TASK 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.
PROBLEM: SECTION 1. INCLUSION OF ADDITIONAL PORTION OF THE LITTLE SANDY RIVER
WATERSHED IN THE BULL RUN WATERSHED MANAGEMENT UNIT,
OREGON.

(a) In General.--Public Law 95-200 (16 U.S.C. 482b note) is amended
by striking section 1 and inserting the following:

''SECTION 1. ESTABLISHMENT OF SPECIAL RESOURCES MANAGEMENT UNIT;
DEFINITION OF SECRETARY.

''(a) Establishment.--
''(1) In general.--There is established, subject to valid
existing rights, a special resources management unit in the
State of Oregon comprising approximately 98,272 acres, as
depicted on a map dated September, 1998, and entitled 'Bull Run
Watershed Management Unit'.
''(2) Map.--The map described in paragraph (1) shall be on
file and available for public inspection in the offices of the
Regional Forester-Pacific Northwest Region, Forest Service,
Department of Agriculture, and in the offices of the State
Director, Bureau of Land Management, Department of the
Interior.
''(3) Boundary adjustments.--Minor adjustments in the
boundaries of the unit may be made from time to time by the
Secretary after consultation with the city and appropriate
public notice and hearings.
''(b) Definition of Secretary.--In this Act, the term 'Secretary'
means--
''(1) with respect to land administered by the Secretary of
Agriculture, the Secretary of Agriculture; and
''(2) with respect to land administered by the Secretary of
the Interior, the Secretary of the Interior.''.
(b) Conforming and Technical Amendments.--
(1) Secretary.--Public Law 95-200 (16 U.S.C. 482b note) is
amended by striking ''Secretary of Agriculture'' each place it
appears (except subsection (b) of section 1, as added by
subsection (a), and except in the amendments made by paragraph
(2)) and inserting ''Secretary''.
(2) Applicable law.--
(A) In general.--Section 2(a) of Public Law 95-200
(16 U.S.C. 482b note) is amended by striking
''applicable to National Forest System lands'' and
inserting ''applicable to National Forest System land
(in the case of land administered by the Secretary of
Agriculture) or applicable to land under the
administrative jurisdiction of the Bureau of Land
Management (in the case of land administered by the
Secretary of the Interior)''.
(B) Management plans.--The first sentence of
section 2(c) of Public Law 95-200 (16 U.S.C. 482b note)
is amended--
(i) by striking ''subsection (a) or (b)''
and inserting ''subsections (a) and (b)''; and
(ii) by striking '', through the
maintenance'' and inserting ''(in the case of
land administered by the Secretary of
Agriculture) or section 202 of the Federal Land
Policy and Management Act of 1976 (43 U.S.C.
1712) (in the case of land administered by the
Secretary of the Interior), through the
maintenance''.

SEC. 2. MANAGEMENT.

(a) Timber Harvesting Restrictions.--Section 2(b) of Public Law 95-
200 (16 U.S.C. 482b note) is amended by striking paragraph (1) and
inserting the following:
''(1) In general.--Subject to paragraph (2), the Secretary
shall prohibit the cutting of trees on Federal land in the
entire unit, as designated in section 1 and depicted on the map
referred to in that section.''.
(b) Repeal of Management Exception.--The Oregon Resource
Conservation Act of 1996 (division B of Public Law 104-208) is amended
by striking section 606 (110 Stat. 3009-543).
(c) Repeal of Duplicative Enactment.--Section 1026 of division I of
the Omnibus Parks and Public Lands Management Act of 1996 (Public Law
104-333; 110 Stat. 4228) and the amendments made by that section are
repealed.
(d) Water Rights.--Nothing in this section strengthens, diminishes,
or has any other effect on water rights held by any person or entity.

SEC. 3. LAND EXCHANGE.

(a) Land Exchange.--Upon application by the city of Portland,
Oregon (referred to in this section as the ''city''), the Secretary of
Agriculture shall enter into negotiations with the city for the
transfer of National Forest System land underlying the city's Bull Run
water supply facilities to the city in exchange for city-owned land
lying within the boundaries of any unit of the National Forest System
in Oregon or Washington.
(b) Time for Exchange.--Subject to subsection (c), the Secretary
shall expedite the negotiations, if the city applies for a land
exchange under subsection (a), and shall complete such a land exchange
not later than September 30, 2001.
(c) Applicability of Other Laws.--Except as provided in subsection
(d), any land exchange under this section shall be carried out in
accordance with section 206 of the Federal Land Policy and Management
Act of 1976 (43 U.S.C. 1716) and other applicable law.
(d) Exception to Single State Limitation on Exchange.--The
requirement that Federal and non-Federal parcels of land exchanged for
each other must be located within the same State, as specified in the
Act entitled ''An Act to Consolidate National Forest Lands'', approved
March 20, 1922 (16 U.S.C. 485), and the first sentence of section
206(b) of the Federal Land Policy and Management Act of 1976 (43 U.S.C.
1716(b)), shall not apply to the land exchange authorized by this
section.

SOLUTION: Amends Federal law to reestablish and add acreage to the Bull Run Watershed Management Unit in Oregon.
Directs the Secretary of Agriculture or the Interior, as applicable, to prohibit the cutting of trees on Federal land in the entire unit.
Repeals a provision of the: (1) Oregon Resource Conservation Act of 1996 which requires certain Unit lands that are not contained in the Bull Run River Drainage to be managed in accordance with the law establishing the Unit; and (2) Omnibus Parks and Public Lands Management Act of 1996 regarding the Unit.
Requires the Secretary of Agriculture: (1) upon application by the city of Portland, Oregon, to enter into negotiations with the city for the transfer of National Forest System land underlying the city's Bull Run water supply facilities to the city in exchange for city- owned land lying within the boundaries of any unit of the National Forest System in Oregon or Washington; and (2) to expedite the negotiations and complete such land exchange not later than September 30, 2001.

PROBLEM: 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.

SOLUTION: 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.

PROBLEM: SECTION 1. SHORT TITLE.

This Act may be cited as the ''Social Security and Medicare Lock-
box Act of 2001''.

SEC. 2. PURPOSE.

It is the purpose of this Act to put social security and Medicare
solvency first, by prohibiting the use of social security surpluses,
Medicare surpluses, and any other government surpluses for any purpose
other than paying down publicly held debt, until legislation is enacted
significantly extending the solvency of the social security and
Medicare trust funds.

SEC. 3. SURPLUSES RESERVED UNTIL SOCIAL SECURITY AND MEDICARE SOLVENCY
LEGISLATION IS ENACTED.

(a) In General.--Section 312 of the Congressional Budget Act of
1974 is amended by adding at the end the following new subsection:
''(g) Surpluses Reserved Until Social Security and Medicare
Solvency Legislation Is Enacted.--
''(1) In general.--Until there is both a social security
solvency certification and a Medicare solvency certification,
it shall not be in order in the House of Representatives or the
Senate to consider--
''(A) any concurrent resolution on the budget, or
conference report thereon or amendment thereto, that
would use any portion of the baseline budget surpluses,
or
''(B) any bill, joint resolution, amendment,
motion, or conference report if--
''(i) the enactment of that bill or
resolution as reported,
''(ii) the adoption and enactment of that
amendment, or
''(iii) the enactment of that bill or
resolution in the form recommended in that
conference report,
would use any portion of the baseline budget surpluses.
''(2) Baseline budget surpluses.--
''(A) In general.--For purposes of this subsection,
the term 'baseline budget surplus' means the sum of the
on- and off-budget surpluses contained in the most
recent baseline budget projections made by the
Congressional Budget Office at the beginning of the
annual budget cycle and no later than the month of
March.
''(B) Baseline budget projection.--For purposes of
subparagraph (A), the term 'baseline budget projection'
means the projection described in section 257 of the
Balanced Budget and Emergency Deficit Control Act of
1985 of current year levels of outlays, receipts, and
the surplus or deficit into the budget year and future
years; except that outlays for programs subject to
discretionary appropriations shall be projected at the
lesser of any applicable statutory discretionary limits
or the baseline level otherwise defined in such section
257. For purposes of this subsection, the baseline
budget projection shall include both on-budget and off-
budget outlays and receipts.
''(3) Use of portion of the baseline budget surpluses.--For
purposes of this subsection, a portion of the baseline budget
surpluses is used if, relative to the baseline budget
projection--
''(A) in the case of legislation affecting
revenues, any net reduction in revenues in the current
year or the budget year, or over the 5 or 10-year
estimating periods beginning with the budget year, is
not offset by reductions in direct spending,
''(B) in the case of legislation affecting direct
spending, any net increase in direct spending in the
current year or the budget year, or over such 5 or 10-
year periods, is not offset by increases in revenues,
and
''(C) in the case of an appropriations bill, there
is a net increase in discretionary outlays in the
current year or the budget year when the discretionary
outlays from such bill are added to the discretionary
outlays from all previously enacted appropriations
bills.
''(4) Social security solvency certification.--For purposes
of this subsection, the term 'social security solvency
certification' means a certification by the Board of Trustees
of the Social Security Trust Funds that the Federal Old-Age and
Survivors Insurance Trust Fund and the Federal Disability
Insurance Trust Fund are, taken together, in actuarial balance
for the 75-year period utilized in the most recent annual
report of such Board of Trustees pursuant to section 201(c)(2)
of the Social Security Act (42 U.S.C. 401(c)(2)).
''(5) Medicare solvency certification.--For purposes of
this subsection, the term 'Medicare solvency certification'
means a certification by the Board of Trustees of the Federal
Hospital Insurance Trust Fund that such Trust Fund is in
actuarial balance for the 30-year period utilized in the most
recent annual report of such Board of Trustees pursuant to
section 1817(b) of the Social Security Act.''
(b) Super Majority Requirement.--(1) Section 904(c)(1) of the
Congressional Budget Act of 1974 is amended by inserting ''312(g),''
after ''310(d)(2),''.
(2) Section 904(d)(2) of the Congressional Budget Act of 1974 is
amended by inserting ''312(g),'' after ''310(d)(2),''.

SEC. 4. EFFECTIVE DATE.

This Act shall take effect upon the date of its enactment and the
amendments made by it shall apply only to fiscal year 2001 and
subsequent fiscal years.

SOLUTION:
Social Security and Medicare Lock-box Act of 2001 - Amends the Congressional Budget Act of 1974 to make it out of order in the House of Representatives or the Senate, until there is both a social security and Medicare solvency certification by the Boards of Trustees of the social security and Federal Hospital Insurance Trust Funds, respectively, to consider: (1) any concurrent budget resolution that would use any portion of the baseline budget surpluses; or (2) any legislation or amendment if the enactment of such legislation or amendment would use any portion of such surpluses.Defines "baseline budget surplus" as the sum of the on- and off-budget surpluses contained in the most recent baseline budget projections by the Congressional Budget Office at the beginning of the annual budget cycle and no later than the month of March.Establishes conditions under which a portion of such surpluses is determined to be used in the case of legislation affecting revenues or direct spending or an appropriations bill.