recovering from a concussion; and (3) best practices designed to ensure the uniformity of safety standards, treatment, and management. Each public school must post on school grounds andpublish on the school website specified informationabout concussions. If any public school personnel suspects that a student has sustained a concussion during a school-sponsored activity, the student must be immediately removed from participation in that activity and prohibited from participating in any school-sponsored athletic activities until the student submits a written release from a health care professional. Furthermore, the school personnel mustreport all available information regarding the injury to a concussion management team that will confirm and reportdetails of the injuryto the student's parents. The school's concussion management team shall consult with and make recommendations to relevant school personnel and the student to ensure that the student is receiving the appropriate academic supports.

Example Input: SECTION 1. SHORT TITLE.

This Act may be cited as the ''Student Success Act of 1999''.

TITLE I--AUTHORIZATION OF HUMAN CAPITAL INVESTMENT CONTRACTS

SEC. 101. PURPOSE; LAWFULNESS OF INSTRUMENTS; PREEMPTION OF STATE LAW.

(a) Purpose.--It is the purpose of this title to authorize
individuals to enter into contracts for the purposes of obtaining funds
for the payment of tuition and other related expenses of postsecondary
education by agreeing to pay to the holder of the contract a specified
percentage of the individual's future earned income.
(b) Lawfulness of Contracts; Preemption.--Any human capital
investment contract that complies with the requirements of section 102
shall be a valid, binding, and enforceable contract notwithstanding any
State law limiting or otherwise regulating assignments of future wages
or other income.

SEC. 102. TERMS AND CONDITIONS OF HUMAN CAPITAL INVESTMENT CONTRACTS.

(a) Definition of Human Capital Investment Contract.--For purposes
of this title, the term ''human capital investment contract'' means an
agreement between an eligible student and any other person under which
the eligible student sells and assigns specified percentages of the
eligible student's future income, for a specified period of time, in
exchange for payments to or on behalf of such student for--
(1) the tuition and related expenses of attendance by the
student at an eligible institution, and
(2) any income taxes owed by the student as a consequence
of the receipt of such payments.
(b) Terms and Conditions of Agreements.--A human capital investment
contract complies with the requirements of this section if the contract
complies with each of the following conditions:
(1) Specified percentage of earned income.--A human capital
investment contract shall specify the percentages of future
earned income which the student will be obligated to pay,
except that the contract--
(A) shall specify the maximum amount of earned
income for each year to which such specified percentage
shall apply;
(B) shall provide a schedule of reductions in such
percentage if the student's earned income from full-
time employment is less than amounts specified in the
contract; and
(C) may specify a schedule of increases in such
percentage if the student obtains a deferral under
paragraph (6), subject to the limitation in paragraph
(2).
(2) Aggregate limitation on obligation.--No eligible
student may enter into any human capital investment contract if
the total percentage of such student's future earned income
that the student agrees to pay under that contract, and any
other human capital investment contracts of such student,
exceeds 20 percent of such future earned income.
(3) Specified duration; extension of period for
deferrals.--A human capital investment contract shall specify
the maximum period of time during which the student will be
obligated to pay a portion of the student's future earned
income from full-time employment, except that--
(A) except as provided in subparagraph (B), such
period may not exceed 180 months; and
(B) such contract may provide that such period may
be extended by the number of months during which the
student obtains a deferral of payments under paragraph
(5) or (6).
(4) Commencement of repayment.--A human capital investment
contract shall provide that the student is not obligated to
commence payments, and that the deferral period in paragraph
(5) does not begin to toll, until the student--
(A) ceases to carry at an eligible institution at
least the minimum academic workload set forth in the
contract; or
(B) ceases to be eligible to meet the deferral
requirements set forth in paragraph (6).
(5) Deferral for under-employment or unemployment.--A human
capital investment contract shall provide that the student may
obtain a deferral of the obligation to make payments under the
contract during any period in which the student is unemployed,
except that the contract may provide that, if the student is
unemployed for longer than a maximum period specified in the
contract, the student agrees to extinguish obligations under
the contract by payment of--
(A) the amounts determined in accordance with
paragraph (7), and
(B) any related administrative costs of collecting
such amounts, including attorney's fees.
(6) Deferral during periods of graduate study.--A human
capital investment contract shall provide that a student who is
enrolled or accepted for enrollment in a postgraduate degree
program is not obligated to commence payments under the contract until
the student ceases to carry a full-time academic workload leading to
such a degree at an eligible institution, except that the contract may
provide that the maximum period for which payments may be deferred
pursuant to this paragraph shall not exceed 48 months.
(7) Accelerated repayment.--A human capital investment
contract shall specify the terms and conditions by which the
student may extinguish the student's obligations under the
contract before the end of the payment period specified in the
human capital investment contract, based on the remaining term
of such period.
(c) Required Disclosures.--A human capital investment contract does
not comply with the requirements of this section unless the eligible
student is provided, before entry into agreement, a disclosure document
that clearly and simply discloses that--
(1) the agreement is not a debt instrument, and that the
amount the student will be required to pay under the
agreement--
(A) may be more or less than the amount provided to
the student; and
(B) will vary in proportion to the student's future
earned income;
(2) the obligations of the student under the agreement are
not dischargeable under bankruptcy law;
(3) the obligations of the student under the agreement may
be extinguished by accelerating payments, as specified in the
agreement; and
(4) the duration of the student's obligations under the
agreement (absent such accelerating payments).

SEC. 103. DEFINITIONS.

As used in this title--
(1) Earned income.--
(A) The term ''earned income'' means compensation
and self-employment income.
(B) The term ''compensation'' means the gross
amount of salaries, wages, and other remunerations
earned by the student as an employee, not taking into
account any deferred compensation arrangements or any
payments to any retirement, pension, or other benefit
plan.
(C) The term ''self-employment income'' means the
net earnings from self-employment, as defined in
section 1402 of the Internal Revenue Code of 1986, and
regulations prescribed thereunder.
(2) Eligible student.--The term ''eligible student'' means
any person--
(A) who is a citizen or national of the United
States, a permanent resident of the United States, able
to provide evidence from the Immigration and
Naturalization Service that he or she is in the United
States for other than a temporary purpose with the
intention of becoming a citizen or permanent resident,
or permanent resident of the Trust Territory of the
Pacific Islands, Guam, the Northern Mariana Islands;
(B) who is enrolled or accepted for enrollment in a
degree, certificate, or other program (including a
program of study abroad approved for credit by the
eligible institution at which such student is enrolled)
leading to a recognized educational credential at an
eligible institution of higher education; and
(C) who is not enrolled in an elementary or
secondary school.
(3) Eligible institution.--The term ''eligible
institution'' means an institution of higher education as such
term is defined in section 481(a) of the Higher Education Act
of 1965 (20 U.S.C. 1088(a)).
(4) Full-time employment; period of no employment.--
Determinations of full-time employment in a given calendar year
shall be based on an average employment of 35 hours (or more)
per week during such year (a total of 1,820 hours or more for
the year). Determinations of period of no employment of a
student shall be determined separately for each calendar year
and expressed as a whole number of weeks and shall be based on
the excess, if any, of 1,820 over the total number of hours of
employment of the student during the year, divided by 35, and
rounded down to the nearest whole number.
(5) State law.--
(A) The term ''State law'' means any law, decision,
rule, regulation, or other action having the effect of
a law of any State or any political subdivision of a
State, or any agency or instrumentality of a State or
political subdivision of a State, except that a law of
the United States applicable only to the District of
Columbia shall be treated as a State law (rather than a
law of the United States).
(B) The term ''State'' includes, in addition to the
several States of the Union, the Commonwealth of Puerto
Rico, the District of Columbia, Guam, American Samoa,
the Virgin Islands, the government of the Northern
Mariana Islands, and the Trust Territory of the Pacific
Islands.

TITLE II--TAX TREATMENT OF HUMAN CAPITAL INVESTMENT CONTRACTS

SEC. 201. TAX TREATMENT OF HUMAN CAPITAL INVESTMENT CONTRACTS.

(a) In General.--Section 7701 of the Internal Revenue Code of 1986
is amended by redesignating subsection (m) as subsection (n) and by
inserting after subsection (l) the following new subsection:
''(m) Human Capital Investment Contracts.--A human capital
investment contract (as defined in section 102 of the Student Success
Act of 1999) shall not be treated as a debt instrument for purposes of
this title, and amounts received by the student for entering into such
a contract shall be includible in such student's gross income for
purposes of subtitle A.''
(b) Depreciation.--Section 167 of the Internal Revenue Code of 1986
(relating to depreciation) is amended by redesignating subsection (h)
as subsection (i) and by inserting after subsection (g) the following
new subsection:
''(h) Human Capital Investment Contracts.--If a depreciation
deduction is allowable under subsection (a) with respect to any human
capital investment contract (as defined in section 102 of the Student
Success Act of 1999), such deduction--
''(1) shall be allowable beginning with the taxable year
during which the student is first obligated to begin payments
under the contract, and
''(2) shall be computed by using the straight-line method
and a useful life equal to the shorter of--
''(A) 15 years, or
''(B) the maximum period the student is obligated
to make payments under the contract (determined without
regard to any extension of such period by reason of a
deferral).''
(c) Deduction for Payments.--
(1) In general.--Part VII of subchapter B of chapter 1 of
such Code is amended by redesignating section 221 as section
222 and by inserting after section 220 the following new
section:

''SEC. 221. PAYMENTS UNDER HUMAN CAPITAL INVESTMENT CONTRACTS.

''In the case of an individual who is obligated to make payments
under a human capital investment contract (as defined in section 102 of
the Student Success Act of 1999), there shall be allowed as a deduction
the amount of such payments made during the taxable year.''
(2) Deduction allowable in determining adjusted gross
income.--Subsection (a) of section 62 of such Code is amended
by inserting after paragraph (16) the following new paragraph:
''(17) Human capital investment contract payments.--The
deduction allowed by section 221.''
(3) Clerical amendment.--The table of sections for part VII
of subchapter B of chapter 1 of such Code is amended by
striking the last item and inserting the following new items:

''Sec. 221. Payments under human capital
investment contracts.
''Sec. 222. Cross reference.''
(d) Qualifying Income of Publicly Traded Partnerships.--Paragraph
(1) of section 7704(d) of such Code is amended by striking ''and'' at
the end of subparagraph (F), by striking the period at the end of
subparagraph (G) and inserting '', and'', and by inserting after
subparagraph (G) the following new subparagraph:
''(H) income derived from, or gain from the sale or
other disposition of any human capital investment
contract (as defined in section 102 of the Student
Success Act of 1999).''
(e) Effective Date.--The amendments made by this section shall
apply to taxable years ending after the date of the enactment of this
Act.

TITLE III--SECURITIES LAW TREATMENT OF HUMAN CAPITAL INVESTMENT
CONTRACTS

SEC. 301. POOLING OF HUMAN CAPITAL INVESTMENT CONTRACTS INTO INVESTMENT
COMPANIES.

Section 2(a)(36) of the Investment Company Act of 1940 (15 U.S.C.
80a-2) is amended by inserting ''human capital investment contracts (as
such term is defined in section 102 of the Student Success Act of
1999),'' after ''relating to foreign currency,''.

TITLE IV--BANKRUPTCY LAW TREATMENT OF HUMAN CAPITAL INVESTMENT
CONTRACTS

SEC. 401. EXCEPTION TO DISCHARGE.

Section 523(a) of title 11, United States Code, is amended--
(1) in paragraph (17) by striking ''and'' at the end,
(2) in paragraph (18) by striking the period at the end and
inserting ''; and'', and
(3) by adding at the end the following:
''(19) for a payment owed by the debtor as a result of a
payment made to or for the benefit of the debtor, under a human
capital investment contract (as defined in section 102 of the
Student Success Act of 1999 unless--
''(A) such payment owed by the debtor first became
due more than 7 years (exclusive of any applicable
suspension of the debtor's payment period) before the
date of the filing of the petition; or
''(B) excepting such debt from discharge under this
paragraph will impose an undue hardship on the debtor
and the debtor's dependents.''.

TITLE V--FEDERAL STUDENT ASSISTANCE TREATMENT OF HUMAN CAPITAL
INVESTMENT CONTRACTS

SEC. 501. AMOUNTS RECEIVED NOT TREATED AS INCOME IN CALCULATION OF
FINANCIAL NEED.

Section 480(a) of the Higher Education Act of 1965 (20 U.S.C.
1087vv(a)) is amended--
(1) in paragraph (1), by striking ''paragraph (2)'' and
inserting ''paragraphs (2) and (3)''; and
(2) by adding at the end the following new paragraph:
''(3) No portion of any amounts received by a student for entering
into a human capital investment contract (as defined in section 102 of
the Student Success Act of 1997) shall be included as income or assets
in the computation of expected family contribution for any program
funded in whole or in part under this Act.''.
Example Output:
TABLE OF CONTENTS:
Title I: Authorization of Human Capital Investment Contracts
Title II: Tax Treatment of Human Capital Investment
Contracts
Title III: Securities Law Treatment of Human Capital
Investment Contracts
Title IV: Bankruptcy Law Treatment of Human Capital
Investment Contracts
Title V: Federal Student Assistance Treatment of Human
Capital Investment Contracts
Student Success Act of 1999 -
Title I: Authorization of Human Capital Investment Contracts
- Authorizes individuals to enter into human capital investment contracts (HCICs) for the purposes of obtaining funds for the payment of tuition and other related expenses of postsecondary education by agreeing to pay to the holder of the contract a specified percentage of the individual's future earned income.
(Sec. 101) Makes any HCIC that complies with required terms and conditions under this Act a valid, binding, and enforceable contract notwithstanding any State law limiting or otherwise regulating assignments of future wages or other income.
(Sec. 102) Sets forth terms and conditions of HCICs, including requirements relating to: (1) specification of the percentages of future earned income which the student will be obligated to pay and of the maximum amount of earned income for each year to which such specified percentage shall apply; (2) a schedule of reductions in such percentage if the student's earned income from full-time employment is less than amounts specified in the contract (and an allowable schedule of limited increases in such percentage if the student obtains a deferral); (3) prohibitions against a student's entering into HCICs where payments exceed 20 percent of future earned income; (4) specification of the maximum period of time during which the student will be obligated to pay a portion of the student's future earned income from full-time employment, up to 180 months, with extensions by the number of deferred months; (5) no obligation to commence payments while carrying at least a minimum academic workload or while eligible for deferrals; (6) deferrals during periods of unemployment (as well as allowing certain payments to extinguish obligation after a maximum period of unemployment); (7) deferrals for up to 48 months of graduate education; (8) accelerated repayment; and (9) required disclosures.
Title II: Tax Treatment of Human Capital Investment Contracts
- Amends the Internal Revenue Code to provide that: (1) an HCIC shall not be treated as a debt instrument for specified purposes; and (2) amounts received by the student for entering into an HCIC shall be includible in such student's gross income for certain tax purposes.
(Sec. 201) Sets forth conditions for allowable depreciation deductions with respect to HCICs.
Allows a tax deduction, in determining adjusted gross income, for an individual's obligated payments under an HCIC.
Deems income derived from, or gain from the sale or other disposition of, an HCIC as qualifying income which would exempt a publicly traded partnership from treatment as a corporation.
Title III: Securities Law Treatment of Human Capital Investment Contracts
- Amends the Investment Company Act of 1940 to provide for pooling of HCICs into investment companies.
Title IV: Bankruptcy Law Treatment of Human Capital Investment Contracts
- Amends Federal bankruptcy law to except from discharge in bankruptcy any payment owed by the debtor as a result of a payment made to or for the benefit of the debtor under an HCIC, unless: (1) such payment owed by the debtor first became due more than seven years (exclusive of any applicable suspension of the debtor's payment period) before the date of the filing of the petition for bankruptcy; or (2) excepting such debt from discharge will impose an undue hardship on the debtor and the debtor's dependents.
Title V: Federal Student Assistance Treatment of Human Capital Investment Contracts
- Amends the Higher Education Act of 1965 (HEA) to provide that no portion of any amounts received by a student for entering into an HCIC shall be included as income or assets in the computation of expected family contribution for any program funded in whole or in part under HEA.