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 ''Municipal Bond Market Support Act of
2008''.

SEC. 2. MODIFICATION OF SMALL ISSUER EXCEPTION TO TAX-EXEMPT INTEREST
EXPENSE ALLOCATION RULES FOR FINANCIAL INSTITUTIONS.

(a) Increase in Limitation.--Subparagraphs (C)(i), (D)(i), and
(D)(iii)(II) of section 265(b)(3) of the Internal Revenue Code of 1986
are each amended by striking ''$10,000,000'' and inserting
''$30,000,000''.
(b) Repeal of Aggregation Rules Applicable to Small Issuer
Determination.--Paragraph (3) of section 265(b) of such Code is amended
by striking subparagraphs (E) and (F).
(c) Election To Apply Limitation at Borrower Level.--Paragraph (3)
of section 265(b) of such Code, as amended by subsection (b), is
amended by adding at the end the following new subparagraph:
''(E) Election to apply limitation on amount of
obligations at borrower level.--
''(i) In general.--An issuer, the proceeds
of the obligations of which are to be used to
make or finance eligible loans, may elect to
apply subparagraphs (C) and (D) by treating
each borrower as the issuer of a separate
issue.
''(ii) Eligible loan.--For purposes of this
subparagraph--
''(I) In general.--The term
'eligible loan' means one or more loans
to a qualified borrower the proceeds of
which are used by the borrower and the
outstanding balance of which in the
aggregate does not exceed $30,000,000.
''(II) Qualified borrower.--The
term 'qualified borrower' means a
borrower which is an organization
described in section 501(c)(3) and
exempt from taxation under section
501(a) or a State or political
subdivision thereof.
''(iii) Manner of election.--The election
described in clause (i) may be made by an
issuer for any calendar year at any time prior
to its first issuance during such year of
obligations the proceeds of which will be used
to make or finance one or more eligible
loans.''.
(d) Inflation Adjustment.--Paragraph (3) of section 265(b) of such
Code, as amended by subsections (b) and (c), is amended by adding at
the end the following new subparagraph:
''(F) Inflation adjustment.--In the case of any
calendar year after 2009, the $30,000,000 amounts
contained in subparagraphs (C)(i), (D)(i),
(D)(iii)(II), and (E)(ii)(I) shall each be increased by
an amount equal to--
''(i) such dollar amount, multiplied by
''(ii) the cost-of-living adjustment
determined under section 1(f)(3) for such
calendar year, determined by substituting
'calendar year 2008' 'for calendar year 1992'
in subparagraph (B) thereof.
Any increase determined under the preceding sentence
shall be rounded to the nearest multiple of
$100,000.''.
(e) Effective Date.--The amendments made by this section shall
apply to obligations issued after December 31, 2008.

SEC. 3. DE MINIMIS SAFE HARBOR EXCEPTION FOR TAX-EXEMPT INTEREST
EXPENSE OF FINANCIAL INSTITUTIONS AND BROKERS.

(a) Financial Institutions.--Subsection (b) of section 265 of the
Internal Revenue Code of 1986 is amended by adding at the end the
following new paragraph:
''(7) De minimis exception.--Paragraph (1) shall not apply
to any financial institution if the portion of the taxpayer's
holdings of tax-exempt securities is less than 2 percent of the
taxpayer's assets.''.
(b) Brokers.--Subsection (a) of section 265 of the Internal Revenue
Code of 1986 is amended by adding at the end the following new
paragraph:
''(7) De minimis exception.--Paragraph (2) shall not apply
to any broker (as defined in section 6045(c)(1)) if the portion
of the taxpayer's holdings of tax-exempt securities is less
than 2 percent of the taxpayer's assets.''.
(c) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after the date of the enactment of
this Act.

Answer: Municipal Bond Market Support Act of 2008 - Amends Internal Revenue Code provisions relating to the small issuer exemption from interest expense allocation rules for financial institutions to: (1) increase from $10 to $30 million the annual limit on small issuers of tax-exempt municipal bonds; (2) allow an inflation adjustment to such increased limit amount after 2009; (3) repeal aggregation rules relating to the determination of small issuer eligibility; (4) allow small issuers an election to treat borrowers separately for purposes of issuance limitations; and (5) allow financial institutions and brokers to hold up to 2% of their assets in tax-exempt securities without affecting their interest expense tax deduction.

Question: SECTION 1. SHORT TITLE.

This Act may be cited as the ''China Fair Trade Act of 2010''.

SEC. 2. RECIPROCAL COMPETITIVE TRADE PRACTICES.

(a) In General.--Section 302(a)(2) of the Trade Agreements Act of
1979 (19 U.S.C. 2512(a)(2)) is amended to read as follows:
''(2) Exceptions.--
''(A) In general.--Paragraph (1) shall not apply in
the case of procurements for which--
''(i) there are no offers of products or
services of the United States or of eligible
products; or
''(ii) the offers of products or services
of the United States or of eligible products
are insufficient to fulfill the requirements of
the United States Government.
''(B) Special rule with respect to the people's
republic of china.--Subparagraph (A) shall not apply in
the case of procurements of products or services of the
People's Republic of China.''.
(b) Waiver.--Section 302(b) of the Trade Agreements Act of 1979 (19
U.S.C. 2512(b)) is amended in the matter preceding paragraph (1), by
inserting '', except in the case of the People's Republic of China,''
before ''may''.

SEC. 3. REQUIREMENTS TO BUY CERTAIN ITEMS FROM AMERICAN SOURCES.

(a) Buy American Act.--
(1) American materials required for public use.--Section
2(a) of the Buy American Act (41 U.S.C. 10a(a)) is amended by
inserting after the second sentence the following: ''The
exceptions in the previous two sentences shall not apply with
respect to articles, materials, or supplies mined, produced, or
manufactured, as the case may be, in the People's Republic of
China until such time as China becomes a party to the Agreement
on Government Procurement (described in section 101(d)(17) of
the Uruguay Round Agreements Act (19 U.S.C. 3511(d)(17)).''.
(2) Contract specifications.--Section 3(a) of the Buy
American Act (41 U.S.C. 10b(a)) is amended by striking
''exception.'' and inserting ''exception: Provided further,
That such an exception may not permit the use of articles,
materials, or supplies mined, produced, or manufactured, as the
case may be, in the People's Republic of China until such time
as China becomes a party to the Agreement on Government
Procurement (described in section 101(d)(17) of the Uruguay
Round Agreements Act (19 U.S.C. 3511(d)(17)).''.
(3) Reports.--Section 2(b)(2)(A) of the Buy American Act
(41 U.S.C. 10a(b)(2)(A)) is amended by inserting before the
semicolon the following: ''and the country in which such
articles, materials, or supplies were manufactured''.
(b) Defense Contracts for Certain Articles.--Section 2533a of title
10, United States Code, is amended by adding at the end the following
new subsection:
''(l) Inapplicability of Exceptions to Articles From the People's
Republic of China.--The exceptions to the requirement in subsection (a)
provided under subsections (c) through (h) shall not apply with respect
to items grown, reprocessed, reused, or produced in the People's
Republic of China until such time as China becomes a party to the
Agreement on Government Procurement (described in section 101(d)(17) of
the Uruguay Round Agreements Act (19 U.S.C. 3511(d)(17)).''.
(c) Requirements To Use American Iron, Steel, and Manufactured
Goods Under the American Recovery and Reinvestment Act of 2009.--
Section 1605 of the American Recovery and Reinvestment Act of 2009
(Public Law 111-5; 123 Stat. 303) is amended by adding at the end the
following new subsection:
''(e) The exceptions in subsection (b) shall not apply with respect
to iron, steel, and manufactured goods from the People's Republic of
China until such time as China becomes a party to the Agreement on
Government Procurement (described in section 101(d)(17) of the Uruguay
Round Agreements Act (19 U.S.C. 3511(d)(17)).''.

SEC. 4. REPORT ON PRODUCTIVE CAPACITY OF THE PEOPLE'S REPUBLIC OF
CHINA.

(a) In General.--Not later than 180 days, the Secretary of Commerce
shall submit to Congress a report on the productive capacity of the
major industrial sectors in the People's Republic of China.
(b) Contents.--The report required by subsection (a) shall include
an assessment of any steps taken by the Government of the People's
Republic of China to develop, expand, retract, or otherwise alter the
productive capacity of the sectors identified in the report.

SEC. 5. REPORT ON SUBSIDIES PROVIDED BY THE PEOPLE'S REPUBLIC OF CHINA
FOR RENEWABLE ENERGY PRODUCTS AND TECHNOLOGY.

(a) Report.--Not later than 180 days after the date of the
enactment of this Act, the Secretary of Energy, in consultation with
other appropriate agencies, shall report to Congress regarding the
policies of the Government of the People's Republic of China with
respect to, and the subsidies provided by the People's Republic of
China for, the development and exportation of renewable energy products
and technologies. The report shall include an analysis of the impact of
the policies and subsidies on United States manufacturers of renewable
energy products and technologies.
(b) Definitions.--
(1) Renewable energy.--The term ''renewable energy'' means
energy generated by a renewable energy resource.
(2) Renewable energy product or technology.--The term
''renewable energy product or technology'' means any product,
technology, or component of a product used in the development
or production of renewable energy.
(3) Renewable energy resource.--The term ''renewable energy
resource'' means--
(A) solar, wind, ocean, tidal, hydrokinetic, or
geothermal energy;
(B) biofuel, biomass, or hydropower; or
(C) any other renewable energy resource, as
determined by the Secretary of Energy.

Answer: China Fair Trade Act of 2010 - Amends the Trade Agreements Act of 1979 to provide that certain exceptions and waivers to the prohibition on the procurement of the products of a country that is not a party to the Agreement on Government Procurement shall not apply with respect to the procurements of products or services of the People's Republic of China.

Amends the Buy American Act to declare that certain exceptions to the Act requiring only U.S. materials be used for public use shall not apply to the procurement of Chinese made products until China becomes a party to the Agreement.

Declares that certain exceptions to Buy American requirements shall not apply to the procurement of Chinese products by the Department of Defense (DOD) until China becomes a party to such Agreement.

Amends the American Recovery and Reinvestment Act of 2009 to declare that certain exceptions to Buy American requirements under such Act shall not apply to the procurement of Chinese steel and products until China becomes a party to the Agreement.

Requires the Secretary of Commerce to report to Congress on the productive capacity of the major industrial sectors in China.

Directs the Secretary of Energy to report to Congress on: (1) Chinese policies and the subsidies China provides in the development and exportation of renewable energy products and technologies; and (2) the impact such policies and subsidies have on U.S. manufacturers of such products and technologies.

Question: SECTION 1. SHORT TITLE.

This Act may be cited as the ''Business Activity Tax Simplification
Act of 2011''.

SEC. 2. MODERNIZATION OF PUBLIC LAW 86-272.

(a) Solicitations With Respect to Sales and Transactions of Other
Than Tangible Personal Property.--Section 101 of the Act entitled ''An
Act relating to the power of the States to impose net income taxes on
income derived from interstate commerce, and authorizing studies by
congressional committees of matters pertaining thereto'', approved
September 14, 1959 (15 U.S.C. 381 et seq.), is amended--
(1) in section (a), by striking ''either, or both,'' and
inserting ''any one or more'';
(2) in subsection (a)(1), by striking ''by such person''
and all that follows and inserting ''(which are sent outside
the State for approval or rejection) or customers by such
person, or his representative, in such State for sales or
transactions, which are--
''(A) in the case of tangible personal property,
filled by shipment or delivery from a point outside the
State; and
''(B) in the case of all other forms of property,
services, and other transactions, fulfilled or
distributed from a point outside the State;'';
(3) in subsection (a)(2), by striking the period at the end
and inserting a semicolon;
(4) in subsection (a), by adding at the end the following
new paragraphs:
''(3) the furnishing of information to customers or
affiliates in such State, or the coverage of events or other
gathering of information in such State by such person, or his
representative, which information is used or disseminated from
a point outside the State; and
''(4) those business activities directly related to such
person's potential or actual purchase of goods or services
within the State if the final decision to purchase is made
outside the State.'';
(5) by striking subsection (c) and inserting the following
new subsection:
''(c) For purposes of subsection (a) of this section, a person
shall not be considered to have engaged in business activities within a
State during any taxable year merely--
''(1) by reason of sales or transactions in such State, the
solicitation of orders for sales or transactions in such State,
the furnishing of information to customers or affiliates in
such State, or the coverage of events or other gathering of
information in such State, on behalf of such person by one or
more independent contractors;
''(2) by reason of the maintenance of an office in such
State by one or more independent contractors whose activities
on behalf of such person in such State are limited to making
sales or fulfilling transactions, soliciting order for sales or
transactions, the furnishing of information to customers or
affiliates, and/or the coverage of events or other gathering of
information; or
''(3) by reason of the furnishing of information to an
independent contractor by such person ancillary to the
solicitation of orders or transactions by the independent
contractor on behalf of such person.''; and
(6) in subsection (d)(1)--
(A) by inserting ''or fulfilling transactions''
after ''selling''; and
(B) by striking ''the sale of, tangible personal
property'' and inserting ''a sale or transaction,
furnishing information, or covering events, or
otherwise gathering information''.
(b) Application of Prohibitions to Other Business Activity Taxes.--
Title I of the Act entitled ''An Act relating to the power of the
States to impose net income taxes on income derived from interstate
commerce, and authorizing studies by congressional committees of
matters pertaining thereto'', approved September 14, 1959 (15 U.S.C.
381 et seq.), is amended by adding at the end the following:
''Sec. 105. For taxable periods beginning on or after January 1,
2012, the prohibitions of section 101 that apply with respect to net
income taxes shall also apply with respect to each other business
activity tax, as defined in section 5(a)(2) of the Business Activity
Tax Simplification Act of 2011. A State or political subdivision
thereof may not assess or collect any tax which by reason of this
section the State or political subdivision may not impose.''.

SEC. 3. MINIMUM JURISDICTIONAL STANDARD FOR STATE AND LOCAL NET INCOME
TAXES AND OTHER BUSINESS ACTIVITY TAXES.

(a) In General.--No taxing authority of a State shall have power to
impose, assess, or collect a net income tax or other business activity
tax on any person relating to such person's activities in interstate
commerce unless such person has a physical presence in the State during
the taxable period with respect to which the tax is imposed.
(b) Requirements for Physical Presence.--
(1) In general.--For purposes of subsection (a), a person
has a physical presence in a State only if such person's
business activities in the State include any of the following
during such person's taxable year:
(A) Being an individual physically in the State, or
assigning one or more employees to be in the State.
(B) Using the services of an agent (excluding an
employee) to establish or maintain the market in the
State, if such agent does not perform business services
in the State for any other person during such taxable
year.
(C) The leasing or owning of tangible personal
property or of real property in the State.
(2) De minimis physical presence.--For purposes of this
section, the term ''physical presence'' shall not include--
(A) presence in a State for less than 15 days in a
taxable year (or a greater number of days if provided
by State law); or
(B) presence in a State to conduct limited or
transient business activity.
(c) Taxable Periods Not Consisting of a Year.--If the taxable
period for which the tax is imposed is not a year, then any
requirements expressed in days for establishing physical presence under
this Act shall be adjusted pro rata accordingly.
(d) Minimum Jurisdictional Standard.--This section provides for
minimum jurisdictional standards and shall not be construed to modify,
affect, or supersede the authority of a State or any other provision of
Federal law allowing persons to conduct greater activities without the
imposition of tax jurisdiction.
(e) Exceptions.--
(1) Domestic business entities and individuals domiciled
in, or residents of, the state.--Subsection (a) does not apply
with respect to--
(A) a person (other than an individual) that is
incorporated or formed under the laws of the State (or
domiciled in the State) in which the tax is imposed; or
(B) an individual who is domiciled in, or a
resident of, the State in which the tax is imposed.
(2) Taxation of partners and similar persons.--This section
shall not be construed to modify or affect any State business
activity tax liability of an owner or beneficiary of an entity
that is a partnership, an S corporation (as defined in section
1361 of the Internal Revenue Code of 1986), a limited liability
company (classified as a partnership for Federal income tax
purposes), a trust, an estate, or any other similar entity, if
the entity has a physical presence in the State in which the
tax is imposed.
(3) Preservation of authority.--This section shall not be
construed to modify, affect, or supersede the authority of a
State to enact a law and bring an enforcement action under such
law or existing law against a person or persons or an entity or
entities, including but not limited to related persons or
entities, that is or are engaged in an illegal activity, a sham
transaction, or an actual abuse in its or their business
activities in order to ensure a proper reflection of its or
their tax liabilities, nor shall it supersede the authority of
a State to require combined reporting.

SEC. 4. GROUP RETURNS.

If, in computing the net income tax or other business activity tax
liability of a person for a taxable year, the net income or other
economic results of affiliated persons is taken into account, the
portion of such combined or consolidated net income or other economic
results that may be subject to tax by the State shall be computed using
the methodology that is generally applicable to businesses conducting
similar business activities and, if that generally applicable
methodology employs an apportionment formula, the denominator or
denominators of that formula shall include the aggregate factors of all
persons whose net income or other economic results are included in such
combined or consolidated net income or other economic results and the
numerator or numerators shall include the factors attributable to the
state of only those persons that are themselves subject to taxation by
the State pursuant to the provisions of this Act and subject to all
other legal constraints on State taxation of interstate or foreign
commerce.

SEC. 5. DEFINITIONS AND EFFECTIVE DATE.

(a) Definitions.--For purposes of this Act:
(1) Net income tax.--The term ''net income tax'' has the
meaning given that term for the purposes of the Act entitled
''An Act relating to the power of the States to impose net
income taxes on income derived from interstate commerce, and
authorizing studies by congressional committees of matters
pertaining thereto'', approved September 14, 1959 (15 U.S.C.
381 et seq.).
(2) Other business activity tax.--
(A) In general.--The term ''other business activity
tax'' means any tax in the nature of a net income tax
or tax measured by the amount of, or economic results
of, business or related activity conducted in the
State.
(B) Exclusion.--The term ''other business activity
tax'' does not include a sales tax, a use tax, or a
similar transaction tax, imposed on the sale or
acquisition of goods or services, whether or not
denominated a tax imposed on the privilege of doing
business.
(3) Person.--The term ''person'' has the meaning given such
term by section 1 of title 1 of the United States Code. Each
corporation that is a member of a group of affiliated
corporations, whether unitary or not, is itself a separate
''person.''
(4) State.--The term ''State'' means any of the several
States, the District of Columbia, or any territory or
possession of the United States, or any political subdivision
of any of the foregoing.
(5) Tangible personal property.--For purposes of section
3(b)(1)(C), the leasing or owning of tangible personal property
does not include the leasing or licensing of computer software.
(b) Effective Date.--This Act shall apply with respect to taxable
periods beginning on or after January 1, 2012.

Answer:
Business Activity Tax Simplification Act of 2011 - Expands the prohibition against state taxation of interstate commerce to include: (1) taxation of out-of-state sales transactions involving all forms of property, including intangible personal property and services (currently, only sales of tangible personal property are protected); and (2) all other business activity taxes in addition to net income taxes. Exempts from state taxation persons who enter a state merely to furnish information to customers andaffiliates, to cover news or other events, or to gather information in the state.

Sets forth jurisdictional standards for states in imposing, assessing, or collectinga net income tax or other business activity tax on interstate activities. Defines "physical presence in a state" as: (1) being an individual physically in a state or assigning one or more employees to be in a state, (2) using the services of an agent to establish or maintain the market in a state, and (3) leasing or owning tangible personal or real property in a state (excluding the leasing or licensing of computer software). Excludes from the definition of "physical presence" presence ina state for less than 15 days in a taxable year or presence in a state to conduct limited or transient business activity.

Provides that this Act shall not be construed to modify or affect any state business activity tax on a partnership, an S corporation or limited liability company,or a trust or estate that has a physical presence in the state or to supersede the authority of a state to enact a law or bring alaw enforcement action against persons or entities engaged in illegal activity or sham transactions.

Sets forth a rule for computing the net income tax or other business activity tax liability of an affiliated group.

Makes this Act applicable to taxable periods beginning on or after January 1, 2012.