S.Amdt. 5258
What it does: Adds TITLE II--HOME ENERGY ASSISTANCE on page 43, line 17
Sen. Judd Gregg (R-NH)What it changes
1 change to S. 3268
Adds TITLE II--HOME ENERGY ASSISTANCE on page 43, line 17
Adds a titlePrinted pageInserted: TITLE II--HOME ENERGY ASSISTANCE
Inserted: SEC. 21. SHORT TITLE.
Inserted: This title may be cited as the "Home Energy Assistance Today Act".
Inserted: SEC. 22. LOW-INCOME HOME ENERGY ASSISTANCE APPROPRIATIONS.
Inserted: In addition to any amounts appropriated under any other provision of Federal law, there is appropriated, out of any money in the Treasury not otherwise appropriated, for fiscal year 2008--
Inserted: (1) $1,265,000,000 (to remain available until expended) for making payments under subsections (a) through (d) of section 2604 of the Low-Income Home Energy Assistance Act of 1981 (42 U.S.C. 8623); and
Inserted: (2) $1,265,000,000 (to remain available until expended) for making payments under section 2604(e) of the Low-Income Home Energy Assistance Act of 1981 (42 U.S.C. 8623(e)), notwithstanding the designation requirement of section 2602(e) of such Act (42 U.S.C. 8621(e)).
Inserted: SEC. 23. DENIAL OF DEDUCTION FOR MAJOR INTEGRATED OIL COMPANIES FOR INCOME ATTRIBUTABLE TO DOMESTIC PRODUCTION OF OIL, GAS, OR PRIMARY PRODUCTS THEREOF.
Inserted: (a) In General.--Subparagraph (B) of section 199(c)(4) of the Internal Revenue Code of 1986 (relating to exceptions) is amended by striking "or" at the end of clause (ii), by striking the period at the end of clause (iii) and inserting ", or", and by inserting after clause (iii) the following new clause:
Inserted: "(iv) in the case of any major integrated oil company (as defined in section 167(h)(5)(B)), the production, refining, processing, transportation, or distribution of oil, gas, or any primary product thereof during any taxable year described in section 167(h)(5)(B).".
Inserted: (b) Primary Product.--Section 199(c)(4)(B) of such Code is amended by adding at the end the following flush sentence: "For purposes of clause (iv), the term 'primary product' has the same meaning as when used in section 927(a)(2)(C), as in effect before its repeal.".
Inserted: (c) Effective Date.--The amendments made by this section shall apply to taxable years beginning after December 31, 2008.
Original wording
On page 43, after line 17, insert the following:
Read automatically from the Congressional Record. Check the original before relying on it.
As printed
SA 5258. Mr. GREGG submitted an amendment intended to be proposed by him to the bill S. 3268, to amend the Commodity Exchange Act, to prevent excessive price speculation with respect to energy commodities, and for other purposes; which was ordered to lie on the table; as follows:
On page 43, after line 17, insert the following:
TITLE II--HOME ENERGY ASSISTANCE
SEC. 21. SHORT TITLE.
This title may be cited as the “Home Energy Assistance Today Act”.
SEC. 22. LOW-INCOME HOME ENERGY ASSISTANCE APPROPRIATIONS.
In addition to any amounts appropriated under any other provision of Federal law, there is appropriated, out of any money in the Treasury not otherwise appropriated, for fiscal year 2008--
(1) $1,265,000,000 (to remain available until expended) for making payments under subsections (a) through (d) of section 2604 of the Low-Income Home Energy Assistance Act of 1981 (42 U.S.C. 8623); and
(2) $1,265,000,000 (to remain available until expended) for making payments under section 2604(e) of the Low-Income Home Energy Assistance Act of 1981 (42 U.S.C. 8623(e)), notwithstanding the designation requirement of section 2602(e) of such Act (42 U.S.C. 8621(e)).
SEC. 23. DENIAL OF DEDUCTION FOR MAJOR INTEGRATED OIL COMPANIES FOR INCOME ATTRIBUTABLE TO DOMESTIC PRODUCTION OF OIL, GAS, OR PRIMARY PRODUCTS THEREOF.
(a) In General.--Subparagraph (B) of section 199(c)(4) of the Internal Revenue Code of 1986 (relating to exceptions) is amended by striking “or” at the end of clause (ii), by striking the period at the end of clause (iii) and inserting “, or”, and by inserting after clause (iii) the following new clause:
“(iv) in the case of any major integrated oil company (as defined in section 167(h)(5)(B)), the production, refining, processing, transportation, or distribution of oil, gas, or any primary product thereof during any taxable year described in section 167(h)(5)(B).”.
(b) Primary Product.--Section 199(c)(4)(B) of such Code is amended by adding at the end the following flush sentence: “For purposes of clause (iv), the term ‘primary product' has the same meaning as when used in section 927(a)(2)(C), as in effect before its repeal.”.
(c) Effective Date.--The amendments made by this section shall apply to taxable years beginning after December 31, 2008.
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Senate amendment submitted
July 31, 2008