In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
One example: SECTION 1. LIABILITY OF BUSINESS ENTITIES PROVIDING USE OF FACILITIES
TO NONPROFIT ORGANIZATIONS.

(a) Definitions.--In this section:
(1) Business entity.--The term ''business entity'' means a
firm, corporation, association, partnership, consortium, joint
venture, or other form of enterprise.
(2) Facility.--The term ''facility'' means any real
property, including any building, improvement, or appurtenance.
(3) Gross negligence.--The term ''gross negligence'' means
voluntary and conscious conduct by a person with knowledge (at
the time of the conduct) that the conduct is likely to be
harmful to the health or well-being of another person.
(4) Intentional misconduct.--The term ''intentional
misconduct'' means conduct by a person with knowledge (at the
time of the conduct) that the conduct is harmful to the health
or well-being of another person.
(5) Nonprofit organization.--The term ''nonprofit
organization'' means--
(A) any organization described in section 501(c)(3)
of the Internal Revenue Code of 1986 and exempt from
tax under section 501(a) of such Code; or
(B) any not-for-profit organization organized and
conducted for public benefit and operated primarily for
charitable, civic, educational, religious, welfare, or
health purposes.
(6) State.--The term ''State'' means each of the several
States, the District of Columbia, the Commonwealth of Puerto
Rico, the Virgin Islands, Guam, American Samoa, the Northern
Mariana Islands, any other territory or possession of the
United States, or any political subdivision of any such State,
territory, or possession.
(b) Limitation on Liability.--
(1) In general.--Subject to subsection (c), a business
entity shall not be subject to civil liability relating to any
injury or death occurring at a facility of the business entity
in connection with a use of such facility by a nonprofit
organization if--
(A) the use occurs outside of the scope of business
of the business entity;
(B) such injury or death occurs during a period
that such facility is used by the nonprofit
organization; and
(C) the business entity authorized the use of such
facility by the nonprofit organization.
(2) Application.--This subsection shall apply--
(A) with respect to civil liability under Federal
and State law; and
(B) regardless of whether a nonprofit organization
pays for the use of a facility.
(c) Exception for Liability.--Subsection (b) shall not apply to an
injury or death that results from an act or omission of a business
entity that constitutes gross negligence or intentional misconduct,
including any misconduct that--
(1) constitutes a crime of violence (as that term is
defined in section 16 of title 18, United States Code) or act
of international terrorism (as that term is defined in section
2331 of title 18) for which the defendant has been convicted in
any court;
(2) constitutes a hate crime (as that term is used in the
Hate Crime Statistics Act (28 U.S.C. 534 note));
(3) involves a sexual offense, as defined by applicable
State law, for which the defendant has been convicted in any
court; or
(4) involves misconduct for which the defendant has been
found to have violated a Federal or State civil rights law.
(d) Superseding Provision.--
(1) In general.--Subject to paragraph (2) and subsection
(e), this Act preempts the laws of any State to the extent that
such laws are inconsistent with this Act, except that this Act
shall not preempt any State law that provides additional
protection from liability for a business entity for an injury
or death with respect to which conditions under subparagraphs
(A) through (C) of subsection (b)(1) apply.
(2) Limitation.--Nothing in this Act shall be construed to
supersede any Federal or State health or safety law.
(e) Election of State Regarding Nonapplicability.--This Act shall
not apply to any civil action in a State court against a business
entity in which all parties are citizens of the State if such State
enacts a statute--
(1) citing the authority of this subsection;
(2) declaring the election of such State that this Act
shall not apply to such civil action in the State; and
(3) containing no other provision.
Solution is here: Shields a business entity from civil liability relating to any injury or death occurring at a facility of that entity in connection with a use of such facility by a nonprofit organization if: (1) the use occurs outside the scope of business of the business entity; (2) such injury or death occurs during a period that such facility is used by such organization; and (3) the business entity authorized the use of such facility by the organization.
Makes this Act inapplicable to an injury or death that results from an act or omission of a business entity that constitutes gross negligence or intentional misconduct, including misconduct that: (1) constitutes a hate crime or a crime of violence or act of international terrorism for which the defendant has been convicted in any court; or (2) involves a sexual offense for which the defendant has been convicted in any court or misconduct for which the defendant has been found to have violated a Federal or State civil rights law.
Preempts State laws to the extent that such laws are inconsistent with this Act, except State law that provides additional protection from liability. Specifies that this Act shall not be construed to supersede any Federal or State health or safety law.
Makes this Act inapplicable to any civil action in a State court against a business entity in which all parties are citizens of the State if such State, citing this Act's authority and containing no other provision, enacts a statute declaring the State's election that this Act shall not apply to such action in the State.
Explanation: This Bill focuses on shielding business entities from civil liability relating to an injury or death depending on the conditions of injury, hence the generated summary is correct.

Now, solve this: SECTION 1. SHORT TITLE; AMENDMENT OF 1986 CODE.

(a) Short Title.--This Act may be cited as the ''Higher Education
Savings Credit Act of 1997''.
(b) Amendment of 1986 Code.--Except as otherwise expressly
provided, whenever in this Act an amendment or repeal is expressed in
terms of an amendment to, or repeal of, a section or other provision,
the reference shall be considered to be made to a section or other
provision of the Internal Revenue Code of 1986.

SEC. 2. CREDIT FOR CONTRIBUTIONS TO EDUCATION INVESTMENT ACCOUNTS.

(a) In General.--Subpart A of part IV of subchapter A of chapter 1
(relating to nonrefundable personal credits) is amended by inserting
after section 23 the following new section:

''SEC. 24. CONTRIBUTIONS TO EDUCATION INVESTMENT ACCOUNTS.

''(a) Allowance of Credit.--
''(1) In general.--In the case of an individual, there
shall be allowed as a credit against the tax imposed by this
chapter for the taxable year an amount equal to the applicable
percentage of the contributions made by the taxpayer for the
taxable year to an education investment account of an account
holder who is an individual with respect to whom the taxpayer
is allowed a deduction under section 151(c) for such taxable
year.
''(2) Applicable percentage.--For purposes of paragraph
(1), the applicable percentage is the percentage determined in
accordance with the following table with respect to the age of
the account holder as of the close of the taxable year:

''If the account The applicable
holder's age is: percentage is:

Not over 6................................. 50
Over 6 but not over 9...................... 40
Over 9 but not over 12..................... 30
Over 12 but not over 15.................... 20
Over 15 but not over 18.................... 10
''(b) Limitation on Amount of Contributions Taken Into Account in
Determining Credit.--The amount of contributions which may be taken
into account under subsection (a) with respect to each account holder
shall not exceed $500.
''(c) Definitions and Special Rules.--For purposes of this
section--
''(1) Education investment account.--The term 'education
investment account' means a trust created or organized in the
United States exclusively for the purpose of paying the
qualified higher education expenses of the account holder, but
only if the written governing instrument creating the trust
meets the following requirements:
''(A) No contribution will be accepted--
''(i) unless it is in cash,
''(ii) except in the case of rollover
contributions from another education investment
account, in excess of $1,500 for any calendar
year, and
''(iii) after the date on which the account
holder attains age 18.
''(B) The trustee is a bank (as defined in section
408(n)) or another person who demonstrates to the
satisfaction of the Secretary that the manner in which
that person will administer the trust will be
consistent with the requirements of this section.
''(C) No part of the trust assets will be invested
in life insurance contracts.
''(D) The assets of the trust shall not be
commingled with other property except in a common trust
fund or common investment fund.
''(E) Any balance in the education investment
account on the day after the date on which the account
holder attains age 30 (or, if earlier, the date on
which such holder dies) shall be distributed within 30
days of such date to the account holder (or in the case
of death, the beneficiary).
''(2) Qualified higher education expenses.--
''(A) In general.--The term 'qualified higher
education expenses' means the cost of attendance
(within the meaning of section 472 of the Higher
Education Act of 1965 (20 U.S.C. 1087ll), as in effect
on the date of the enactment of the Higher Education
Access and Affordability Act of 1997) of the account
holder at an eligible educational institution, except
that such expenses shall be reduced by--
''(i) the amount excluded from gross income
under section 135 by reason of such expenses,
and
''(ii) the amount of the reduction
described in section 135(d)(1) (other than
subparagraph (E)).
''(B) State tuition plans.--Such term shall include
amounts paid or incurred to purchase tuition credits or
certificates, or to make contributions to an account,
under a qualified State tuition program (as defined in
section 529(b)).
''(3) Eligible educational institution.--The term 'eligible
educational institution' has the meaning given such term by
section 135(c)(3).
''(4) Account holder.--The term 'account holder' means the
individual for whose benefit the education investment account
is established.
''(5) Time when contributions deemed made.--A taxpayer
shall be deemed to have made a contribution on the last day of
the preceding taxable year if the contribution is made on
account of such taxable year and is made not later than the
time prescribed by law for filing the return for such taxable
year (not including extensions thereof).
''(6) Account may not be established for benefit of more
than 1 individual.--An education investment account may not be
established for the benefit of more than 1 individual.
''(7) Special rule where more than 1 account.--If, at any
time during a calendar year, 2 or more education investment
accounts are maintained for the benefit of an individual, only
the account first established shall be treated as an education
investment account for purposes of this section. This paragraph
shall not apply to the extent more than 1 account exists solely
by reason of a rollover contribution.
''(d) Tax Treatment of Account.--
''(1) In general.--An education investment account shall be
exempt from taxation under this subtitle. Notwithstanding the
preceding sentence, the education investment account shall be
subject to the taxes imposed by section 511 (relating to
imposition of tax on unrelated business income of charitable
organizations).
''(2) Special rules.--Rules similar to the rules of
paragraphs (2) and (4) of section 408(e) shall apply to any
education investment account, and any amount treated as
distributed under such rules shall be treated as not used to
pay qualified higher education expenses.
''(e) Tax Treatment of Distributions.--
''(1) In general.--Except as otherwise provided in this
subsection, any amount paid or distributed out of an education
investment account shall be included in gross income of the
payee or distributee for the taxable year in the manner
prescribed by section 72. For purposes of the preceding
sentence, rules similar to the rules of section 408(d)(2) shall
apply.
''(2) Distribution used to pay educational expenses.--
Paragraph (1) shall not apply to any payment or distribution
out of an education investment account to the extent such
payment or distribution is used exclusively to pay the
qualified higher education expenses of the account holder.
''(3) Special rule for applying section 2503.--If any
payment or distribution from an education investment account is
used exclusively for the payment to an eligible educational
institution of the qualified higher education expenses of the
account holder, such payment shall be treated as a qualified
transfer for purposes of section 2503(e).
''(4) Additional tax and credit recapture for distributions
not used for educational expenses.--
''(A) In general.--
''(i) Additional tax.--The tax imposed by
this chapter for any taxable year on any
taxpayer who receives a payment or distribution
from an education investment account which is
includible in gross income under paragraph (1)
shall be increased by 10 percent of the amount
which is so includible.
''(ii) Credit recapture.--If any payment or
distribution out of an education investment
account is not used exclusively to pay the
qualified higher education expenses of the
account holder, the account holder's tax
imposed by this chapter for the taxable year in
which such payment or distribution is made
shall be increased by the lesser of the amount
of the payment or distribution or the excess
(if any) of--
''(I) the aggregate credit allowed
under this section for contributions to
such account, over
''(II) the aggregate increase in
tax under this clause for all prior
taxable years with respect to payments
and distributions out of such account.
''(B) Exception for disability, death, or
scholarship.--Subparagraph (A) shall not apply if the
payment or distribution is--
''(i) made on account of the death or
disability of the account holder, or
''(ii) made on account of a scholarship (or
allowance or payment described in section
135(d)(1) (B) or (C)) received by the account
holder to the extent the amount of the payment
or distribution does not exceed the amount of
the scholarship, allowance, or payment.
''(C) Excess contributions returned before due date
of return.--Subparagraph (A) shall not apply to the
distribution to a contributor of any contribution paid
during a taxable year to an education investment
account to the extent that such contribution, when
added to previous contributions to the account during
the taxable year, exceeds $1,500 if--
''(i) such distribution is received on or
before the day prescribed by law (including
extensions of time) for filing such
contributor's return for such taxable year, and
''(ii) such distribution is accompanied by
the amount of net income attributable to such
excess contribution.
Any net income described in clause (ii) shall be
included in the gross income of the contributor for the
taxable year in which such excess contribution was
made.
''(5) Rollover contributions.--Paragraph (1) shall not
apply to any amount paid or distributed from an education
investment account to the extent that the amount received is
paid into another education investment account for the benefit
of the account holder not later than the 60th day after the day
on which the holder receives the payment or distribution. The
preceding sentence shall not apply to any payment or
distribution if it applied to any prior payment or distribution
during the 12-month period ending on the date of the payment or
distribution.
''(6) Special rules for death and divorce.--Rules similar
to the rules of section 220(f) (7) and (8) shall apply.
''(f) Community Property Laws.--This section shall be applied
without regard to any community property laws.
''(g) Custodial Accounts.--For purposes of this section, a
custodial account shall be treated as a trust if the assets of such
account are held by a bank (as defined in section 408(n)) or another
person who demonstrates, to the satisfaction of the Secretary, that the
manner in which he will administer the account will be consistent with
the requirements of this section, and if the custodial account would,
except for the fact that it is not a trust, constitute an account
described in subsection (b)(1). For purposes of this title, in the case
of a custodial account treated as a trust by reason of the preceding
sentence, the custodian of such account shall be treated as the trustee
thereof.
''(h) Reports.--The trustee of an education investment account
shall make such reports regarding such account to the Secretary and to
the account holder with respect to contributions, distributions, and
such other matters as the Secretary may require under regulations. The
reports required by this subsection shall be filed at such time and in
such manner and furnished to such individuals at such time and in such
manner as may be required by those regulations.''
(b) Tax on Prohibited Transactions.--Section 4975 (relating to
prohibited transactions) is amended--
(1) by adding at the end of subsection (c) the following
new paragraph:
''(5) Special rule for education investment accounts.--An
individual for whose benefit an education investment account is
established and any contributor to such account shall be exempt
from the tax imposed by this section with respect to any
transaction concerning such account (which would otherwise be
taxable under this section) if, with respect to such
transaction, the account ceases to be an education investment
account by reason of the application of section 24 to such
account.''; and
(2) in subsection (e)(1), by striking ''or'' at the end of
subparagraph (D), by redesignating subparagraph (E) as
subparagraph (F), and by inserting after subparagraph (D) the
following new subparagraph:
''(E) a education investment account described in
section 24(c), or''.
(c) Failure To Provide Reports on Education Investment Accounts.--
Section 6693 (relating to failure to provide reports on individual
retirement accounts or annuities) is amended--
(1) by striking ''individual retirement'' and inserting
''certain tax-favored'' in the heading of such section, and
(2) in subsection (a)(2), by striking ''and'' at the end of
subparagraph (A), by striking the period at the end of
subparagraph (B) and inserting '', and'', and by adding at the
end the following new subparagraph:
''(C) section 24(h) (relating to education
investment accounts).''
(d) Coordination With Savings Bond Exclusion.--Section 135(d)(1) is
amended by striking ''or'' at the end of subparagraph (C), by striking
the period at the end of subparagraph (D) and inserting '', or'' , and
by adding at the end the following new subparagraph:
''(E) a payment or distribution from an education
investment account (as defined in section 24(c)).''
(e) Clerical Amendments.--
(1) The table of sections for subpart A of part IV of
subchapter A of chapter 1 is amended by inserting after the
item relating to section 23 the following new item:

''Sec. 24. Contributions to education
investment accounts.''
(2) The item relating to section 6693 in the table of
sections for subchapter B of chapter 68 is amended by striking
''individual retirement'' and inserting ''certain tax-
favored''.
(f) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 1997.
Solution:
Higher Education Savings Credit Act of 1997 - Amends the Internal Revenue Code to establish a credit for contributions made by a taxpayer to a qualifying higher education investment account for a dependent not over 18 years old. Determines such credit upon a maximum annual contribution of $500 per account holder and an age-based percentage. Excludes account distributions from gross income if used to pay the holder's qualified higher education expenses, and provides for an additional tax and credit recapture (with exceptions) if used otherwise.
Sets forth related reporting requirements.