In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
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Question: SECTION 1. SHORT TITLE.

This Act may be cited as the ''Educational Technology Utilization
Extension Assistance Act''.

SEC. 2. PURPOSE.

It is the purpose of this Act to improve the utilization of
educational technologies in elementary and secondary education by
creating an educational technology extension service based at
undergraduate institutions of higher education.

SEC. 3. FINDINGS.

The Congress finds the following:
(1) Extension services such as the Manufacturing Extension
Partnership and the Agricultural Extension Service have proven
to be effective public/private partnerships to integrate new
technologies and to improve utilization of existing
technologies by small to medium sized manufacturers and the
United States agricultural community.
(2) Undergraduate institutions of higher education working
with non-profit organizations, State, and Federal agencies can
tailor educational technology extension programs to meet
specific local and regional requirements.
(3) Undergraduate institutions of higher education, often
with the assistance of the National Science Foundation, have
for the past 20 years been integrating educational technologies
into their curricula, and as such they can draw upon their own
experiences to advise elementary and secondary school educators
on ways to integrate a variety of educational technologies into
the educational process.
(4) Many elementary and secondary school systems,
particularly in rural and traditionally under served areas,
lack general information on the most effective methods to
integrate their existing technology infrastructure, as well as
new educational technology, into the educational process and
curriculum.
(5) Most Federal and State educational technology programs
have focused on acquiring educational technologies with less
emphasis on the utilization of those technologies in the
classroom and the training and infrastructural requirements
needed to efficiently support those types of technologies. As a
result, in many instances, the full potential of educational
technology has not been realized.
(6) Our global economy is increasingly reliant on a
workforce not only comfortable with technology, but also able
to integrate rapid technological changes into the production
process. As such, in order to remain competitive in a global
economy, it is imperative that we maintain a work-ready labor
force.
(7) According to ''Teacher Quality: A Report on the
Preparation and Qualifications of Public School Teacher'',
prepared by the Department of Education, only 1 in 5 teachers
felt they were well prepared to work in a modern classroom.
(8) The most common form of professional development for
teachers continue to be workshops that typically last no more
than one day and have little relevance to teachers' work in the
classroom.
(9) A 1998 national survey completed by the Department of
Education found that only 19 percent of teachers had been
formally mentored by another teacher, and that 70 percent of
these teachers felt that this collaboration was very helpful to
their teaching.

SEC. 4. PROGRAM AUTHORIZED.

(a) General Authority.--The Director of the National Science
Foundation, in cooperation with the Secretary of Education and the
Director of the National Institute of Standards and Technology, shall
provide assistance for the creation and support of regional centers for
the utilization of educational technologies (hereinafter in this Act
referred to as ''ETU Centers'').
(b) Functions of Centers.--
(1) Establishment.--ETU Centers may be established at any
institution of higher education, but such centers may include
the participation of non-profit entities, organizations, or
groups thereof.
(2) Objectives of centers.--The objective of the ETU
Centers is to enhance the utilization of educational
technologies in elementary and secondary education through--
(A) advising of elementary and secondary school
administrators, school boards, and teachers on the
adoption and utilization of new educational
technologies and the utility of local schools' existing
educational technology assets and infrastructure;
(B) participation of individuals from the private
sector, universities, State and local governments, and
other Federal agencies;
(C) active dissemination of technical and
management information about the use of educational
technologies; and
(D) utilization, where appropriate, of the
expertise and capabilities that exists in Federal
laboratories and Federal agencies.
(3) Activities of centers.--The activities of the ETU
Centers shall include the following:
(A) The active transfer and dissemination of
research findings and ETU Center expertise to local
school authorities, including but not limited to school
administrators, school boards, and teachers.
(B) The training of teachers in the integration of
local schools existing educational technology
infrastructure into their instructional design.
(C) The training and advising of teachers,
administrators, and school board members in the
acquisition, utilization, and support of educational
technologies.
(D) Support services to teachers, administrators,
and school board members as agreed upon by ETU Center
representatives and local school authorities.
(E) The advising of teachers, administrators, and
school board members on current skill set standards
employed by private industry.
(c) Program Administration.--
(1) Proposed rules.--The Director of the National Science
Foundation, after consultation with the Secretary of Education
and the Director of the National Institute of Standards and
Technology, shall publish in the Federal Register, within 90
days after the date of the enactment of this Act, a proposed
rules for the program for establishing ETU Centers, including--
(A) a description of the program;
(B) the procedure to be followed by applicant;
(C) the criteria for determining qualified
applicants; and
(D) the criteria, including those listed in the
following sections, for choosing recipients of
financial assistance under this section from among
qualified applicants.
(2) Final rules.--The Director of the National Science
Foundation shall publish final rules for the program under this
Act after the expiration of a 30-day comment period on such
proposed rules.
(d) Eligibility and Selection.--
(1) Applications required.--Any undergraduate institution
of higher education, consortia of such institutions, non-profit
organizations, or groups thereof may submit an application for
financial support under this section in accordance with the
procedures established under subsection (c). In order to
receive assistance under this Act, an applicant shall provide
adequate assurances that will contribute 50 percent or more of
the proposed Center's capital and annual operating and
maintenance costs.
(2) Selection.--The Director of the National Science
Foundation, in conjunction with the Secretary of Education and
the Director of the National Institute of Standards and
Technology, shall subject each application to competitive,
merit review. In making a decision whether to approve such
application and provide financial support under this section,
the Director of the National Science Foundation shall consider
at a minimum--
(A) the merits of the application, particularly
those portions of the application regarding the
adaption of training and educational technologies to
the needs of particular regions;
(B) the quality of service to be provided;
(C) the geographical diversity and extent of
service area, with particular emphasis on rural and
traditionally underdeveloped areas; and
(D) the percentage of funding and amount of in-kind
commitment from other sources.
(3) Evaluation.--Each ETU Center which receives financial
assistance under this section shall be evaluated during its
third year of operation by an evaluation panel appointed by the
Director of the National Science Foundation. Each evaluation
panel shall measure the involved Center's performance against
the objectives specified in this section. Funding for an ETU
Center shall not be renewed unless the evaluation is positive.

SEC. 6. DEFINITION.

As used in this Act, the term ''institution of higher education''
has the meaning given that term by section 101 of the Higher Education
Act of 1965 (20 U.S.C. 1001).

Answer: Educational Technology Utilization Extension Assistance Act - Requires the Director of the National Science Foundation (NSF), in cooperation with the Secretary of Education and the Director of the National Institute of Standards and Technology (NIST), to provide assistance for the creation and support of regional centers for the utilization of educational technologies (ETU Centers). Allows ETU Centers to be established at any institution of higher education, and to include the participation of non-profit entities and organizations.
Requires ETU Centers to enhance the use of educational technologies in elementary and secondary education through: (1) advising school administrators, school boards, and teachers on adopting and using new educational technologies and the usefulness of local schools' existing educational technology assets and infrastructure; (2) participation of individuals from the private sector, universities, State and local governments, and other Federal agencies; (3) active dissemination of technical and management information about the use of educational technologies; and (4) appropriate use of the expertise and capabilities that exist in Federal laboratories and Federal agencies.
Requires ETU Centers' activities to include: (1) active transfer and dissemination of research findings and ETU Center expertise to local school authorities; (2) training teachers in integrating schools' existing educational technology infrastructure into their instructional design; (3) training and advising teachers, administrators, and school board members in acquiring, using, and supporting educational technologies; (4) support services to teachers, administrators, and school board members; and (5) advising teachers, administrators, and school board members on current skill set standards employed by private industry.
Sets forth requirements for program administration and application and selection procedures. Allows any undergraduate institution of higher education, consortia of such institutions and non-profit organizations to apply for financial support in accordance with the procedures. Requires each applicant to provide adequate assurances that it will contribute 50 percent or more of the proposed ETU Center's capital and annual operating and maintenance costs.
Requires the NSF Director, in conjunction with the Secretary of Education and the NIST Director, to subject each application to competitive merit review, including specified considerations. Requires each ETU Center to be evaluated during its third year of operation. Requires a positive evaluation for renewal of funding.

Question: SECTION 1. SHORT TITLE.

This Act may be cited as the ''Veterans Mental Health Care Capacity
Enhancement Act of 2005''.

SEC. 2. FINDINGS.

Congress makes the following findings:
(1) Mental health treatment capacity at community-based
outpatient clinics remains inadequate and inconsistent, despite
the requirement under section 1706(c) of title 38, United
States Code, that every primary care health care facility of
the Department of Veterans Affairs develop and carry out a plan
to meet the mental health care needs of veterans who require
such services.
(2) In 2001, the minority staff of the Committee on
Veterans' Affairs of the Senate conducted a survey of
community-based outpatient clinics and found that there was no
established systemwide baseline of acceptable mental health
service levels at such clinics.
(3) In 2004, the Department of Veterans Affairs workgroup
on mental health care, which developed and submitted a
Comprehensive Mental Health Strategic Plan to the Secretary of
Veterans Affairs, found service and funding gaps within the
Department of Veterans Affairs health care system, and made
numerous recommendations for improvements. As of May 2005,
Congress had not received a final report on the workgroup's
findings.
(4) In February 2005, the Government Accountability Office
reported that the Department of Veterans Affairs had not fully
met any of the 24 clinical care and education recommendations
made in 2004 by the Special Committee on Post-Traumatic Stress
Disorder of the Under Secretary for Health, Veterans Health
Administration.

SEC. 3. REQUIRED CAPACITY FOR COMMUNITY-BASED OUTPATIENT CLINICS.

(a) Strengthening of Performance Measures for Mental Health
Programs.--Section 1706(b)(6) of title 38, United States Code, is
amended by adding at the end the following:
''(D) The Under Secretary shall include, as goals in the
performance contracts entered into with Network Directors to prioritize
mental health services--
''(i) establishing appropriate staff-patient ratio levels
for various programs (including mental health services at
community-based outpatient clinics);
''(ii) fostering collaborative environments for providers;
and
''(iii) encouraging clinicians to conduct mental health
consultations during primary care visits.''.
(b) Inflationary Indexing of Capacity Requirements.--Section
1706(b) of title 38, United States Code, is amended by adding at the
end the following:
''(7) For the purposes of meeting and reporting on the capacity
requirements under paragraph (1), the Secretary shall ensure that the
funding levels allocated for specialized treatment and rehabilitative
services for disabled veterans are adjusted for inflation each fiscal
year.''.
(c) Mental Health and Substance Abuse Services.--Section 1706(c) of
title 38, United States Code, is amended--
(1) by inserting ''(1)'' before ''The Secretary''; and
(2) by adding at the end the following:
''(2) The Secretary shall ensure that not less than 90 percent of
community-based outpatient clinics have the capacity to provide onsite,
contract-referral, or tele-mental health services--
''(A) for at least 10 percent of all clinic visits by not
later than September 30, 2006; and
''(B) for at least 15 percent of all clinic visits by not
later than September 30, 2007.
''(3) The Secretary shall ensure that not less than 2 years after
the date of enactment of this paragraph--
''(A) each primary care health care facility of the
Department has the capacity and resources to provide not less
than 5 days of inpatient, residential detoxification services
onsite or at a nearby contracted or Department facility; and
''(B) a case manager is assigned to coordinate follow up
outpatient services at each community-based outpatient
clinic.''.
(d) Reporting Requirement.--Not later than January 31, 2008, the
Secretary of Veterans Affairs shall submit a report to Congress that--
(1) describes the status and availability of mental health
services at community-based outpatient clinics;
(2) describes the substance of services available at such
clinics;
(3) includes the ratios between mental health staff and
patients at such clinics; and
(4) includes the certification of the Inspector General of
the Department of Veterans Affairs.

SEC. 4. COOPERATION ON MENTAL HEALTH AWARENESS AND PREVENTION.

(a) Agreement.--The Secretary of Defense and the Secretary of
Veterans Affairs shall enter into a Memorandum of Understanding--
(1) to ensure that separating servicemembers receive
standardized individual mental health and sexual trauma
assessments as part of separation exams; and
(2) includes the development of shared guidelines on how to
conduct the assessments.
(b) Establishment of Joint VA-DoD Workgroup on Mental Health.--
(1) In general.--Not later than 180 days after the date of
enactment of this Act, the Secretary of Defense and the
Secretary of Veterans Affairs shall establish a joint workgroup
on mental health, which shall be comprised of not less than 7
leaders in the field of mental health appointed from their
respective departments.
(2) Study.--Not later than 1 year after the establishment
of the workgroup under paragraph (1), the workgroup shall
analyze the feasibility, content, and scope of initiatives
related to--
(A) combating stigmas and prejudices associated
with servicemembers who suffer from mental health
disorders or readjustment issues, through the use of
peer counseling programs or other educational
initiatives;
(B) ways in which the Department of Veterans
Affairs can make their expertise in treating mental
health disorders more readily available to Department
of Defense mental health care providers;
(C) family and spousal education to assist family
members of veterans and servicemembers to recognize and
deal with signs of potential readjustment issues or
other mental health disorders; and
(D) seamless transition of servicemembers who have
been diagnosed with mental health disorders from active
duty to veteran status (in consultation with the
Seamless Transition Task Force and other entities
assisting in this effort).
(3) Report.--Not later than June 30, 2007, the Secretary of
Defense and the Secretary of Veterans Affairs shall submit a
report to Congress containing the findings and recommendations
of the workgroup established under this subsection.

SEC. 5. PRIMARY CARE CONSULTATIONS FOR MENTAL HEALTH.

(a) Guidelines.--The Under Secretary for Health, Veterans Health
Administration, shall establish systemwide guidelines for screening
primary care patients for mental health disorders and illnesses.
(b) Training.--Based upon the guidelines established under
subsection (a), the Under Secretary for Health, Veterans Health
Administration, shall conduct appropriate training for clinicians of
the Department of Veterans Affairs to carry out mental health
consultations.

Answer: Veterans Mental Health Care Capacity Enhancement Act of 2005 - Requires the Under Secretary for Health for the Veterans Health Administration of the Department of Veterans Affairs to include as goals in performance contracts for prioritizing mental health services to veterans: (1) establishing appropriate staff-patient ratio levels; (2) fostering collaborative environments for providers; and (3) encouraging clinicians to conduct mental health consultations during primary care visits.

Directs the Secretary of Veterans Affairs to ensure that not less than 90 percent of Department community-based outpatient clinics have the capacity to provide on-site, contract-referral, or tele-mental health services for at least: (1) ten percent of all clinic visits by no later than September 30, 2006; and (2) 15 percent of all clinic visits by no later than September 30, 2007.

Directs the Secretaries of Defense and Veterans Affairs to enter into a memorandum of understanding to ensure interdepartmental cooperation on mental health awareness and mental illness prevention.

Requires the Under Secretary to establish system-wide guidelines for screening primary care patients for mental health disorders and illnesses.

Question: SECTION 1. SHORT TITLE.

This Act may be cited as the ''Job Creation Economic Stimulus Act
of 2008''.

SEC. 2. ADOPTION OF THE HIGH PRODUCTIVITY INVESTMENT DEDUCTION.

(a) In General.--Part VI of subchapter B of chapter 1 of the
Internal Revenue Code of 1986 (relating to itemized deductions for
individuals and corporations) is amended by inserting after section 168
the following new section:

''SEC. 168A. HIGH PRODUCTIVITY INVESTMENT DEDUCTION.

''(a) Treatment as Expenses.--A taxpayer may elect to treat the
cost of any high productivity property as an expense not chargeable to
capital account. Any cost so treated shall be allowed as a deduction in
the taxable year in which the high productivity property is placed in
service.
''(b) Definition of High Productivity Property.--
''(1) In general.--Except as provided in paragraph (3), the
term 'high productivity property' means any--
''(A) computer,
''(B) computer related peripheral equipment,
''(C) computer based machinery,
''(D) electronic diagnostic equipment,
''(E) electronic control equipment,
''(F) other electronic, electromechanical, laser or
computer based equipment,
''(G) computer software,
''(H) equipment used in the manufacture of
semiconductors,
''(I) high technology medical equipment,
''(J) advanced technology communications equipment,
''(K) optical fiber and photonics equipment,
''(L) advanced environmental products,
''(M) advanced life science products, or
''(N) new high productivity assets.
''(2) Definitions.--For purposes of this subsection:
''(A) Computer.--The term 'computer' means a
programmable electronically activated device which--
''(i) is capable of accepting information,
applying prescribed processes to the
information, and supplying the results of those
processes, and
''(ii) consists of a central processing
unit containing extensive storage, logic,
arithmetic and control capabilities.
''(B) Computer related peripheral equipment.--The
term 'computer related peripheral equipment' means any
auxiliary machine or other equipment (whether on-line
or off-line) which is designed to be placed under the
control of the central processing unit of a computer
(as determined without regard to whether such machine
or equipment is an integral part of other property
which is not a computer).
''(C) Computer based machinery.--The term 'computer
based machinery' means any machine which--
''(i) cuts, forms, shapes, drills, bores,
mixes, paints, seals, welds, or otherwise
transforms material, or
''(ii) handles, conveys, assembles, or
packages materials or products,
by responding to electronically stored information and
programmed commands.
''(D) Electronic diagnostic equipment.--The term
'electronic diagnostic equipment' means equipment that
uses electronic components to sense or monitor
location, size, volume, surface characteristics,
pressure, temperature, speed, chemical composition, or
other similar characteristics.
''(E) Electronic control equipment.--The term
'electronic control equipment' means equipment that
electronically controls pressure, temperature, size,
volume, composition purity or other similar
characteristics.
''(F) High technology medical equipment.--The term
'high technology medical equipment' means any
electronic, electromechanical, or computer-based high
technology equipment used in the screening, monitoring,
observation, diagnosis, or treatment of patients in a
laboratory, medical, or hospital environment.
''(G) Advanced technology communications
equipment.--The term 'advanced technology
communications equipment' means equipment used in the
transmission or reception of voice, data, video,
paging, messaging, or other communications services
that are delivered using packet technology. A packet is
a unit of data, or sequence of binary digits, that is
routed between an origin and a destination on a packet-
switched network.
''(H) Optical fiber and photonics equipment.--The
term 'optical fiber and photonics equipment' means
optical fiber and the equipment and materials used to
generate, manipulate and direct light particles over
such fiber.
''(I) Advanced environmental products.--The term
'advanced environmental product' means any high cell
density ceramic or other device used for the control of
nitrogen oxide and particulate emissions.
''(J) Advanced life sciences products.--The term
'advanced life sciences product' means any polymer,
ceramic or high-purity glass product used in biological
research.
''(K) New high productivity assets.--
''(i) In general.--The term 'new high
productivity assets' means any asset utilizing
1 or more technological or scientific processes
which were not in common commercial use before
January 1, 2007.
''(ii) Determinations.--The Secretary shall
establish procedures pursuant to which
taxpayers can seek a public ruling that a
particular class of assets qualifies as new
high productivity assets. The procedures shall
require the Secretary to provide a
determination within 90 days of receipt of a
properly completed request for a public ruling.
''(3) Excluded property.--The term 'high productivity
property' shall not include--
''(A) an entire car, locomotive, aircraft, ship or
other vehicle solely because the vehicle is controlled
in whole or part by a computer or other electronic
equipment,
''(B) any equipment of a kind used primarily for
entertainment or amusement of the user, and
''(C) typewriters, calculators, copiers,
duplication equipment, and other similar equipment.
''(c) Election.--An election under this section for any taxable
year shall--
''(1) be made on an asset by asset basis, and
''(2) be made on the taxpayer's return of the tax imposed
by this chapter for the taxable year.
''(d) Special Rules.--
''(1) Cost.--For purposes of this section, the cost of
property does not include so much of the basis of such property
as is determined by reference to the basis of other property
held at any time by the person acquiring such property.
''(2) Antichurning rules.--
''(A) In general.--This section shall not apply to
any property acquired by the taxpayer after December
31, 2007, if--
''(i) the property was owned or used at any
time during the period beginning on January 1,
2007, and ending on December 31, 2007, by the
taxpayer or a related person,
''(ii) the property was owned or used at
any time during the period described in clause
(i), and, as part of the transaction, the user
of the property does not change,
''(iii) the taxpayer leases such property
to a person (or a person related to such
person) who owned or used such property at any
time during the period described in clause (i),
or
''(iv) the property is acquired in a
transaction as part of which the user of such
property does not change and the property was
acquired from a person to which clause (ii) or
clause (iii) applies.
''(B) Applicable cost recovery rules.--Section 168
shall apply to any property to which this section does
not apply by reason of this paragraph.
''(C) Special rules.--For purposes of this
paragraph--
''(i) property shall not be treated as
owned before it is placed in service, and
''(ii) whether the user of a property
changes will be determined in accordance with
regulations prescribed by the Secretary.
''(3) Recapture in certain cases.--The Secretary shall, by
regulations, provide for the recapturing the benefit under any
deduction allowable under subsection (a) with respect to any
property which is not used predominantly in a trade or business
at any time.
''(4) Alternative depreciation system applies.--The
election under subsection (a) may not be made with respect to
property which at any time during the taxable year in which
such property is placed in service is--
''(A) described in paragraph (1) of section
168A(g), or
''(B) 'listed property' 'not predominantly used in
a qualified business use' as such terms apply for
purposes of paragraph (1) of 280F(b).
''(e) Termination.--This section shall only apply to property which
is--
''(1) acquired by the taxpayer after December 31, 2007, and
before January 1, 2009, but only if no written binding contract
for the acquisition was in effect before January 1, 2008, or
''(2)(A) acquired by the taxpayer pursuant to a written
binding contract which was entered into after December 31,
2007, and before January 1, 2009, and
''(B) placed in service in taxable years beginning after
December 31, 2009.''.
(b) Conforming Amendment.--The table of sections for part VI of
subchapter B of chapter 1 of such Code is amended by adding after
section 168 the following new item:

''Sec. 168A. High productivity investment deduction.''.
(c) Effective Date.--The amendments made by this section shall
apply to property placed in service after December 31, 2007, with
respect to taxable years beginning after such date.

SEC. 3. 50 PERCENT ALLOWANCE FOR DEPRECIATION FOR CERTAIN PROPERTY
ACQUIRED DURING 2008.

(a) In General.--Paragraph (4) of section 168(k) of the Internal
Revenue Code of 1986 (relating to 50-percent bonus for certain
property) is amended--
(1) by striking ''May 5, 2003'' each place it appears and
inserting ''December 31, 2007'',
(2) by striking ''January 1, 2005'' each place it appears
and inserting ''January 1, 2009'',
(3) by striking ''May 6, 2003'' in subparagraph (B)(ii)(I)
and inserting ''January 1, 2008'',
(4) by striking ''January 1, 2006'' in subparagraph
(B)(iii) and inserting ''January 1, 2010'', and
(5) by striking ''of 30-percent bonus'' in the heading for
subparagraph (E).
(b) Repeal of Basis Limitation for Certain Property.--Subparagraph
(B) of section 168(k)(2) of such Code is amended by striking clause
(ii) and redesignating clause (iii) as clause (ii).
(c) Syndications.--Paragraph (4) of section 168(k) of such Code
(relating to 50-percent depreciation for certain property) is amended
by adding at the end the following:
''(F) Syndications.--For purposes of applying
paragraph (2)(A)(ii) by reason of this paragraph, if
property--
''(i) is treated as originally placed in
service after December 31, 2007, either
directly or by a lessor of such property or
pursuant to paragraph (2)(D)(ii), and
''(ii) is sold within 6 months after such
property is so placed in service,
such property shall be treated as originally placed in
service not earlier than the date of such sale.''.
(d) Effective Date.--
(1) In general.--The amendments made by this section shall
apply to property placed in service in taxable years beginning
after December 31, 2007.
(2) Exception for certain property.--The amendments made by
this section shall not apply to any property to which section
105 of the Gulf Opportunity Zone Act of 2005 applies.

SEC. 4. DEPRECIATION RULES NOT MODIFIED FOR PURPOSES OF ALTERNATIVE
MINIMUM TAX.

(a) Determination of Alternative Taxable Income.--Paragraph (1) of
section 56(a) of the Internal Revenue Code of 1986 (relating to
depreciation) is amended by adding at the end the following new
subparagraph:
''(E) Termination.--This paragraph shall not apply
to property placed in service in a taxable year
beginning in 2008 or 2009.''.
(b) Determination of Adjusted Current Earnings.--Subparagraph (A)
of section 56(g)(4) of such Code (relating to depreciation) is amended
by adding at the end the following new clause:
''(vi) Termination.--This subparagraph
shall not apply to property placed in service
in a taxable year beginning in 2008 or 2009.''.
(c) Effective Date.--The amendments made by this section shall
apply to property placed in service after December 31, 2007, in taxable
years beginning after such date.

SEC. 5. LONG-TERM CONTRACT ACCOUNTING.

(a) In General.--Section 168(k)(2) of the Internal Revenue Code of
1986 is amended by adding after subparagraph (G) the following new
subparagraph:
''(H) Long-term contract accounting.--The
percentage of completion method under section 460 shall
be applied as if this subsection had not been
enacted.''.
(b) Effective Date.--The amendment made by subsection (a) shall
apply to property placed in service after the date of the enactment of
this Act in taxable years ending after such date.

SEC. 6. LONG-TERM UNUSED CREDITS ALLOWED AGAINST MINIMUM TAX.

(a) In General.--Subsection (c) of section 53 of the Internal
Revenue Code of 1986 (relating to limitation) is amended by adding at
the end the following new paragraph:
''(2) Special rule for corporations with long-term unused
credits.--
''(A) In general.--If a corporation to which
section 56(g) applies has a long-term unused minimum
tax credit for a taxable year, the credit allowable
under subsection (a) for the taxable year shall not
exceed the greater of--
''(i) the limitation determined under
paragraph (1) for the taxable year, or
''(ii) the least of the following for the
taxable year:
''(I) The sum of the tax imposed by
section 55 and the regular tax reduced
by the sum of the credits allowed under
subparts A, B, D, E, and F of this
part.
''(II) The long-term unused minimum
tax credit.
''(III) The sum of--
''(aa) 50 percent of
qualified investment, plus
''(bb) the qualified
investment carryover to the
taxable year.
''(B) Long-term unused minimum tax credit.--For
purposes of this paragraph--
''(i) In general.--The long-term unused
minimum tax credit for any taxable year is the
portion of the minimum tax credit determined
under subsection (b) attributable to the
adjusted net minimum tax for taxable years
beginning after 1986 and ending before the 3rd
taxable year immediately preceding the taxable
year for which the determination is being made.
''(ii) First-in, first-out ordering rule.--
For purposes of clause (i), credits shall be
treated as allowed under subsection (a) on a
first-in, first-out basis.
''(C) Qualified investment and qualified investment
carryover.--For purposes of this paragraph--
''(i) Qualified investment.--Qualified
investment is property described in section
1245(a)(3) placed in service in the taxable
year.
''(ii) Qualified investment carryover.--The
qualified investment carryover is the amount by
which 50 percent of qualified investment
exceeds the amount of tax in paragraph
(2)(A)(ii)(I). The qualified investment
carryover may be carried only to the first
taxable year following the current year.
''(D) Termination.--Subparagraph (A) shall not
apply to any taxable year beginning after December 31,
2008.''.
(b) Conforming Amendments.--Section 53(c) of such Code is amended--
(1) by striking ''The'' and inserting the following:
''(1) In general.--The''; and
(2) by redesignating paragraphs (1) and (2) as
subparagraphs (A) and (B), respectively.

Answer:
Job Creation Economic Stimulus Act of 2008 - Amends the Internal Revenue Code to allow the expensing of the cost of certain high productivity property placed in service in 2008, including computer and computer-related peripheral equipment, electronic equipment, software, high technology medical equipment, and advanced environmental and life science products.

Allow a 50% depreciation allowance for certain business equipment acquired in 2008.

Exempts acclerated depreciation amounts related to properties placed in service in 2008 or 2009 from adjustments in computing alternative minimum taxable income.

Allows an offset in 2008 against the alternative minimum tax liability of corporations for their long-term unused tax credits.