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. HOPE AND LIFETIME LEARNING CREDITS TO BE REFUNDABLE.

(a) Credit to Be Refundable.--Section 25A of the Internal Revenue
Code of 1986 (relating to Hope and Lifetime Learning credits) is hereby
moved to subpart C of part IV of subchapter A of chapter 1 of such Code
(relating to refundable credits) and inserted after section 35.
(b) Technical Amendments.--
(1) Section 36 of such Code is redesignated as section 37.
(2) Section 25A of such Code (as moved by subsection (a))
is redesignated as section 36.
(3) Paragraph (1) of section 36(a) of such Code (as
redesignated by paragraph (2)) is amended by striking ''this
chapter'' and inserting ''this subtitle''.
(4) Subparagraph (B) of section 72(t)(7) of such Code is
amended by striking ''section 25A(g)(2)'' and inserting
''section 36(g)(2)''.
(5) Subparagraph (A) of section 135(d)(2) of such Code is
amended by striking ''section 25A'' and inserting ''section
36''.
(6) Section 221(e) of such Code is amended--
(A) in paragraph (2)(B), by striking ''section
25A(g)(2)'' and inserting ''section 36(g)(2)'' and by
striking ''section 25A(f)(2)'' and inserting ''section
36(f)(2)'', and
(B) in paragraph (3), by striking ''section
25A(b)(3)'' and inserting ''section 36(b)(3)''.
(7) Clause (i) of section 529(e)(3)(B) of such Code is
amended by striking ''section 25A(b)(3)'' and inserting
''section 36(b)(3)''.
(8) Subparagraph (A) of section 530(b)(2) of such Code is
amended by striking ''section 25A(g)(2)'' and inserting
''section 36(g)(2)''.
(9) Clause (iii) of section 530(d)(4)(B) of such Code is
amended by striking ''section 25A(g)(2)'' and inserting
''section 36(g)(2)''.
(10) Subsection (e) of section 6050S of such Code is
amended by striking ''section 25A'' and inserting ''section
36''.
(11) Subparagraph (J) of section 6213(g)(2) of such Code is
amended by striking ''section 25A(g)(1)'' and inserting
''section 36(g)(1)''.
(12) Paragraph (2) of section 1324(b) of title 31, United
States Code, is amended by inserting ''or 36'' after ''section
35''.
(13) The table of sections for subpart C of part IV of
subchapter A of chapter 1 of such Code is amended by
redesignating the item relating to section 36 as an item
relating to section 37 and by inserting before such item the
following new item:

''Sec. 36. Hope and Lifetime Learning credits.''.
(14) The table of sections for subpart A of such part IV is
amended by striking the item relating to section 25A.
(c) Effective Date.--The amendments made by this subsection shall
apply to taxable years beginning after December 31, 2005.

SEC. 2. USE OF REFUNDS OF HOPE AND LIFETIME LEARNING CREDITS AS
COLLATERAL FOR SHORT-TERM STUDENT LOANS.

(a) In General.--Section 36 of the Internal Revenue Code of 1986
(as redesignated by section 1) is amended by redesignating subsection
(i) as subsection (j) and by inserting after subsection (h) the
following new section:
''(i) Tuition Tax Credit Assignment Loans.--
''(1) In general.--Any eligible educational institution may
provide to a taxpayer described in paragraph (3) a tuition tax
credit assignment loan.
''(2) Tuition tax credit assignment loan.--For purposes of
this subsection, the term 'tuition tax credit assignment loan'
means a loan provided to the taxpayer by the eligible
educational institution in return for which the taxpayer agrees
to authorize the Internal Revenue Service to disburse the loan
amount directly to the lender out of the next refund due to the
taxpayer that is attributable to a credit under this section.
''(3) Taxpayers eligible for loan.--A taxpayer is eligible
for a loan under this subsection if the taxpayer is either--
''(A) an eligible student for whom a Hope
Scholarship Credit under subsection (a)(1) is allowed,
or
''(B) a taxpayer for whom a Lifetime Learning
Credit is allowed.
''(4) Maximum amount of loan.--The amount of a loan
provided under this subsection may not exceed--
''(A) $1,000, or
''(B) in the case of a first-year or second-year
student, $1,500.
''(5) Loan origination fee may be charged.--An eligible
educational institution providing a tuition tax credit
assignment loan may charge the taxpayer a loan origination fee
of up to 5 percent of the loan amount, but may not charge
interest on the loan amount.
''(6) 3-year time limit on use of credit refund as
collateral.--If a taxpayer who has obtained a tuition tax
credit assignment loan has not received a refund attributable
to a credit under this section within three years after
receiving the loan, then the loan will become due and payable
in accordance with the terms of the loan agreement.''.
(b) Effective Date.--The amendment made by this section shall apply
with respect to credits claimed in taxable years beginning after
December 31, 2005.
A:
Amends the Internal Revenue Code to: (1) make the Hope Scholarship and Lifetime Learning tax credits refundable; and (2) allow students to use future refunds of tax credit amounts to secure student loans of up to $1,000 ($1,500 for first or second-year students).