S.Amdt. 188

SA 188. Mr. INHOFE submitted an amendment intended to be proposed to
amendment SA 98 proposed by Mr. Inouye (for himself and Mr. Baucus) to
the bill H.R. 1, making supplemental appropriations for job
preservation and creation, infrastructure investment, energy efficiency
and science, assistance to the unemployed, and State and local fiscal
stabilization, for fiscal year ending September 30, 2009, and for other
purposes; which was ordered to lie on the table; as follows:

[[Page S1465]]

On page 570, after line 8, insert the following:

SEC. --. ACCELERATION OF PHASEIN OF DOMESTIC PRODUCTION
ACTIVITIES DEDUCTION.

(a) In General.--Subsection (a) of section 199 is amended
to read as follows:
``(a) Allowance of Deduction.--There shall be allowed as a
deduction an amount equal to 9 percent of the lesser of--
``(1) the qualified production activities income of the
taxpayer for the taxable year, or
``(2) taxable income (determined without regard to this
section) for the taxable year.''.
(b) Conforming Amendment.--Paragraph (2) of section 199(d)
is amended by striking ``subsection (a)(1)(B)'' and inserting
``subsection (a)(2)''
(c) Effective Date.--The amendments made by this section
shall apply to taxable years beginning after December 31,
2008.

SEC. --. RESTORATION OF FULL DOMESTIC PRODUCTION ACTIVITIES
DEDUCTION FOR OIL RELATED PRODUCTION
ACTIVITIES.

(a) In General.--Section 401 of the Energy Improvement and
Extension Act of 2008 is repealed.
(b) Effective Date; Administration of Code.--
(1) Effective date.--The repeal made by this section shall
apply to taxable years beginning after December 31, 2008.
(2) Administration of code.--The Internal Revenue Code of
1986 shall be applied and administered as if section 401 of
the Energy Improvement and Extension Act of 2008, and the
amendments made by such section, had not been enacted.
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