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

This Act may be cited as the ''Children's Hope Act of 2003''.

SEC. 2. TAX CREDIT FOR CONTRIBUTIONS TO EDUCATION INVESTMENT
ORGANIZATIONS.

(a) In General.--Subpart B of part IV of subchapter A of chapter 1
of the Internal Revenue Code of 1986 (relating to other credits) is
amended by inserting after section 30A the following new section:

''SEC. 30B. CONTRIBUTIONS TO EDUCATION INVESTMENT ORGANIZATIONS.

''(a) In General.--There shall be allowed as a credit against the
tax imposed by this chapter for the taxable year the aggregate amount
of qualified contributions for the taxable year.
''(b) Limitation.--The amount allowed as a credit under subsection
(a) for a taxable year shall not exceed $100 ($200 in the case of a
joint return).
''(c) Qualified Contributions.--For purposes of this section--
''(1) In general.--The term 'qualified contribution' means
a charitable contribution (as defined by section 170(c)) to an
education investment organization.
''(2) Education investment organization.--The term
'education investment organization' means any organization
described in section 170(c)(2) if the annual disbursements of
the organization in the form of grants to students who are
eligible for free or reduced-cost lunches under the school
lunch program established under the Richard B. Russell National
School Lunch Act for qualified elementary and secondary
education expenses are normally not less than 90 percent of the
sum of such organization's annual cash contributions.
''(3) Qualified elementary and secondary education
expenses.--The term 'qualified elementary and secondary
education expenses' has the meaning given such term by section
530(b)(4), except that 'child' shall be substituted for
'beneficiary' and 'a child' shall be substituted for 'the
designated beneficiary of the trust' in clauses (i) and (iii)
of subparagraph (A).
''(4) State credit must be taken first.--
''(A) No credit shall be allowed to a taxpayer
under this section for a taxable year unless, for the
taxable year, the taxpayer is allowed on the taxpayer's
State tax return the minimum State qualified
scholarship tax credit (as defined in section 3 of the
Children's Hope Act of 2003).
''(B) No credit shall be allowed to a taxpayer
under this section for such taxable year for any
contributions that were taken into account for purposes
of such State qualified scholarship tax credit.
''(d) Special Rules.--
''(1) Denial of double benefit.--No deduction shall be
allowed under any provision of this chapter for any expense for
which a credit is allowed under this section.
''(2) Time when contributions deemed made.--For purposes of
this section, a taxpayer shall be deemed to have made a
contribution to an education investment organization 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).''.
(b) Clerical Amendment.--The table of sections for such subpart B
is amended by inserting after the item relating to section 30A the
following new item:

''Sec. 30B. Contributions to education
investment organizations.''.
(c) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 2004.

SEC. 3. FEDERAL SCHOLARSHIP TAX CREDIT CONDITIONED ON STATE QUALIFIED
SCHOLARSHIP TAX CREDIT.

(a) In General.--For purposes of section 30B(e) of the Internal
Revenue Code of 1986 (as added by section 2 of this Act) a scholarship
tax credit shall not be treated as a State qualified scholarship tax
credit unless the requirements of subsection (b) are met.
(b) Requirements Relating to State Qualified Scholarship Tax
Credit.--
(1) In general.--For purposes of subsection (a), the
requirements of this subsection are met only if--
(A) the tax credit is for an amount of not less
than $250 per taxpayer and is allowed against the State
income tax (property tax for those States that don't
have income tax) for the amount of voluntary cash
contributions made by the taxpayer during the taxable
year to a school tuition organization described in
paragraph (2),
(B) the excess of such credit over tax liability
may be carried forward for not more than five years,
(C) if the taxpayer does not require, as a
condition of the contribution, that the contribution
must benefit a specific child, and
(D) such credit is not allowable for direct
donations to private schools.
(2) School tuition organization.--For purposes of paragraph
(1), a school tuition organization is described in this
paragraph if such organization--
(A) is an organization operating in the State and
is described in section 501(c)(3), and is exempt from
tax under section 501(a), of the Internal Revenue Code
of 1986,
(B) expends at least 90 percent of its annual cash
contributions for educational scholarships or tuition
grants to children to allow them to attend any
qualified school chosen at the sole discretion of their
parents, and
(C) disburses at least 90 percent of its annual
cash contributions within one year of their receipt.
(3) Qualified school.--For purposes of paragraph (2), the
term ''qualified school'' means any elementary school or
secondary school that is located in the State in which the
taxpayer resides and does not discriminate on the basis of
race, color, handicap, familial status, or national origin and
that satisfies the requirements prescribed by State law for
such schools as of December 31, 2004.
(4) Educational scholarships or tuition grants.--The term
''educational scholarship or a tuition grant'' means any
scholarship or grant awarded for qualified elementary and
secondary education expenses (as defined in section 530(b)(4)
of the Internal Revenue Code of 1986).
(c) State.--For purposes of this section, the term ''State'' means
any of the several States.
A:
Children's Hope Act of 2003 - Amends the Internal Revenue Code to provide for a credit ($100, $200 for joint return) which is dependent on enactment of State qualified scholarship tax credits and which is allowed against the Federal income tax for charitable contributions to education investment organizations (as defined by this Act) that provide qualifying assistance for elementary and secondary education.