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

This Act may be cited as the ''Rate Payer Recovery Act of 2007''.

SEC. 2. DISASTER ASSISTANCE FOR POWER TRANSMISSION AND DISTRIBUTION
FACILITIES.

(a) Private or Investor-Owned Power Facility Defined.--Section 102
of the Robert T. Stafford Disaster Relief and Emergency Assistance Act
(42 U.S.C. 5122) is amended by adding at the end the following:
''(11) Private or investor-owned power facility.--The term
'private or investor-owned power facility'--
''(A) means a privately-owned or investor-owned
transmission or distribution facility that provides
electric or natural gas service to retail customers
under State or local jurisdiction; and
''(B) includes leased facilities.''.
(b) Conditions for Contributions.--Section 406(a) of the Robert T.
Stafford Disaster Relief and Emergency Assistance Act (42 U.S.C.
5172(a)) is amended--
(1) in paragraph (1)--
(A) in subparagraph (A), by striking ''and'' at the
end;
(B) in subparagraph (B), by striking the period and
inserting ''; and''; and
(C) by adding at the end the following:
''(C) subject to paragraph (4), to a person that
owns a private or investor-owned power facility damaged
or destroyed by a major disaster for the repair,
restoration, reconstruction, or replacement of the
facility and for associated expenses incurred by the
person.'';
(2) by redesignating paragraph (4) as paragraph (5); and
(3) by inserting after paragraph (3) the following:
''(4) Conditions for assistance to private or investor-
owned power facilities.--
''(A) Definition.--In this paragraph, the term
'previous major disaster' means a major disaster--
''(i) occurring before the disaster for
which Federal assistance is sought under this
subsection; and
''(ii) the declaration of which was not
more than 10 years before the date of the
declaration of the major disaster for which
Federal assistance is sought under this
subsection.
''(B) Conditioned on previous event.--The President
may make contributions to the owner of a private or
investor-owned power facility under paragraph (1)(C),
only if--
''(i) the cost of repairing, restoring, or
replacing the private or investor-owned power
facilities damaged or destroyed by the previous
major disaster exceeded $2,500 for each retail
customer receiving electrical or natural gas
service from the owner on the day before the
date of the previous disaster;
''(ii) the total costs of repair,
restoration, or replacement of all private or
investor-owned power facilities owned by such
person and associated expenses as a result of
the previous major disaster exceeded
$500,000,000; and
''(iii) 25 percent or more of the
population, as determined by the Bureau of the
Census, of each geographic area of each local
government in which the private or investor-
owned power facility is located, had taxable
income in the year preceding the previous major
disaster below the Federal poverty level on the
date of the previous major disaster.
''(C) Application for funds.--A person that owns a
private or investor-owned power facility that meets the
requirements under subparagraph (B) may apply for
Federal assistance not later than the earlier of--
''(i) 30 days after declaration of a major
disaster; or
''(ii) the date upon which the owner of the
private or investor-owned power facility has
contributed $10,000,000 towards the total costs
of repair, restoration, or replacement of the
private or investor-owned power facility
damaged or destroyed as a result of the major
disaster for which it requests Federal
assistance.
''(D) Limit on federal assistance for disaster
relief.--Federal assistance under this section to the
owner of a private or investor-owned power facility
shall only apply to eligible costs and expenses
directly incurred by the owner exceeding $10,000,000.
''(E) Aggregation for purposes of determining
costs.--For purposes of determining the costs of a
previous major disaster under this paragraph, the costs
of all previous major disasters during any 12-month
period shall be aggregated.
''(F) Approval or disapproval of applications.--The
President shall approve or disapprove an application
for assistance submitted by a person under this
paragraph not later than 30 days after the date of
receipt of the application.''.
(c) Federal Share.--Section 406(b)(2) of the Robert T. Stafford
Disaster Relief and Emergency Assistance Act (42 U.S.C. 5172(b)(2)) is
amended by striking ''public facility or private nonprofit facility''
and inserting ''public facility, private nonprofit facility, or private
or investor-owned power facility''.
(d) Large In-Lieu Contributions.--Section 406(c) of the Robert T.
Stafford Disaster Relief and Emergency Assistance Act (42 U.S.C.
5172(c)) is amended by adding at the end the following:
''(3) For private or investor-owned power facilities.--
''(A) In general.--In any case in which a person
that owns a private or investor-owned power facility
determines that the public welfare would not best be
served by repairing, restoring, reconstructing, or
replacing the facility, the person may elect to
receive, in lieu of a contribution under subsection
(a)(1)(C), a contribution in an amount equal to 75
percent of the Federal share of the Federal estimate of
the cost of repairing, restoring, reconstructing, or
replacing the facility and of management expenses,
under the conditions described in subsection (a)(4).
''(B) Use of funds.--Funds contributed to a person
under this paragraph may be used to--
''(i) repair, restore, or expand other
private or investor-owned power facilities
owned by the person;
''(ii) construct a new private or investor-
owned power facility owned by the person; or
''(iii) fund hazard mitigation measures
that the person determines to be necessary to
meet a need for the services and functions of
the person in the area affected by the major
disaster.''.
(e) Eligible Cost.--Section 406(e)(1)(A) of the Robert T. Stafford
Disaster Relief and Emergency Assistance Act (42 U.S.C. 5172(e)(1)(A))
is amended by striking ''public facility or private nonprofit
facility'' and inserting ''public facility, private nonprofit facility,
or private or investor-owned power facility''.

SEC. 3. REGULATIONS.

Not later than 180 days after the date of enactment of this Act,
the Secretary of Homeland Security shall promulgate regulations
necessary to implement this Act and the amendments made by this Act.

SEC. 4. EFFECTIVE DATE.

(a) In General.--Except as provided under subsection (b), this Act
and the amendments made by this Act shall take effect 60 days after the
date of enactment of this Act.
(b) Regulations.--Section 3 shall take effect on the date of
enactment of this Act.
Output:
Rate Payer Recovery Act of 2007 - Amends the Robert T. Stafford Disaster Relief and Emergency Assistance Act to cite conditions under which the President is authorized to make disaster assistance contributions for the repair, restoration, reconstruction, or replacement of private or investor-owned power transmission and distribution facilities damaged or destroyed by a major disaster.

Cites conditions for large in-lieu contributions to a private or investor-owned power facility in any case in which the owner determines that the public welfare would not best be served by repairing, restoring, reconstructing, or replacing the facility.